What’s Happening in Pierce County’s Real Estate Market this Summer? 5 Big Takeaways
With July 2020’s real estate market stats for Pierce County hot off the press, we wanted to take a moment and break down what the numbers mean. Many people are especially curious about what’s going on with real estate in recent months, and in Pierce County, there has not been a slowdown yet.
Here are a few big takeaways:
Homes are selling fast.
Things are very active at the moment—we’re seeing homes spend fewer days on the market, which indicates a very active market.
There is a lot of competition among buyers, and many homes are receiving multiple offers.
This is especially true for homes listed near the Pierce County median sales price—these homes are more likely to sell fast and receive multiple offers.
Stable median sales price + low interest rates = ideal time for buyers.
A moderate increase in property values combined with interest rates being at lifetime lows create ideal conditions for buyers right now.
If you want to sell your home, you’re in a great position.
What we really need in Pierce County are more homes to sell! Buyers still heavily outweigh sellers by as much as 4x in some markets. You have a very high chance of selling your home right now!
The best opportunities and “bargains” right now are for the move-up buyer.
Selling a home in the median price range and buying at a higher price point is a great way to maximize the values in our current market. The upper end of the market (meaning luxury/view/large lot homes) are where the bargains are right now, and by “bargain” we only mean that there is less competition for these homes and they’re more likely to sell for less than their list price. This is all great news for those who want to move up to a luxury/view/large lot home—you have the opportunity to sell high and buy low!
Are you thinking about “moving up” this year? Take a moment to browse current Pierce County home listings in the $750,000 to $1 million price range here!