As we approach the end of 2024, the North Tacoma housing market can best be described as flat.
Third Quarter Market Update
for North Tacoma
The median home price in North Tacoma is just 1% higher now than it was 12 months ago, coming in at $622,500. The number of homes sold in the third quarter of 2024 was identical to the number sold in the third quarter of 2023. And the average time on market remains steady year over year at 19 days. Despite the half a percent drop in the Federal Reserve’s borrowing rate in September, the North Tacoma housing market remains essentially unchanged year over year.
154 single family homes were sold in zip codes 98403, 98406 and 98407 in the third quarter of 2024 – exactly the same as the number of homes sold in the third quarter of 2023 and well below sales levels seen during the pandemic.
The median home price in zip codes 98403, 98406 and 98407 is $622,500 – just 1% higher than it was 12 months ago.
Homes are still selling quickly in North Tacoma if they’re well-priced. Time from “active” to “pending” is about 3 weeks on average. We’re still seeing multiple offer situations on occasion.
Housing inventory levels remain low in zip codes, 98403, 98406 and 98407. We don’t expect that to change any time soon.
Current Market Conditions
- The Federal Reserve responded to improving economic indicators by cutting their borrowing rate by half a percent in September. Fed officials expect another full percentage point of cuts in 2025.
- The average 30-year-fixed mortgage rate dropped to 6% at the end of September. Rates have ticked up a bit since then, but they’re still more attractive than the 7½ to 8% rates on offer 12 months ago.
- Despite improvements in mortgage interest rates, the number of existing home sales has dropped to its lowest level since the start of the pandemic, according to data from Redfin.
- An August report from the Commerce Department noted that home buying intentions had fallen to their lowest levels in 10 years, due in large part to high mortgage interest rates and high home prices.
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.
Mark Pinto is a top-producing Realtor with Engel & Völkers Chambers Bay, specializing in residential real estate in Tacoma, Gig Harbor, University Place and Lakewood.
Mark Pinto
(253) 318-0923
[email protected]
Contact Mark Pinto