Tacoma Real Estate Soars with Values Peaking at $475k in May 2024

In recent months, Tacoma’s real estate market has shown some interesting patterns that are noteworthy for buyers, sellers, and investors alike. The average value of properties in this vibrant Washington city has noticeably increased. Specifically, from November 2023 when the average value was approximately $434,950, there was a steady climb to about $474,950 by May 2024. This represents a substantial rise and indicates a thriving market.

• See also Tacoma Homes For Sale and Tacoma Foreclosures

The value per square foot also reflects this upward trend, moving from $292 in December 2023 to $321 by May 2024. These figures are significant as they suggest that not only are overall property values increasing, but the per-unit area value is also on the rise, making real estate in Tacoma a potentially lucrative investment.

Another critical aspect to consider is the sale price relative to the listed value of the properties. The data consistently shows that the average sale price exceeds the average value, indicating that properties are fetching premiums over their listed prices. For instance, in May 2024, the average sale price was approximately $483,434, higher than the average value.

Monthly Comparative Analysis of Tacoma’s Real Estate Market

Comparing month-to-month data, there is a progressive increase in average values and sale prices, underscoring a strong seller’s market. From January 2024 to May 2024, the average value jumped from $446,950 to $474,950. Similarly, the average sale price rose from  $462,719 in January to $483,434 by May.

Per square foot values have also shown fluctuations but maintained a general upward trajectory. The value per square foot was around $296 in January and achieved a high of $321 by May.

In contrast, the number of properties sold shows a slight variation. For instance, while there were 2,380 properties sold in January, this number reduced to 1,956 by May, indicating a decreasing trend in the number of transactions. This could suggest a tightening market where fewer properties are available, thus possibly driving up prices due to increased competition among buyers.

Monthly Inventory and Property Count Insights

The available inventory of homes for sale has also varied. There were 76 properties listed in January, which slightly increased to 87 by May. This inventory fluctuation is essential for understanding the supply side of the market dynamics.

The decreasing trend in the number of properties sold alongside an increase in average values and sale prices could indicate a competitive market where demand outstrips supply, leading to higher prices. This scenario often encourages quick sales at premium prices, beneficial for sellers but making the market more challenging for buyers.

Conclusion

Tacoma’s real estate market from late 2023 to mid-2024 showcases a clear growth trend in property values and sale prices, coupled with fluctuations in the number of properties sold and available in the market. The consistent increase in the value per square foot and the average sale prices exceeding the average values suggest a robust seller’s market. Potential investors and homebuyers should consider these trends as indicative of Tacoma’s real estate landscape, where timely investments could lead to substantial returns, albeit in a competitive environment.