According to a recent report from Redfin, houses in Tacoma have been selling (on average) after just six days on the market, down from 21 days in November of last year. The pace of the market in Tacoma is just a bit ahead of Seattle, Indianapolis and Grand Rapids where houses have been selling after just seven days on the market.
Redfin also reported that 58% of homes sold in Tacoma in November sold above list price and that the median home price in Tacoma is 17.3% higher than it was just 12 months ago. That makes Tacoma the fifth most competitively priced housing market in the U.S. after Oakland, San Jose, Worcester and Buffalo.
The housing market set records in November for time on market (short), the share of homes selling above list price (high) and the number of homes for sale (low). Price gains have been fueled by historically low interest rates, low housing inventory levels and increasing buyer demand from millennials. November and December are typically very slow months for real estate, but historic norms are out the window in Tacoma. Showing activity and demand for listings has never been stronger.
Redfin economist Daryl Fairweather notes “neither the election nor the Thanksgiving holiday weekend curbed homebuyers' appetite in November." This is great news for Tacoma home owners but daunting for home buyers currently in the market. It’s doubtful that we’ll see much change in the coming months unless housing inventory increases and/or buyer demand tapers off.