Pierce County’s real estate market is holding steady and growing, even with high-interest rates challenging the scene. The latest numbers for July give us a clear look at what’s happening, highlighting key trends in active listings, inventory levels, and median prices—important insights for anyone looking to buy or sell.
Active Listings: Significant Increase Across the Board
This July, we’ve seen a significant uptick in the number of homes hitting the market in Pierce County. Condos, in particular, saw a huge 82.1% jump in active listings, going from 106 in 2023 to 193 this year. Residential listings also rose sharply, with 1,900 homes available now compared to 1,278 last year—a 48.7% increase.
Altogether, there are 2,093 homes on the market, up 51.2% from last year. This surge in listings means more options for buyers, whether you’re searching for a family-friendly home or a luxury property.
Months of Inventory: A Move Towards Market Balance
The market’s inventory—the measure of how many months it would take to sell all current listings—has also shifted. For condos, inventory levels have increased from 1.8 months last year to 2.5 months now, hinting at a more balanced market. Residential properties show a similar trend, with inventory rising from 1.4 months to 2.1 months. This increase means that while the market remains competitive, the added inventory is starting to ease some of the pressure, giving buyers more opportunities, especially those looking to upgrade to larger homes.
Median Sales Price: Steady Growth Reflects Strong Demand
Median sales prices in Pierce County continue to climb, showing that demand is still strong despite higher interest rates. For condos, the median price increased by 2.6%, moving from $399,950 in 2023 to $410,525 in 2024. Residential properties saw a more substantial increase, with the median price rising from $541,000 last year to $575,000 this year—a 6.3% gain.
Altogether, the median price for both residential and condo properties hit $565,000, up from $530,000 in 2023, reflecting a 6.6% year-over-year increase. This steady price growth underscores the ongoing demand in the market, making it a great time for sellers, especially those with luxury homes or properties in sought-after neighborhoods.
Sold Listings Surge
In July 2024, Pierce County saw an encouraging rise in sold listings, particularly in the condo market, where sales jumped by an impressive 32.2%, from 59 units last year to 78 this year. Residential properties also experienced a slight uptick, with sold listings increasing from 916 in 2023 to 927 in 2024. This overall trend led to a total of 1,005 residential and condo properties sold, marking a solid 3% increase year-over-year.
Pending Sales on the Rise
Pending sales in Pierce County are also on the rise. Condo pending sales grew by 15.5%, with 82 units under contract compared to 71 last year. Residential pending sales saw a smaller increase, with numbers rising from 1,084 in 2023 to 1,115 in 2024. Overall, the total pending sales for both residential and condo properties reached 1,197, reflecting a 3.6% increase compared to last year.
New Listings Reflect Market Confidence
The number of new listings entering the market in July 2024 shows growing confidence among sellers. The condo sector led the way with a 46.5% increase in new listings, up from 71 units last year to 104 this year. Residential new listings saw a 10.8% increase, with 1,235 new homes coming onto the market compared to 1,115 in 2023. Altogether, 1,339 new residential and condo listings hit the market, marking a healthy 12.9% year-over-year increase.
What This Means for Buyers and Sellers
For buyers, especially those looking to upgrade or find more space for a growing family, the increased inventory means more choices and potentially less competition. However, with prices continuing to rise, it might be wise to act sooner rather than later to secure a favorable deal.
For sellers, particularly those with family-friendly homes or luxury properties, the current market conditions are in your favor. Strong demand and rising prices offer a great opportunity to maximize your sale. As inventory levels rise, pricing your home competitively and working with a knowledgeable real estate agent will be crucial to achieving the best outcome.
Ready to Make Your Move?
Pierce County’s real estate market in July 2024 is full of opportunities, whether you’re looking to buy or sell. For buyers, acting now could help you lock in a better deal before prices go up even more. For sellers, the strong demand makes this an ideal time to list your property and get top value. Reach out to Ruthy Taylor, Tacoma’s real estate agent for move-up buyers, at +1 206-718-3933 to make your next move the right one.