Pierce County median home prices approach new benchmark as rates put drag on market
Prices moved ever higher in July for existing single-family homes in Pierce County, according to the latest numbers from Northwest Multiple Listing Service.
The median closed sale price for existing homes in Pierce County in July was at $575,000, up from $541,000 in July 2023.
For condos, the median closed sale price was at $410,525, up from just under $400,000 a year ago.
How that compares with other counties (median closed sale price for existing homes, condos listed below):
▪ King County: $999,000, $530,000
▪ Snohomish: $818,419, $560,000
▪ Kitsap: $545,000, $332,500
▪ Thurston: $539,750, $370,000
▪ Mason: $453,500, $426,250
New listings compared with last year showed slight improvement in Pierce County, as well as the 26-county NWMLS region (both at about 13 percent increase).
The listing service noted in its report, “High mortgage interest rates continue to be a drag on home sales, discouraging both potential buyers facing high-rate mortgages and would-be sellers wanting to keep their low-rate mortgages.”
Hope persists for further rate reductions this year, and NWMLS stated, “According to Freddie Mac, 30-year mortgage rates are at their lowest since February 2024 (6.73% as of August 1st).”
John L. Scott Real Estate, in a separate report, noted that the higher the price, the slower the sale. For homes priced $350,000-$500,000 in Pierce County, 64.5 percent of those listed in June were pending in the first 30 days, while just 26.5 percent of homes $1.5 million or more were pending in the same time frame.
This story was originally published August 6, 2024 at 9:00 AM.
