What’s happening in the Pierce County real estate market? Here is a market update for the Greater Tacoma region. The data is pulled directly from the Northwest Multiple Listing Service. Are you curious about the statistics for your specific neighborhood? If so, let me know, I am happy to run a market update report tailored just for you.
Has the spring real estate market sprung?
Historically, springtime is the busiest season for buying and selling real estate in our local market. Median home prices have increased steadily since December of last year. However, the median home price in February of 2022 was slightly higher at $525,000. The frenzy of the 2021 and 2022 markets is not a factor this year due to the rise in interest rates. Although, for homes that are properly prepared and priced there are multiple offer situations occurring.
Tacoma Housing Affordability
Tacoma is considered as one of the more affordable cities in the Puget Sound metro. However, the median home is still a stretch for many homebuyers. The demand of buyers in Pierce County remains strong despite interest rates doubling since last year. Some homebuyers are prioritizing investing in a residence that has an ADU or the potential to build an ADU in the future.