There’s a lot to be said about Seattle’s high-cost, high-competition housing market. But as it turns out, Tacoma’s right up there with us, according to a new report by real estate group Redfin.
Their market report for June shows that the Seattle metro, which includes Everett and Bellevue, shows no signs of slowing down—but neither does the Tacoma area.
As Seattle-area home prices have risen, the Tacoma metro has increasingly seemed like a viable alternative, with bigger-city amenities but lower housing costs. That might not be the case for much longer.
The Tacoma area is directly behind the Seattle area in two top-five rankings: price growth and competition.
Seattle has the third-highest price growth in the country per Redfin’s report, with 13.5 percent, but Tacoma is right there in fourth place with 12.2 percent.
How that translates to home prices: The Tacoma area’s median home price has jumped to $320,767, according to Redfin. That’s still a good $200,000 more than the Seattle-area median of $525,000, but it’s climbing.
Competition is driving up both Seattle and Tacoma-area home prices at a similar rate, too. The majority of homes are selling above asking in both areas, to the tune of 52.6 percent in Tacoma and 62.3 in Seattle.
For both, this is more competitive than last year: a 5.6 percent jump for Tacoma and an 8 percent jump in Seattle.
Things are getting super rough for buyers out there; in June, the report says, Seattle was tied for fastest market, with 7 median days on the market per listing, one day faster than this time last year.
Tacoma, the homes are lasting just over a week, with 9 median days on the market—two days faster than the previous year.