Redfin tells us that the hottest city in the US right now is Tacoma WA. Why? According to Redfin…
- 7% of the homes sold in Tacoma were purchased above the listing price.
- Home sale prices rose +6% from last year at this time to $370,000 in mid-May 2019.
- Tacoma’s home supply is 1.3 months, the lowest home supply of any other metro in the country, as of the first week of May.
- Tacoma’s inventory declined -12.5% in mid May 2019.
- Sales volume has fallen -5.5%.
Daryl Fairweather, chief economist with Redfin, said, “The Tacoma metro topped the charts in mid-May when 50.2% of recently sold homes went under contract within two weeks.” The typical home found its buyer in eight days, the shortest median time on the market nationwide.
Redfin believes that the attraction of buying a home in Tacoma is directly attributed to the lack of affordable housing options in Seattle where the median sale price in May 2019 swelled to $595,000.
According to Ellen Campion, an agent with Redfin, said, “Ordinary buyers have gotten fed up with home prices in Seattle, largely because most people aren’t able to compete with highly paid tech workers and executives…A lot of buyers are turning to Tacoma.” Affordable options and neighborhoods in Tacoma include Old Town, the Proctor District and the West End.
Other cities with homes that were purchased above asking prices included the most expensive metros in the country…
- San Francisco – 66.7% homes sold above asking prices.
- Oakland – 58.7% homes sold above asking prices.
- San Jose – 54.5% homes sold above asking prices.