With the final stretch of 2024, Pierce County’s real estate market is going through a series of dynamic changes. Whether you’re buying or selling, knowing what’s going on now can help you make informed decisions.
Market Trends and Rising Prices
Home prices in Pierce County have increased steadily throughout 2024, about 4.8 percent above last year. In particular, Tacoma and Puyallup have kept demand high, especially for homes under $700,000. Prices are expected to stabilize as the year ends, giving relief to buyers but still to the advantage of sellers.
Mortgage Rates and Buyer Activity
Mortgage rates are always a key factor to the market’s direction. Rates have been hovering around 7% throughout 2024, making that difficult to afford especially for first time buyers. Recent Federal Reserve adjustments hint at slightly lower rates, which could keep buyer interest going into the year’s final months.
Buyers may have a window of opportunity in this potential for rate relief. That could lure back house hunters into the market if rates dip even a little bit. People who are sidelined by affordability concerns should be alert and be ready to act when rates become more favorable.
Seller Opportunities and Quick Turnaround Times
The Pierce County market is still very active for sellers, with homes selling in 14 to 20 days on average. The demand remains strong, especially for homes priced between $500,000 and $700,000, but competition is rising with more inventory. If you’re selling, the tail end of 2024 might be a good time to do so before more homes come on the market in 2025.
Also, homes priced competitively or with desirable features, like proximity to schools or city centers, can still receive multiple offers. But, because of affordability, buyers will ask for concessions, like rate buydowns or closing cost assistance.
Looking Ahead to 2025
Looking ahead to 2025, Pierce County’s housing market is expected to moderate in price, especially in high demand neighborhoods. If mortgage rates stabilize and inflation eases, buyers and sellers may find some relief in the new year.
In conclusion, Pierce County’s real estate market continues to be competitive and changing as we head into the last months of 2024. If mortgage rates fall, buyers may find more opportunities. If you’re a seller, you can take advantage of current demand by pricing strategically. As we close out the year, stay informed, act quickly and be ready to adapt to changes in the market.
To learn more about how the latest trends affect affordability and the wider housing market, visit NWMLS.
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