The median home price in North Tacoma is 3% lower now than it was last spring. We’ll probably continue to see year over year “losses” until 2024, but it’s important to recognize that home values are rising month over month. With buyer demand continuing to outpace supply, home values are likely to continue rising as we move through 2023 and into 2024.
More homes are sold each quarter in zip codes 98406 and 98407 than in zip code 98403, which makes 98406 and 98407 more representative of the North Tacoma housing market as a whole. Median sale prices are down year over year in 98406 and flat in 98407. As a result, the median home price in North Tacoma is lower now than it was 12 months ago.
159 single family homes were sold in zip codes 98403, 98406 and 98407 in the second quarter of 2023 – a 30% decrease in sales activity when compared to the second quarter of last year. Sales activity isn’t as slow now as it was in late 2022, but we definitely did NOT have a traditional spring market this year.
Select houses have been selling quickly, but the average time on market in the second quarter of this year was more than twice as long as it was during the second 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.