The Tacoma real estate market has been hot over the recent past and is expected to continue this trend throughout 2024.
According to real estate markets, home prices in Tacoma, Washington are expected to continue rising at a healthy pace into 2024. The price of an average home in the Tacoma area is currently $458,396 as of January 2024.
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.
Tacoma Home Prices in 2024: Healthy Rate of Growth
It’s also worth noting that this recent Tacoma real estate forecast, which extends into 2024, predicts a quick rate of growth in home value appreciation. Current home prices as of January 2024 are at $458,396. Median home values in Tacoma had risen by 1.6% year-over-year, and Zillow sees more gains during the subsequent 12-month period.
That’s still relatively affordable for the Seattle metropolitan area (Seattle’s median is currently north of $815,865), 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 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 previous years have has been particularly steady for Tacoma as home prices saw a 1.6% gain between January 2023 to January 2024.
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 2024.
Home sales in Pierce County are continually tight, according to the Northwest Multiple Listing Service (NMLS). This is especially true for lower-priced 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 2024. 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.
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