After dropping in late 2022, median home prices in University Place and Fircrest 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 University Place and Fircrest is $671,500 – 2% higher than it was 12 months ago. With persistently low inventory levels, home prices will likely continue trending up as we move into 2024.
Only 90 single family homes were sold in zip codes 98466 and 98467 in the third quarter of 2023 – a 22% 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 University Place and Fircrest aren’t selling as quickly now as they once did, but the average time from “active” to “pending” is still about 2-3 weeks.
Housing inventory levels remain extremely low in UP and Fircrest. A lot of home owners are reluctant to let go of their super low interest rates in order to make a move, which means they’re not putting their houses on the market. Inventory levels are unlikely to improve until and unless interest rates drop.
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.