Home values are declining in Pierce County. Here’s what we know
Residential property values in Pierce County decreased by 1% this year, according to the Pierce County Assessor-Treasurer.
Commercial property values simultaneously increased by 3%, the Assessor-Treasurer’s office said in a release. Assessor-Treasurer Marty Campbell told The News Tribune that fluctuations in residential property values in Pierce County tend to reflect the market at large and nationwide patterns of a low, single-digit percent increase in home values this year.
“What we’re seeing in Pierce County is no different than what we’re seeing in most places in the country,” he said in the release.
The changes could be the result of an excess in new homes after a construction boom during the pandemic, according to J.P. Morgan. NPR reported that falling home prices could be a sign of a healthy economy and a decline in construction.
The last time residential property values declined in Pierce County was in 2023, which saw a 2.8% decrease, Deputy Assessor-Treasurer Katie Rose told The News Tribune. The county-wide average home price as of Jan. 1, 2026 is now $524,488, compared to $529,696 the previous year, she said.
Carbonado, Fircrest and Steilacoom saw the largest percent increase in residential property values at 4%, 2.5% and 2.5% respectively. Ruston, Dupont and Fife saw the largest percent decrease in residential property values at 1.8%, 1.8% and 1.7%, respectively, Rose said.
The property values are the basis of property taxes that property owners pay annually. Those 61 or older or those with a disability who make under $64,000 a year might be eligible for property-tax exemptions. Starting in 2027 that cap will increase to $85,000 a year.
Warehouse and light industrial properties in Tacoma, Lakewood, Puyallup and Sumner increased on average by 5%. Restaurants and neighborhood shopping centers increased on average by 4%, and multifamily and office properties increased on average by 2%, the release states.
Property owners who want to appeal their value can do so until Aug. 25.
