Tacoma Real Estate Soars: Average Home Value Climbs to $475,000 by May 2024

The Tacoma real estate market has shown steady growth from Nov 2023-May 2024, with average home values rising from ~$435k to ~$475k.

authorWritten by Manuel MartinezJun 3, 2024

The real estate market in Tacoma, Washington has shown progressive and steady growth over time, particularly noted from November 2023 to May 2024. During this period, the average home value in Tacoma has observed an appreciable rise from approximately $435,000 in November 2023 to about $475,000 by May 2024. Concurrently, the average sold price follows a similar upward trajectory, escalating from about $451,344 in November 2029 to around $483,434 in May 2024. This signifies a robust appreciation in property values reflecting a healthy demand in the local real estate market.

Moreover, the average sold price per square foot—an important metric to assess the area’s real estate price density—increases from $340 in November 2023 to $359 by May 2024. However, the average value per square foot for listings does demonstrate some fluctuations throughout the observed period, lying between $292 and $321. This variation could potentially indicate differing market conditions or a variance in property types listed across different months.

Analyzing Property Availability and Sales Volume

Focusing on the property counts and properties sold, Tacoma’s real estate activity showcases varying trends. The number of available properties peaks at 92 in October 2023 before seeing a reduction to 87 by May 2024. Sold property counts also show significant fluctuation; commencing at 2,488 units sold in November 2023, peaking at 2,709 units in August 2023, and finally decreasing to 1,956 by May 2024. These movements might indicate shifting market dynamics, possibly influenced by seasonal trends or broader economic factors affecting buyer and seller behaviors.

Comparative Assessment with Nearby Cities

In Dupont, the average sold price has a slight increase. However, properties here show higher prices per square foot compared to other cities, signaling a possibly higher demand or less available space.

Housing Market Summary for Dupont, WA

Jun 2023 May 2024 Change
Median Listing Price $447K $517.7K 15.82%
Median Sold Price $497.9K $517.7K 3.98%
Homes For Sale 4 2 -50.00%
Homes Sold 93 58 -37.63%

Lakewood also displayed an upward trend in property values, moving from $409,000 in January 2024 to $509,000 in May 2024, suggesting robust local demand.

Anderson Island and Spanaway, on the other hand, show increases but with significant differences in property sizes and sold prices per square foot. Notably, University Place stands out with higher property values, starting at $669,900 in January 2024 but slightly reducing to $612,500 by May 2024.

Snapshot: Current Market Values and Volumes

As of May 2024, the average property value stands at $474,950 with 87 homes on sale. The average sold price reaches $483,434 with a property sold count of 1,956. This solidifies Tacoma’s active and consistent market climate. Additionally, in cities like Dupont and Lakewood, respective properties indicate contrasting trends in property count and pricing, further highlighting regional market dynamics.

This comprehensive analysis, backed by precise data, outlines the robust conditions and varied market dimensions of Tacoma, Washington, and its neighboring cities, acting as a significant indicator for potential investors and homeowners researching the area.

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