The median home price in UP/Fircrest is down year over year, but the pace of the market seems to have picked up.
Third Quarter Market Update
for University Place and Fircrest
The median home price in University Place and Fircrest is 6% lower now than it was 12 months ago, but more homes have been selling lately. Listings are moving quickly, and inventory levels remain low
102 single family homes were sold in zip codes 98466 and 98467 in the third quarter of 2024 – a 10% increase in sales activity when compared to the third quarter of 2023. Sales volume is still noticeably lower than it was before interest rates rose in 2022.
The median home price in zip codes 98466 and 98467 is $626,000 – 6% lower than it was 12 months ago. That doesn’t necessarily mean that home values have dropped. More likely, lower priced homes just happened to make up a larger portion of the homes sold this quarter than they did last year.
Homes are still selling quickly in Fircrest and UP if they’re well-priced. Time from “active” to “pending” is about 2-3 weeks on average.
Housing inventory levels are still low in University Place and Fircrest and are unlikely to change in the foreseeable future.
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 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