(253) 448-8296

Market Update – April 2017

If you’re in the market to purchase a home, now is the time to get in touch with a qualified member of our mortgage team.

As Tacoma Mortgage Brokers, our experienced team at Primary Residential Mortgage, Inc. is always examining and assessing the local housing market to detect any trends that could potentially help our clients.

Even given a steady increase in the median home value, the Tacoma housing market is showing a strong healthy score and remains geared towards buyers.

As of Mach 2017, the median value of homes in the local Tacoma area was $244,000. This figure has increased slightly less than 14% since this same time in 2016 and is predicted to rise an additional 4.4% by the first quarter of 2018.

The median value is not to be confused with the median price of homes, which is almost $20,000 lower at $224,900.  This median price falls into the $132,001 – $263,000 price range that makes up roughly 44% of the current housing market. The next most significant price range is $263,001 – $395,000 which makes up about 26.8% of the market.

All the figures above are based on information recorded for the entire city of Tacoma. While technically accurate, doesn’t necessarily paint the whole picture of the current marketplace.

There can be vast differences from neighborhood to neighborhood, which is evidenced by the fact that the median home value in Northeast Tacoma is currently listed at $388,500 while the median home value in South Tacoma is only $180,800.

As you can see, it is important to take specific location data into consideration when you are narrowing down your home search and working out the details of your home financing plans.

Whether you are looking to purchase a home in the Tacoma area or are interested in refinancing your existing mortgage, this information can be useful as you determine your path moving forward.

At PRMI, we have the experience needed to evaluate local news and trends and apply that knowledge to the way we help each and every client. Give us a call to get started on your personalized mortgage program today!

“The views and opinions expressed are my own and do not necessarily represent the official policy or position of Primary Residential Mortgage, Inc.”

Sources: https://www.zillow.com/tacoma-wa/home-values/

Source: https://www.neighborhoodscout.com/wa/tacoma/real-estate