The median home price in North Tacoma was up 17% year over year in the first quarter of 2022 (compared to 19% in the fourth quarter of 2021). Our hope is that year over year price gains will continue to taper gently until they reach a healthier range of 4-6%, but rapidly rising mortgage interest rates could trigger a more abrupt market rebalance.
We thought rising interest rates would dampen buyer demand, resulting in an increase in available inventory, but that hasn’t happened yet. Housing inventory levels in North Tacoma remain extremely low.
128 single family homes were sold in zip codes 98403, 98406 and 98407 in the first quarter of 2022 – essentially the same as the first quarter of last year.
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.