The North Tacoma housing market has been remarkably stable for the past few months, in spite of broader geopolitical uncertainties.
Second Quarter Market Update
for North Tacoma
The median home price in zip codes 98403, 98406 and 98407 is $675K – up slightly compared to the second quarter of 2025. Year over year sales activity was largely unchanged in the second quarter, and homes are still selling quickly. Inventory levels remain low, which typically favors sellers. That said, there have certainly been instances when buyers have had the upper hand. On the whole, the market is feeling more balanced.
166 single family homes were sold in zip codes 98403, 98406 and 98407 in the second quarter of this year – essentially unchanged when compared to the second quarter of 2025.
The median home price in zip codes 98403, 98406 and 98407 is $675,000 – just 1.5% higher than it was 12 months ago.
Listings are selling remarkably quickly at the moment, often in just a few days. Average time from active to pending is running at about 3 weeks.
Housing inventory levels are up a bit in North Tacoma but still relatively low when compared to historic averages.
Current Market Conditions
- Average 30 year fixed mortgage rates are still hovering around 6.5% with no signs of dropping in the near term.
- Most industry experts are describing the current housing market as “balanced” and “stable”. Ebbs and flows will continue, but a meaningful market correction is unlikely in the foreseeable future.
- Home builders are pulling back on new construction. According to the Commerce Department, single family housing starts in May were 7% lower than starts in May of 2025. Builders have also been cutting their list prices and offering buyer incentives, suggesting weakening buyer demand and/or affordability pressures.
In the current real estate marketplace, it remains critical for buyers and sellers to seek expert advice. If you’re thinking about buying or selling a home in the area, please contact us to discuss how we can put our knowledge and experience to work for you.
Mark Pinto is a top-producing Realtor with Commencement Bay Brokers, specializing in residential real estate in Tacoma, Gig Harbor, University Place and Lakewood.
Contact Mark Pinto