Pierce County Housing Market: October 2024 Trends and Insights You Must Know

Home sales are up 22% and demand is increasing, which is good for sellers.

Is it better to buy or sell in the South Sound market? For buyers and sellers who are waiting for updates about our local market, here’s an overview of what’s happening in Pierce County, which is a good indicator for the entire South Sound region. Today, I’ll be sharing our current data with you through the end of September 2024 to help you decide whether now is the best time for you to enter the market. Market overview. Our median sale price in Pierce County is $555,900, which reflects a 6% increase in home values compared to last year. This upward trend is showing us that the market is strong, especially for sellers who are pricing their homes appropriately. In fact, homes are selling for an average of 100% of their last list price, given that they are priced competitively. Days on market. Homes spend an average of 16 days on the market before receiving offers. This slight increase from last year shows a fast-paced market activity. Historically, a 30-day average is considered normal, so we continue to see a strong advantage for sellers in this market. Sales activity. Pending sales increase by 22% year-over-year, suggesting that we have strong buyer demand. One factor that contributes to this activity is the increase in available homes for sale, which has risen by a whopping 47%.

"We are still seeing many opportunities in the market that you wouldn’t want to miss."

Inventory levels. Although the increase in inventory is encouraging, note that we still have a supply shortage. Right now, our inventory level sits at just 2.1 months, which is below the six-month threshold for a balanced market.

Interest rates. Rates have dropped slightly by 0.7% since our last update, to 6.5%. This drop in rates made homeownership accessible to more people and resulted in a median monthly mortgage payment of around $2,810—about $112 lower than before.

My advice for those who are planning to sell is to enter the market now. Home prices are stable, and buyer demand is high, making it easier for you to make the most of your house. For buyers, we have more options in the market, and the recent drop in interest rates is a good opportunity to buy a house before it becomes a competitive market once again.

We are moving fast into the final months of the year, and we are still seeing many opportunities in the market that you wouldn’t want to miss. So, it’s important to be updated about the shifts happening in our market.

I also want to take this opportunity to invite you to attend our Free Home Seller Workshop for more insights and resources.

If you have any questions or would like to know more about the real estate market, feel free to reach out at (253) 576-3500 or chad@hauerhomes.com. Again, let me know if there’s anything else I can help you with. I’d be happy to help!

Are We Heading Towards a Buyer's Market?

Even though our market is slowing down, I’m explaining why we probably aren’t heading for a true buyers market.

Have you noticed a shift in our housing market lately? Homes are taking longer to sell, and prices are volatile nationwide. Depending on where you are, prices could start coming down for the first time in years. This has made many wonder, “Are we finally heading towards a buyer’s market?” My best answer is no; at least, not exactly. Instead, I’d say we’re more likely to head to a balanced market where both sellers and buyers have opportunities if they know what to look for. Here are three things you need to know about our market right now to make sure you get the best deal possible, whether you’re buying or selling:

1. Why is our market balancing out? Despite record-high home prices and shrinking demand, prices aren’t falling in most areas of the country. While these conditions might make it seem like we’re heading for a buyer’s market, the truth is that prices are being kept in check due to low supply. Inventory has increased nationwide, but this hasn’t been enough to offset the persistent lack of supply in most markets. If inventory continues to rise, the market could eventually favor buyers; however, low supply and low demand are offsetting each other.

"We have good reason to believe the market will shift soon."

2. Condition matters. In the current market, there is a huge gap between homes in good condition and those that need work. Due to affordability issues, buyers don’t have extra cash to make repairs after closing. If you don’t make the proper repairs before listing, you could suffer from a lack of demand that makes it feel like you’re in a buyer’s market. On the other hand, if you work with your agent to get your house ready for the market, multiple offers could come in quickly. You might even create a bidding war! Work with your agent and consider a pre-listing inspection, and you can still get an amazing deal on your house.

3. The market may speed up again soon. While lower activity might make you think we’re heading for a buyers market, we have good reason to believe a shift is right around the corner. Due to worse job reports than expected, most experts believe the Federal Reserve will lower interest rates soon. This will make buying a home more affordable and spur new buyer demand. Tons of would-be buyers have been sitting out of the market waiting for rates to drop, so as soon as the news hits, we could see a fresh wave of demand. There will be tons of competition when the Fed finally drops rates. If you want to avoid potential rate drops or are interested in a free pre-listing consultation, please call or email me. I am always willing to help!