Potential home buyers aren’t as eager to purchase as they were just a few months ago. High home prices and high interest rates have made them more cautious. Multiple offer situations are less frequent, and year over year price gains continue to taper off. The current median home price in North Tacoma is $650K - just 8% higher than it was in the second quarter of 2021. That’s impressive historically speaking but not nearly as impressive as the double digit gains we saw last year.
220 single family homes were sold in zip codes 98403, 98406 and 98407 in the second quarter of this year – a 19% decrease in sales activity when compared to the second quarter of last year.
Though sales activity is down significantly, the houses that have been selling have been selling quickly.
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.