Pierce County suburb among nation’s hottest housing markets, according to one ranking
South Hill was the fourth hottest housing market in the nation between February 2020 and February 2021, according to an insurance comparison website.
Five of the top 20 housing markets were in Washington, three of them in Pierce County, reported Insurify, a home comparison insurance platform. Washington is second to California for most competitive housing markets.
Insurify said cities were evaluated on a 100-point scale by existing supply, percentage of sales with a price greater than latest listing, and the number of homes under contract within two weeks of listing. Insurify’s housing market scored the average housing market at 69.49.
In addition to South Hill in the Puget Sound region, Tacoma ranked 10th, Federal Way got 11th, Auburn was 15th and Kent ranked 19th.
South Hill was given a 97.19 score, after Castro Valley, California with 98.45, San Leandro,California with 97.87, and Irondequoit, New York with 97.83.
Zillow reports the U.S. housing market saw a $2.5 trillion increase in 2020, which is the largest growth rate in one year since 2005. Washington’s total housing market value more than doubled over the past decade, according to Zillow.
Home sales continue at a strong pace throughout Pierce County, Assessor-Treasurer Mike Lonergan told The News Tribune in January, and more King County residents have found homes in rural Pierce County now that the pandemic has normalized telecommuting.
Lonergan said the volume of home sales continues to be strong and market values continue to climb.
Countywide, residential sales are up 4 percent. Key Peninsula/Anderson Island saw a 27 percent increase in sales from last year. Sales in south county areas like Graham, Roy and Eatonville are up 18 percent, according to the Pierce County Assessor-Treasurer’s Office.
Sales in areas closer to King County, like Northeast Tacoma, have increased by 10 percent. The Sumner and Bonney Lake area is up 13 percent, as is the Spanaway/Fredrickson area.
Redfin, a real estate listing site, said Pierce County homes were up 25.3 percent in April compared to last year. Homes sold for a median price of $500,000, and sell after an average of five days on the market, according to Redfin.
Zillow expects 2021’s housing market to be even stronger.
