As Seattle’s Real Estate Market Stabilizes, Tacoma’s Heats Up
Is Tacoma Washington state’s hottest new market? It certainly appears to be. A new Redfin study named Seattle’s little sister city as the nation’s hottest market this spring. According to the publication, over 50% of all homes in that metropolitan area went under contract less than two weeks after being listed.
This is a larger percentage than in any other metro area included in the report. The typical Tacoma listing was snagged by a buyer in just eight days – the shortest median time on the market in the entire nation. In addition, that metropolitan area had only 1.3 month’s worth of supply during the first week of May – a number even lower than that of King county (which is at 1.7 month’s of supply), as we’ve discussed in a recent blog.
In addition, almost 50% of homes in that market fetched a sale price that was higher than the original listing price, which puts it in fourth place in the nation behind San Francisco, Oakland and San Jose. Tacoma sales prices were also up – 6% year over year with falling sales and dropping inventory. The popularity of Tacoma can be attributed to the fact that buyers have gotten priced out of King county.
While Seattle metro area’s inventory levels were up 52.5% year-over-year according to this report, Tacoma’s inventory is 12.5% lower than in May of 2018. However, the median sale price in Seattle in May of 2019 was $595,000 – while Tacoma’s was much lower, at $370,000.Email