Tacoma Real Estate Market 2024

When people say they’re moving to Tacoma they want to know what is happening in the Tacoma real estate market in 2024. While people we speak to here at Move to Tacoma talk about “moving to Tacoma” they often mean the broader Tacoma area. The greater Tacoma area includes surrounding neighborhoods and communities across Pierce County and beyond. This region, known for its diverse range of housing options, offers something for nearly everyone—whether you’re looking for urban living in the heart of Tacoma, rural properties out in the county, or more affordable homes a bit further out.

In the following video Tacoma real estate agent Marguerite Martin interviews local appraiser and real estate agent Anders about what’s happening in Tacoma’s real estate market neighborhood by neighborhood. They even dive into neighborhoods beyond Tacoma including Ollala, Port Orchard, and more.

Pierce County Real Estate: The Big Picture

As we step into 2024, the median home price in Pierce County hovers in the low $500,000s. However, if affordability is your top priority, you might want to explore areas like South Tacoma or the Eastside, where prices are generally lower. Neighborhoods like Spanaway offer starter homes at comparable prices, although they come with longer commutes unless you’re working near the base.

This idea of “drive till you can afford to buy” is alive and well in Pierce County. The further you go from Tacoma, the more affordable homes tend to be. For instance, if you cross the Narrows Bridge into Gig Harbor, you’ll find some of the county’s priciest real estate, with stunning saltwater views. Check out this video to learn more about what it’s like living in Gig Harbor. But just a bit beyond Gig Harbor, in places like Olalla, Port Orchard, and Key Peninsula, home prices start to drop, making these areas more accessible for buyers on a budget.

Port Orchard is particularly noteworthy for its affordability—reminiscent of what Tacoma was like a decade ago. This area has become increasingly attractive, especially with its easy ferry access to Seattle. However, this affordability might not last long as more buyers catch on.

Navigating Tacoma’s Real Estate Market

If you’re moving to Tacoma with a budget under $700,000 and need to commute to Seattle, you’ll find options, but your priorities will shape where you should look. For example, a home in the North End of Tacoma could fall within your price range, offering proximity to urban amenities like the Proctor District’s farmers market. However, don’t expect to find water views at that price.

For those coming from areas like Texas, where newer developments are common, it’s important to note that Tacoma doesn’t have a lot of brand-new neighborhoods. However, places like Northeast Tacoma and certain parts of West Tacoma offer homes built from the mid-20th century onwards, often with larger lot sizes. The era of the home can significantly impact your buying decision, especially if you’re accustomed to newer builds.

The Market Dynamics: 2024 and Beyond

Looking at Tacoma’s 2024 real estate market, it’s important to recognize the bifurcation happening within the city. Homes under $1 million in the North End, for instance, are seeing a competitive market with multiple offers and short time on the market. In contrast, properties above $1 million experience longer exposure times, suggesting a cooler, more balanced market.

Interestingly, even with high mortgage rates and inflation, the North End has shown modest price appreciation, bucking the trend seen in other Tacoma neighborhoods like Hilltop or Central Tacoma, where prices have either flattened or cooled slightly.

This difference is largely due to rate sensitivity. First-time buyers, who dominate areas like South Tacoma or McKinley Hill, are hit hardest by higher mortgage rates. A house that was affordable at a 3% interest rate becomes a stretch at 7%, leading to a hollowing out of the buyer pool in these traditionally more affordable areas.

Making the Right Move

For those looking to buy in Tacoma in 2024, especially if you’re targeting a budget under $700,000 or even under $500,000, you might find yourself in a better negotiating position. You could potentially secure seller concessions like rate buy-downs or closing costs, which could make your purchase more affordable. However, be prepared for price increases once mortgage rates start to drop, as this will likely bring more buyers back into the market, driving prices up again.

So, what’s the key takeaway if you’re moving to Tacoma in 2024? Clarity and a reality check. It’s crucial to be clear about your goals and work closely with both a trusted real estate agent and lender to understand what your budget can actually get you. It’s easy to get lost in the fantasy of dream homes online, but the reality of the market means having those tough conversations early on.

And remember, even if you’re not planning to move until later in the year, it’s never too early to start talking to a realtor or lender. They can help you get prepared, ensuring that when you do find the perfect home, you’re ready to act quickly. If you’d like to speak with Move to Tacoma creator Marguerite Martin about finding a local specialist, you can contact her here.

Explore Tacoma’s Neighborhoods

If you’re ready to start your Tacoma home search, check out our Neighborhood Guide at MoveToTacoma.com. We’ve got detailed information on dozens of neighborhoods in Tacoma and across Pierce County, including median home prices, architectural styles, local resources, and what residents love about living there. Plus, our blog posts and podcasts dive deeper into the unique characteristics of each neighborhood, helping you find the perfect match for your lifestyle and budget.

More about Moving to Tacoma:

Move to Tacoma Podcast – Interviews with locals about life in Tacoma

Tacoma Neighborhood Guide– Guide to Tacoma area neighborhoods

Things I wish I knew before I moved to Tacoma

How to Make Friends in Tacoma – Guide to how to make friends and plug into the community in Tacoma once you arrive

Why People Move to Tacoma to Retire

Find a local expert to help you choose your home

And here’s the shameless plug of the whole blog post! Here at MovetoTacoma.com we help people find their place in the City of Destiny. If you or a friend are looking to buy a home in Tacoma and would like help learning about Tacoma neighborhoods and finding a real estate agent please reach out to us! You can click the contact form on MovetoTacoma.com. You can also schedule a one-on-one with Marguerite on zoom by clicking here. 

How Move to Tacoma Works

Step 1: Explore the Clickable Neighborhood Map of Tacoma

Our clickable neighborhood map of Tacoma’s neighborhoods is our pride and joy. Click through to find images and videos of each neighborhood. The Neighborhood guides on the map also include median home price information, blog posts about the neighborhoods, podcast episodes about the neighborhoods, and candid quotes from local neighbors.

Step 2: Listen to the Move to Tacoma Podcast

The best way to learn about Tacoma is to hear from the people who live here. On the Move to Tacoma Podcast Marguerite interviews Tacomans who’ve been here generations and Tacomans who just got here. From business and technology leaders to politicians and activists and everyone in between. The Move to Tacoma Podcast will give you insight into why people move here and how they find meaning and happiness in Tacoma.

Step 3: Read the Blog Posts on MovetoTacoma.com

On the Move to Tacoma Blog we have been writing about things to do in Tacoma, where to eat in Tacoma, hot button community topics, neighborhoods and more since 2015. There are hundreds of posts to help you find what you love in the City of Destiny. From posts about where to eat and drink to interviews with locals- the blog is a great place to keep up one what’s happening in Tacoma and Pierce County.

Step 4: Get Realtor Referral from a Local Realtor

Marguerite Martin is a different kind of Tacoma real estate agent. Reach out to find out answers to questions you have about neighborhoods in Tacoma and Pierce County. When the time is right to start looking, Marguerite can connect you with a local real estate agent who specializes in the neighborhoods you love most. You can see reviews from past clients who’ve worked with Marguerite on Yelp and on Google.

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