August 2020 Pierce County Real Estate Market Updates: Here’s What the Numbers Mean
Many people are especially curious lately about what’s happening in Pierce County’s fast-paced real estate market. Here are the real estate stats from July 2020, and below we share exactly what all of the numbers mean so you can make a savvy decision whether you’re thinking about buying or selling.
Pierce County’s median home price continues to increase.
There has been a pretty significant increase over the last month in Pierce County’s median price, which illustrates the strength of the market and is a good indicator of the effect that low interest rates are having. (And it’s worth noting that although our median price is increasing, Pierce County’s median is still 40% less than King County’s median home price.)
Currently we have lower inventory in Pierce County, which favors the seller.
Fewer homes on the market = more competition among buyers. With that said, the combination of historically low interest rates and median pricing still trending upwards all make for the argument that real estate in Pierce County is a good investment.
Homes are selling quickly.
Average days on market illustrate the strength of the market, and right now market times are days, not weeks, so we are in a VERY strong market.
“Move up” buyers and sellers have an especially excellent opportunity right now.
Homes listed for below $400,000 currently have over 300% chance of selling, which means that there are 3x as many pending homes as there are active listings. As the price of a home in our market increases, the chance of selling decreases, presenting a great "sell high and buy low" opportunity! All areas of Pierce County are very active right now, and the only area we see being a buyers market is with homes over $1 million.
Are you thinking about “moving up” this year? Take a moment to browse our saved home searches:
Pierce County homes under $500,000
Pierce County homes $750,000 - $1 million
Pierce County homes $1 million+
First-time buyers & those looking to buy around the median home price, there are pros and cons.
There’s more competition for homes, but with interest rates staying low, buyers have more buying power. Also, mortgage payments can sometimes be less than what many folks are still paying for rent.
In this graphic, you’ll see a quick overview of not only what’s happening in Pierce County’s real estate market, but in our neighboring counties.
The “All” category represents pricing for the entire county.
For example, in Pierce County right now, there are 467 pending listings and 468 active listings over $600,000, and there are 2,174 pending listings and 703 active listings under $600,000. King County’s “All” category is at $800,000 because the median sales price is higher there, at $675,000.
The percentages in the graphic refer to the chance of selling.
In Pierce County, if you have a home listing for $600,000 and under, then you have a 309% chance of selling.
For reference, in July 2020 the median home price for each county is as follows:
- Pierce County = $422,950
- King County = $670,000
- Thurston County = $391,000
- Kitsap County = $429,953
Ready to learn more about buying a home? Take a look at our Buying a Home guide!