The fall of 2024 brings new developments to Pierce County’s real estate market, with shifts in inventory, pricing, and demand shaping the landscape. Let’s review the recent market shifts to see how they may influence your next real estate decision.
Active Listings – Notable Increase
September 2024 saw 2,136 active listings, a notable increase from 1,532 in September 2023. This 39.4% increase means that buyers have a much wider selection, giving them more negotiating power. For sellers, the rise in competition means that strategic pricing and ensuring the home is in excellent condition are more important than ever to stand out.
Months of Inventory – Slight Market Shift
The market’s months of inventory have increased slightly, from 1.9 months in 2023 to 2.3 months in 2024. This shift signals a move toward a more balanced market, where buyers have more negotiating leverage, although sellers still hold some advantages.
This development is especially important for buyers looking for spacious family homes or luxury properties, as it offers more room for negotiation. Sellers, on the other hand, should still find favorable conditions but must remain mindful of the rising inventory when pricing their properties.
Median Sales Price – Continued Growth
Home prices in Pierce County continue to grow steadily. The median sales price rose from $530,000 in September 2023 to $555,000 this year, reflecting a 4.7% increase.
While the growing inventory gives buyers more options, it is advisable to act quickly before prices rise further. Sellers can still benefit from the upward price trend, but as inventory grows, competitive pricing will be crucial to attracting buyers.
Sold Listings – Steady Demand
Demand remains strong, as evidenced by the 912 homes sold in September 2024, compared to 825 during the same month last year, showing a 10.5% rise in closed transactions. This consistency highlights that, even with the increase in listings, buyers are still actively purchasing homes.
For buyers, homes are still moving quickly, so it’s important to act fast if you find a property that fits your needs. For sellers, the active demand means there is still strong potential to sell, though competitive pricing and strong presentation are key factors in standing out.
Pending Sales – Consistent Buyer Interest
Pending sales also reflect consistent interest from buyers, with 1,127 homes under contract in September 2024, compared to 973 in 2023, marking a 15.8% increase.
This demonstrates that buyer demand remains high, particularly in popular neighborhoods with family-oriented homes and move-up properties.
Buyers have more choices than before, but competition is still robust, and sellers should be prepared to attract these motivated buyers.
New Listings – Moderate Increase
The number of new listings has also increased moderately, with 1,125 homes entering the market in September 2024, compared to 1,034 in the same month last year, an 8.8% rise.
For buyers, this means more opportunities to explore a variety of homes, from family properties to upscale residences. Sellers need to remain mindful of the growing competition and focus on making their homes stand out with the right pricing and presentation.
What This Means for Buyers and Sellers
Buyers in Pierce County will find more choices and increased negotiating power thanks to the growing inventory and slower price increases. The market offers various options, including luxury homes and family-friendly properties, and now is a good time to secure a deal before prices climb further.
Sellers, on the other hand, face rising competition, making strategic pricing more important than ever. While demand remains strong, presenting your home in its best condition will help ensure a quick sale in this competitive market.
Planning Your Next Move
Looking to buy, sell, or move up in the market? Pierce County’s September 2024 real estate trends offer promising opportunities.
Reach out to Ruthy Taylor, Tacoma’s go-to real estate expert for families and move-up buyers, to navigate the market with confidence. Check out testimonials here.
Call Ruthy Taylor at +1 206-718-3933 and move forward with your real estate goals.