After dropping in late 2022, median home prices in North Tacoma started rising again this spring. We seem to have regained the value that we lost last year and then some. The median home price in North Tacoma is $616,250 – 2% higher than it was 12 months ago. Though inventory levels are starting to increase a bit, home prices will likely continue trending up as we move into 2024.
152 single family homes were sold in zip codes 98403, 98406 and 98407 in the third quarter of 2023 – a 29% decrease in sales activity when compared to the third quarter of last year. Sales activity is unlikely to increase until mortgage interest rates drop.
Homes in North Tacoma aren’t selling as quickly as they once did, but the average time from “active” to “pending” is still less than a month in all three zip codes.
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.