When will the Washington real estate market recover?

Market Update - March 2023

Home demand has recently risen as more homes went under contract in February! This is likely due to the slight decrease in mortgage rates and home buyers jumping in to lock in a lower interest rate for a new home. 

As the market continues to shift into a more neutral market for buyers, the big question now is whether this will happen quickly. And the answer is likely not. The Federal Reserve has indicated that it will raise rates 2 or 3 more times in 2023 in order to combat inflation. So it may be a bumpy road as we transition to a healthier real estate market in Washington!

Key Takeaways

⚡️ Amount of homes going under contract increased from a little over 850 homes to a little more than 960 homes. While the number of homes available dipped from a little over 1,150 to a little under 920 homes.

⚡️ The average price per sqft increased in Pierce County from January to February a small increase from $277 to $279. 

⚡️ The average number of days a listing was on the market before it either sold or taken off the market plateaued! Going from 55 days to 56 days on average.

⚡️ Months of inventory took a dip this past month going from 2.1 to 1.4 months of inventory. This may look like quite a drop compared to a few months ago; however, this isn’t even close to how low months of inventory were from last year which was around 0.4 months of inventory.

Homes For Sale VS Under Contract

Average Price Per SQFT

Average Days On Market

Sold Price/Original List Price

Months Of Inventory

Looking to get a market report in a specific city in Pierce County? We do market reports for Puyallup, Bonney Lake, Lake Tapps, Sumner, and Tacoma.