Are you looking to buy a home in Pierce County, WA? Understanding Pierce County real estate market prices and trends and looking at the housing forecast for Washington State can help you make the best decision.
What is the Pierce County housing market forecast for 2024? Find out if this year is the best time to invest in real estate in Pierce County.
The Pierce County Real Estate Market 2024
Pierce County is the second-most populous county in Washington State, coming in right behind Seattle’s King County. The population has grown from 795,225 in 2010, to 921,130 in the most recent census in 2020, making it the 60th-most populous county in the entire United States. The county seat and largest city is Tacoma, long a favored city for those seeking a home in the Pacific Northwest.
Washington State as a whole has seen incredible growth recently, with an exodus of people from other states moving into the Tacoma area over the past few years. Of course, this means that demand for housing has skyrocketed,with the entirety of Washington State and the bigger cities seeing a rapid increase in price appreciation in the housing market. Working with a Pierce County mortgage company can help you plan your move.
Pierce County Housing Market Trends 2024
Will the housing market ‘bubble’ eventually burst? So far, demand has stayed in step with last year, and prices stay high despite the slow increase and high mortgage rates. As people in the PNW continue to adapt to the new normal, many homeowners are seeking to buy and sell homes in the area, whether they want to live closer to Tacoma or plan to get further out from the city thanks to no commute due to working from home.
Demand in Pierce County is expected to stay healthy while supply continues to remain tight.
The more likely prospect is that market interest rates continue to go up slowly until the price point for a mortgage deters enough buyers to drop demand, at which point inventory will go up again naturally and prices will stop their skyward climb.
Overall, the prices and demand across the housing market in Pierce County are nowhere near what we’ve seen in King County, but there is still massive demand and sky-high prices for housing. This can feel daunting, especially for a first-time homebuyer.
Homeowners who got into the housing market early have already seen big profits in the form of increased home equity. If Pierce County housing market trends continue in the same vein – as seems likely, because the stream of people moving into the Tacoma area refuses to slow down, keeping housing demand high and prices higher – we’ll see the area continue to grow.
Pierce County Housing Market Prices 2024
Pierce County saw an even more striking increase in housing demand in 2021, and home prices went up even more. This trend continues: in January 2024, the median listing home price in Pierce County, WA was $524,496, trending up 1.5% year-over-year. The median listing home price per square foot was $296. The median home sold price was $535,000.
Pierce County, WA is still a seller’s market, which means that there are more people looking to buy than there are homes available. On average, homes in Pierce County, WA spend 26 days on the market before selling, which is down from 41 days the same time last year.
If you buy a home, you’ll need to know the current loan limits, for both conventional and jumbo loans. These determine how much you can borrow to buy a home. Depending on the size of your down payment, your budget for a home will largely depend on these loan limits if you plan to finance with a mortgage.
Should You Buy in the Pierce County Housing Market in 2022?
Whether you are a first time homebuyer or a seasoned real estate investor, it’s still a good time to buy a home in Pierce County. Since prices are still going up and interest rates look to be headed north for the foreseeable future, there won’t be another opportunity like this in a while. Buying now can help you lock in a low rate and get a price that will appreciate.
Do be prepared for a bidding war, as the super low inventory is making buyers get a little nuts with their offers. All-cash is sealing a lot of deals, and many homeowners find it difficult to compete with such offers.
Being part of Sammamish Mortgage’s Diamond Homebuyer program can help. This is a free service provided by Sammamish to mortgage applicants. We will help you compete with all cash offers by underwriting your preapproval up front, calling the seller personally to let them know your offer is solid, and backing you up with a fast closing – in as little as three weeks in most cases.
If you’re trying to sell a home and simultaneously buy a home in Pierce County, we can offer a bridge loan, to help you buy now and span the gap between purchase and the sale of your current home. This lets you strike while the market is hot, and not miss out on a great deal.
Finally, if you have cash but don’t want to leave it in real estate, we can also help you with delayed financing. Make your all-cash offer, secure the home you want, then turn around and apply for a mortgage to get your cash back out of the real estate and in your pocket once again.
Starting to think investing in Pierce County real estate is a good idea? Use our mortgage calculator to find out what your options are when it comes to buying a home in Washington State.
Why Choose a Sammamish Mortgage?
At Sammamish Mortgage, we can help you get fully preapproved for a mortgage, including underwriting if you’re competing for a home in a tough market like Pierce County.
Sammamish Mortgage has been in business since 1992 and has assisted many homebuyers in the Pacific Northwest. If you are looking for mortgage financing in Washington State, we can help you get preapproved. Sammamish Mortgage offers mortgage programs in Colorado, Washington State, Oregon, and Washington.
Contact a loan officer if you have any mortgage-related questions or concerns. If you are ready to move forward, you can view rates, obtain a customized instant rate quote, or apply instantly directly from our website.