Pierce County Fall Housing Market Update: Trends & Insights for 2024

As we transition into fall, the Pierce County real estate market, including areas such as Bonney Lake, Puyallup, and Sumner, is experiencing some notable shifts. Historically, home prices tend to dip as we move out of the busy summer selling season and into the cooler months. 2024 is following this trend, with changing market dynamics that both buyers and sellers should consider when planning their next move.

Inventory Is Up, But Sales Are Slowing

One of the biggest changes in Pierce County's housing market is the increase in inventory. The number of homes for sale is up compared to this time last year, creating more competition among sellers. Pricing a property correctly from the start is now more important than ever. With buyers having more choices, strategic marketing and presentation play a crucial role in attracting serious offers.

Key Stats (As of August 2024):

• Pending Sales: 1,205 (up 8% from last year)

• Closed Sales: 1,035 (down 0.7% from last year)

• Active Inventory: 2,154 (up 30% from last year)

This shift means that sellers must be more competitive with pricing, while buyers may have more negotiating power than in previous years.

Multiple Offers Are Less Common, But Still Possible

While multiple offers on homes still happen, they are far less frequent compared to the red-hot market conditions of previous years. To attract competitive offers, properties need to be priced correctly, well-presented, and marketed effectively. Buyers now have more options, reducing the urgency to engage in bidding wars unless a home truly stands out in value, condition, and location.

Interest Rates Are Gradually Decreasing

Mortgage rates have slightly decreased, sitting at approximately 6.25%. While this is a small improvement, rates remain much higher than the historic lows of a few years ago.

Current Interest Rate (Fall 2024):

• 6.25% (down slightly from previous months)

For buyers, this means adjusting their budgets and being selective when choosing a home. Sellers should also keep this in mind, as higher interest rates reduce affordability, ultimately shrinking the pool of qualified buyers.

What This Means for Buyers & Sellers in Pierce County

For Sellers:

? Pricing and marketing your home correctly is essential.
? Homes in Pierce County are now taking an average of 35 days to sell.
? Overpricing can lead to longer time on the market, requiring price reductions later.
? Work with a local real estate expert to develop a strong pricing strategy.

???? Thinking of selling? Call me anytime to discuss the best approach in today’s market. Also, use our instant home value calculator to see what your home is worth.

For Buyers:

? More inventory means greater selection and negotiating power.
? Fewer bidding wars create more opportunities to negotiate favorable terms.
? Interest rates remain high, so budgeting carefully is crucial.
? Work with a real estate professional and lender to find a home that fits your financial goals.

???? Looking to buy? Browse available listings on our website or give me a call. I can also connect you with top local lenders to explore financing options.

Final Thoughts: Navigating the Changing Market

As we move deeper into fall 2024, expect to see continued shifts in the Pierce County housing market. With inventory rising and prices adjusting, now is the time for both buyers and sellers to strategize accordingly. Staying informed about market trends and working with an experienced real estate professional will help you make the most of current opportunities.

???? Ready to take the next step? Call me anytime!
???? Visit us online: www.onsiteregroup.com