Median home prices and the number of home sales are both up in the Tacoma area as homes are staying on the market for considerably less time than they were at the same point in time last year.
At the end of August 2017, there were 1,561 home sales recorded at a median sales price of $260,819 across all property types. This median sales price is up 9% from the price of $249,719 which was recorded in August 2016. The 9% increase that was seen in median sales prices over the last year is equivalent to $21,450.
When median sales prices are broken down by property type, we can see that 1 bedroom homes have seen the most significant increase in price over the last year in comparison to properties with 2, 3 and 4 bedrooms.
Between the end of May and the end of August this year, the median sales price of one bedroom homes was $199,719. This price has risen around 21% on a year to year basis, which is seen when it is compared to the median sales price of $164,719 for the same period in 2016.
The price increase of two bedroom homes was not far behind, rising 16.2% from $209,694 for May – August in 2016 to $220,469 for the same three months in 2017.
Three and four bedroom homes both saw less significant price increases of 9.5% and 5.5% respectively. In 2016, the median sales price of three bedroom homes was $252,744 which has risen to $262,479 this year. The median sales price of four bedroom homes was $302,419 which has also risen to $299,719.
Price increases do not come as a surprise as they have been increasing steadily over the last 5 years. It is also no surprise that home sales are continuing to climb, which can be considered as just one of the many reasons for prices that continue to rise.
The number of days most homes are staying on the market has gone back up slightly over the last two to three months, but is still considerably lower than the length of time home were listed on the market in July of last year or even the year before.
If you are looking for a Tacoma mortgage to purchase a home in the local area, look no further than Primary Residential Mortgage, Inc! We are experts on the local market and offer our expert advice and competitive rates to help you with all your home financing needs.
Give us a call at (253) 448-8296 to setup your mortgage consultation today!