Forecast: Tacoma, WA Home Prices to Continue Rising In 2022

March 13, 2017
Last updated:
December 21, 2021
Post cover image
In This Article

The Tacoma real estate market has been hot over the recent past and is expected to continue this trend throughout 2022.

According to real estate markets, home prices in Tacoma, Washington are expected to continue rising at a healthy pace throughout 2022 (and possibly beyond). Real estate economists with Zillow predict that house prices in the city could rise by around 13.7% between now and December 2022.

As of December 2021, median home values in Tacoma had risen by 22.1% year-over-year, and Zillow sees more gains during the subsequent 12-month period.

This is not surprising, given the current state of the Tacoma housing market. Home prices in the area have risen steadily over the last few years! This was due to an imbalance between supply and demand.

There are a lot of home buyers in the market, but a relatively limited number of properties available. Prices tend to rise under such conditions, and that’s exactly what they’ve been doing in Tacoma.

Live Tacoma Mortgage Rates

Tacoma Home Prices in 2022: Healthy Rate of Growth

It’s also worth noting that this recent Tacoma real estate forecast, which extends to the end of 2022, predicts a quick rate of growth in home value appreciation. According to various sources, housing values in Tacoma rose by more than 22% during the past 12 months, as already mentioned. And home values are expected to continue this trend.

As of December 2021, the median home value in Tacoma was $473,206. That’s still relatively affordable for the Seattle metropolitan area (Seattle’s median is currently north of $888,202), but it does mark a big increase from where Tacoma house values were just a few years ago.

Related: Tacoma home buying guide

Tacoma: A Very Hot Real Estate Market

From an economic and housing standpoint, double-digit price gains are generally not sustainable over the long term because they outpace wage growth, leading to affordability problems.

But unlike other real estate markets in Washington State that have seen double-digit gains since 2012 only to plateau in mid-2018, Tacoma’s home price increases have been steady. In fact, the past year has been particularly hot for Tacoma as prices saw over 22.1% increases over a 12-month period.

That means the market is competitive right now for buyers as they compete for homes with others. This, coupled with tight inventory right now, is driving home prices up in Tacoma in 2022.

Home sales in Pierce County are continually tight, according to the Northwest Multiple Listing Service (NMLS). This is especially true for lower-prices homes under $500,000, which are virtually non-existent.

Based on the information in this NWMLS report, it’s reasonable to assume that the Tacoma real estate market will remain very competitive for the foreseeable future.

Disclaimer: This story contains forecasts and home-price predictions for Tacoma, Washington, extending into 2022. These statements and data were provided by third parties not associated with our company. We have presented them here as an educational service to our readers.

Get an Instant Mortgage Rate Quote Today

Need a Mortgage Loan in Tacoma?

Do you plan to buy a home in Tacoma sometime soon? Do you need mortgage financing to complete your purchase? We can help. Sammamish Mortgage has been serving borrowers across the Pacific Northwest since 1992. This includes Washington State, Colorado, Idaho, and Oregon. We offer our clients many different mortgage programs with flexible qualification requirements to suit the needs of each borrower. Feel free to contact us today if you have questions about applying for a mortgage.

Other Blogs You May Like
Average Home Price in Redmond, WA for 2022
June 24, 2022
4 min read
Average Home Price in Redmond, WA for 2022
Thinking of buying a home in Redmond, WA? If so, you should determine the average home price before...
Average Home Price in Bellevue, WA for 2022
June 24, 2022
4 min read
Average Home Price in Bellevue, WA for 2022
Thinking of buying a home in Bellevue, WA? If so, you should determine the average home price...
Show 19 more posts
from this category

Connect with America’s Lending Experts today!

Whether you’re buying a home or ready to refinance, our professionals can help.

Compare Mortgage Rates in Your Area Instantly

No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.