Real Estate Market Update
updated May 24, 2019
The Seattle Times wrote that Tacoma is the hottest housing market in the nation, surpassing Seattle. I think the headline misleads some, particularly those who didn’t read the article. The market is hot, but it is not uniformly hot, as I discuss below.
The busy Spring season kicked in a little later than usual but it is here. We are seeing continued bidding wars and low inventory. Low inventory pushes values up. Prices in Pierce County have gone up in a very stable fashion over the past 3 years. Check out this line below. It is practically straight. So we haven’t seen much change in recent months, or years.
Here in North Tacoma, if you are a home in the $300,000 to $400,000 range, your dance card is full. The vast majority of homes in that range are selling as soon as they hit the market with buyers pulling out all the stops to win the war to get them. So that is a hot market. Not true of the $600,000 to $800,000 range. It is a buyer’s market (barely) there. Even tougher for sellers over $1,000,000 at the moment.