The November 2020 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!
NOVEMBER 2020 MARKET UPDATE BY COUNTY
It has been another month of very low inventory in the Greater Puget Sound region. On average, Pierce, King, Kitsap & Thurston Counties have seen less than one month of inventory, which makes it an extremely strong seller’s market. Pierce County has seen the greatest surge in year-to-date median price increase.
NOVEMBER 2020 MARKET UPDATE BY CITY
One of the favorite areas in all of Tacoma are the North Tacoma neighborhoods. With a mere average of .3 months of inventory + a substantial year-to-date median price increase, it’s no surprise the median price for a North Tacoma home was right below $500k.
The Central Tacoma area continues to be one of the more affordable regions in Pierce County, but the median prices continue to creep up toward $400k. From November 2019 to November 2020, we saw an almost 16% increase in prices.
South Tacoma’s median price and year-to-date median price has increased when compared to the the month of October.
University Place’s median home price continues rise throughout the year. In October 2020, University Place had just over one month of inventory on the market; however, for the month of November, UP had very little homes listed for sale.
As one of the more affordable cities in Pierce County, Lakewood’s median home price had a very similar result when compared to the October 2020 data.
The Spanaway market saw only .3 months of inventory and an almost 16% increase in the median home price since November of 2019.
Puyallup continues to be a hot market. With low inventory and often newer, more affordable homes coming on the market, it is no surprise the increase in median home prices has risen to almost 14% since this time last year.
Many properties listed for sale in Roy feature larger lot sizes or acreage, which is partly why the median price has increased substantially and the inventory is so minimal. Many home buyers are continuing to work from home and are searching for the extra space that Roy and the outskirts of Pierce County offers.
Gig Harbor continues to be one of Pierce County’s most expensive areas overall. Although the median price is almost reaching $700,000 for the month of November, the market continues to be strong for sellers.