Recent predictions for the Tacoma, Washington real estate market suggest that home prices in the area could continue to outpace the national average through the end of 2017 and into 2018.
The city was also singled out recently as being one of the most competitive housing markets in the country, based on the number of offers above listing price.
Those are just a few of the trends and predictions you should know about if you are planning to buy a home in Tacoma in 2018. Here’s an in-depth look…
Tacoma Real Estate Predictions Through Summer 2018
Like most cities across the Seattle metro area, Tacoma has experienced steady and significant home-price growth over the last few years. This is largely the result of limited supply and strong demand. This market imbalance has boosted prices over the last year, and more gains are expected in 2018.
In fact, the median home price in Tacoma has risen by more than 10% within the last 12 months alone. That’s well above the national average for the same time period.
In July, the real estate data company Zillow updated its price prediction for the Tacoma real estate market stretching into 2018. By their estimation, the median home value in the city will rise by around 7% over the next year or so. This prediction extends into summer of 2018, and covers a 12-month period.
This bold prediction for the Tacoma, Washington real estate market is nearly double the 12-month projection made by a group of economists earlier this year, covering the nation as a whole.
In May 2017, a panel of around 100 real estate economists were surveyed regarding their outlook for the U.S. housing market. On average, the group predicted that home prices in the nation would rise by 4.8% in 2017, followed by an increase of 3.65% in 2018. Zillow’s forecast for the Tacoma real estate market through summer of 2018 was significantly higher at 7.1%.
One of the Most Competitive Markets in the Country?
We talked about the current imbalance between supply and demand within the Tacoma real estate market, and how it’s lifting prices. In short, there aren’t enough homes listed for sale to satisfy the current level of demand. This trend is partly why Tacoma real estate market predictions are calling for above-average gains through the end of 2017 and into 2008.
So how competitive is it? According to the national real estate brokerage Redfin, Tacoma was one of the five most competitive housing markets in the United States in June 2017.
They ranked the most competitive markets based on the percentage of homes that were sold above the original listing price, among other factors. In June, 52.6% of homes sold in Tacoma went for more than the list price — an indicator of strong demand.
Fierce competition among home buyers often results in multiple-offer scenarios and bids above the seller’s asking price. Apparently, this is a common scenario within the Tacoma real estate market, at least during the summer of 2017.
Disclaimer: This article includes data and predictions for the Tacoma, Washington real estate market through 2018. Most of this information was provided by third parties not associated with our company. We have gathered it here as an educational service to our readers.