Seattle’s real estate market recently recovered. Even with the phenomenal increases lately, it took many houses until 2016 to get back to 2007 prices. The same thing just happened for Tacoma and Pierce County.
The News Tribune reported that Pierce County prices are within two percent of the August 2007 peak of $285,500. That compares to King County’s peak of $430,000, which was exceeded last year. Median house prices may be different, but the trends are the same: about one month of inventory and prices rising about 10 percent or more.
Look at one of Trulia’s Heat Maps and see that the closer you get to Tacoma, the lower the median house price. Some of the lowest house prices are also near the Sounder. Pierce County, or at least Tacoma, are already seeing sales from Seattle-ites seeking more affordable housing. The combination of more affordable prices and relatively convenient commuting may increase interest in Seattle’s southern neighbor.
If Seattle does become the next San Francisco or the next Vancouver (the B.C. one), it will mean dramatic changes for housing in and out of the city. Tacoma and Pierce County, may see the same sort of growth being experienced in Marysville in Snohomish County.
In any case, house values rising enough to exceed mortgages means more houses hitting the market. Rising supply may finally temper housing prices, or at least their growth throughout the region.