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 common, and year over year price gains continue to taper off. The current median home price in University Place and Fircrest is $700K – approximately 13% higher than it was in the second quarter of 2021. That’s impressive historically speaking but not nearly as impressive as the 25% gain that we saw from 2020 to 2021.
131 single family homes were sold in zip codes 98466 and 98467 in the second quarter of this year – a 17% decrease in sales activity when compared to the second quarter of last year.
Though sales activity is down significantly in University Place and Fircrest, 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.