Hottest Real Estate Market in the Nation = Tacoma, WA

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Updated over 1 year ago

From the article: A wave of priced-out homebuyers from Seattle has helped turn Tacoma into the hottest housing market in the nation. According to a new report by Redfin, the Tacoma metro area has now overtaken Seattle as the hottest housing market in the country in several key measurements. Among those metrics: 49.7% of homes sold in Tacoma in May went for more than the asking price, compared to 37.8% in Seattle and 23.8% nationally, according to a Redfin analysis of local data from the Multiple Listing Service. The median home in Tacoma was on the market just eight days — the shortest period of any U.S. metro — while the supply of homes for sale is just 1.3 months, the lowest in the United States. The median price for a Tacoma-area home in mid-May was up 6% from a year earlier, to $370,000. It’s not the biggest jump in the United States (that honor goes to Camden, N.J., which saw a 15.6% year-over-year jump in May). But Tacoma’s increase is still more than one-third above the national median increase, and more than twice that of metro Seattle, where May home prices increased just 2.6%, to $595,000, according to Redfin. Demand from Seattle buyers has been strong across the Tacoma market, Campion says, but it has been especially sharp for homes under $350,000. “We can list at noon, have people touring by that afternoon and offers by 8 p.m.,” she says.

My waistline is up 6% from a year earlier, that must mean that I am hot, too.

From a broker's perspective, we are starting to see some trends spill over into our area (Olympia), such as listing brokers (typically from Pierce and King) demanding that buyers waive their home inspection. I get that it is a necessity to compete in the Seattle market, and the trend seems to be growing in the Tacoma market also, but man... it doesn't mean it is wise. I don't want that to be the new norm down here. We like it a bit slower down here, you know, taking it easy with friends over a couple of pints! Maybe a few too many pints...

Ha! @Andrew Hodgson , good one. :-) There are glimmers here in Kitsap, too. But not nearly as bad. Perhaps people are still scared off by the ferry commute? I find it much more relaxing than being stuck in traffic, however. Also, you can enjoy a pint on the ferry home.