Multifamily Mortgage Bankers and Brokers since 1997

Get Your Free Multifamily Loan Quote

 

Tacoma, Washington

Tacoma home values have soared like a rocket having gone up 14.3 percent
in the past year. $279,600 is the median value of a house in Tacoma. It is predicted that in the next year home values will increase by 6.4 percent.  

$211 is the per square foot median list cost in Tacoma Washington. The average per square foot median list cost in Seattle is higher at $250.

$269,500 is the median cost of houses now listed in Tacoma. $278,100 is the median cost of homes that had been sold. 

A factor that will have an impact on the value of homes in the next few years is the number of foreclosures. Tacoma has a high foreclosure rate compared to Seattle and especially compared to the nation. Per 10,000 homes, 4.0 of them go through foreclosure in Tacoma. Per 10,000 homes, 2.1 go through foreclosure in Seattle’s Metro area. Nationally, 1.6 homes are foreclosed on for each 10,000.

The first step in foreclosure is when the owner experiences mortgage delinquency. Simply, this occurs when a mortgage payment is missed by an owner of a home. 1.6 percent is the percentage Tacoma has on home mortgage delinquencies. This is the same as the national percentage of delinquencies at 1.6 percent.

In moving on to commercial real estate, we will look at the multifamily market. It’s becoming really costly to rent and reside in Puget Sound.

The rental market is so hot in Tacoma and Pierce County that it’s out doing the rental market in Seattle. From 2016 to 2017, 8.8 percent was the increase in the median rent cost in Tacoma. The median rent cost in Tacoma is $1,785 per month.

Young couples working to make it and save money to purchase a home are having a rough time. Many are not saving to for money to make a down payment.  The cost of rent is incredibly high.

One person said the cost for their first apartment was $68 per month in 1958, and this person paid $25,000 to buy a home in Tacoma in 1978.