The January 2021 Market Update is here! Every month we compile the data from the following counties: Pierce, Kitsap, Thurston & King. The data is pulled directly from the Northwest Multiple Listing Service. Don’t see your local area? Let us know, we are happy to run a market update report tailored just for you!
JANUARY MARKET UPDATE BY COUNTY
We started the year of 2021 off with low inventory. Which is no surprise if you’ve been following along with the recent market updates. Pierce and Thurston counties saw the highest year over year median home price increase. Although, Kitsap and King counties still saw an increase from this time in 2020. Windermere’s Chief Economist, Matthew Gardner, predicts we will continue to see home prices rise into 2021. You can read his full Western Washington report here.
University Place had the least amount of inventory available to home buyers in the month of January. The median home price has risen 8.6% when you compare January 2020 to January 2021. This area is among the highest priced neighborhoods overall in comparison to the areas that are surrounding UP.
Lakewood saw a large increase in the median home sale price from January 2020 to January 2021. The median price is over the $400K marker now (in previous months the median price in Lakewood hovered just below $400K).
Low inventory and increasing home prices year over year continues in Spanaway. Just below $400K, which makes this neighborhood a popular area for first time home buyers.
Roy is the only area in our report that saw a decrease in the median home price from January 2020 to January 2021. In December, the median home was at $438.5K, slightly higher than this months number.
Gig Harbor home values continue to rise. With a little more than 2 weeks of inventory on the market for the month of January, home buyers had more to choose from in this market in comparison to the other regions.
Puyallup had just under two weeks of inventory on the market for the month of January. Puyallup’s median home prices continue to rise steadily. In December, the median sold home price was $477K.
North Tacoma’s numbers may shock you… This is definitely skewed due to the fact 98403 had a total of three home sales in all of January and the average sale was $979,667. However, 98406 still saw a 31% year to date increase.
Central Tacoma is one of the few areas that the median home price hovers below $400K. This is a hot market for all home buyers, but in particular, first time home buyers. Almost a 20% increase year over year from January 2020 to January 2021.
The South Tacoma area’s median sold home price went just over the $400K marker. These zip codes (once again) had very little inventory and a larger year to date increase.