Real Estate News

Pierce County home prices up 9 percent from 2018. Gig Harbor has highest local rents

The Seattle real estate ripple effect continues for Tacoma.

The latest report from Northwest Multiple Listing Service shows home prices in Pierce County are up 9 percent from September 2018.

King County, on the other hand, saw prices 1.2 percent lower than a year ago.

A big contributor driving up prices here is lack of homes going on the market.

Pierce County’s single-family home inventory was nearly 31 percent lower than last year. Kitsap’s was down more than 27 percent. Thurston County saw its inventory of homes for sale nearly 35 percent lower than at the same time a year ago.

“Buyers continue to be drawn to the area thanks to more affordable housing costs, but this influx is also driving up prices,” OB Jacobi, president of Windermere Real Estate, said in NWMLS’ release in regard to Pierce County.

Median closed home sale price for Pierce County was $384,500 for September. Kitsap followed closely at $383,000; Thurston was at $347,850.

In King County, it was $660,000.

Only three of the 23 counties served by NWMLS reported inventory gains over last year: Clark, Whatcom and San Juan.


What about local rents?

A look at the average rents in the Seattle-Tacoma-Bellevue metro per ZIP code puts Gig Harbor’s 98335 above others in the Tacoma area at $2,072, up nearly 2 percent from last year. That ranks No. 18 among the metro area ZIP codes listed.

This comes on the heels of news last month that Gig Harbor had the most expensive average home price.

The review of average rents was compiled by RentCafe, a national online apartment listing service, as part of its review of most expensive ZIP codes nationwide. The service reviewed nearly 7,000 ZIP codes and analyzed rents for 17 million apartments.

In that same review, Lakewood’s 98499 was the least expensive in the Seattle-Tacoma-Bellevue area, with its average at $1,232, still up more than 5 percent from last year.

For the second year in a row, a ZIP code in Bellevue, 98004, was the most expensive at $2,847. Seattle’s 98101 was No. 2 at $2,835.

Tacoma’s most expensive ZIP code on the list, 98407, ranked No. 23, with an average rent of $1,992.

98407 map.JPG

Tacoma’s 98402, which RentCafe ranked in 2018 as one of the most rapidly gentrifying ZIP codes in the nation, came in low on this list, but its average rent, at $1,618, is up 7.5 percent from a year ago, one of the steepest percentage increases on the list.

The most expensive ZIP code rent-wise in the U.S., according to the survey, is in Manhattan: $6,211 for average rent.