Pierce County, Washington Real Estate Market – October 2024 Update
In 2024, Pierce County’s real estate market has shifted, with key trends influenced by higher interest rates and stabilizing home prices. The area, which includes Tacoma and Puyallup, has seen a cooling of the once-hot market.
After years of rapid price growth, home prices in Pierce County have stabilized. The median price remains steady, with only modest year-over-year increases. Sales activity has slowed, with fewer transactions and homes staying on the market longer. The days of bidding wars are mostly over, and buyers are gaining more negotiating power.
Mortgage rates around 6%, have had a major impact on affordability. Many buyers are struggling to relinquish their <4% interest rates, leading to a noticeable drop in demand. First-time homebuyers, in particular, are finding it difficult to enter the market, and many are waiting for better conditions.
Inventory levels have improved slightly, with more homes on the market than during the low-inventory periods of recent years. However, the market remains somewhat competitive, and sellers are increasingly making concessions to attract buyers.
Pierce County’s real estate market is transitioning, with slower sales, more balanced negotiations, and cautious buyer behavior. The upcoming 2024 elections may bring further changes, particularly if housing policies or interest rate adjustments are enacted. For now, the market is characterized by stabilization and caution.
Reach out with questions, don’t let the market scare you! I am happy to help guide you through the process; whether you are buying or selling or both!
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Look forward to hearing from you!