In this post I’m going to tell you exactly what’s going on with Tacoma condo sales. Last week I was speaking with a past client and he said offhand, “Condo sales are really slow though in Tacoma. Going down, right?” I was so surprised to hear this perception that I decided to write a blog post.
Tacoma Condo Sales Update May 2022
If you’re in a hurry and don’t want to read all the details know this: 41 condos sold in the last 30 days in Tacoma and 36 of them sold at full price or over full price. That said, there’s a big spread in those condos (the value of Tacoma varies WILDLY between buildings) so let’s dive into some more detail to get a feel for what’s going on.
How much are condos in Tacoma selling for right now?
The median sales price for a condo in the city of Tacoma is $503,000. Condos in Tacoma spend an average of 25 days on the market before selling. The sales price was 102% of the current list price (on average). Now this is for the whole entire city of Tacoma. Condo prices vary quite widely from building to building and neighborhood to neighborhood, obviously!
What is the cheapest condo you can buy in Tacoma right now?
The most affordable condo to sell in Tacoma this past month was a 600 square foot 1 bedroom 1 bathroom condo at 27th Street Station in Tacoma’s Hilltop Neighborhood.
Neighborhood: Hilltop
Sales Price: The condo was listed for $208,000 and sold for $214,000 after 5 days on the market with a conventional loan.
1018 S 27th Street Unit b202 Tacoma, WA 98409
What was the most expensive condo to sell in Tacoma this month?
The most expensive condo to sell in Tacoma last month was a 2,307 square foot 2 bedroom 2.5 bath luxury condo in Pt. Ruston’s Rainier Building.
Neighborhood: Pt. Ruston in North Tacoma
Sales Price: This condo sold for 1.6 million dollars cash after 267 days on the market.
4907 Main Street #411, Unit 411 Tacoma, WA 98407
How do condo prices in Tacoma compare to last year?
During the same period last year there were 30 condos that sold (compared to 41 this month). The median sales price for the same period last year was $428,000 (compared to $503,000 this month). Condos were on the market for an average of 37 days whereas last month they were on the market an average of 25 days.
How can I learn more about buying a condo in Tacoma?
We have lots of resources here on the blog and some recommendations on other sites as well. Here are some great articles and videos to check out.
There are many factors you will want to consider if you choose to buy a condo or loft in Tacoma. The thing that I most want to emphasize is that it’s essential to work with a local specialist who has sold a fair number of Tacoma condos in the last few years.
I’ve been helping buyers in Downtown Tacoma for more than 17 years. I’m happy to connect you with a real estate agent in Tacoma who specializes in what you’re looking for. Feel free to reach out with questions or for an intro to an awesome Tacoma real estate agent.
