A recent Redfin study that tracked homes sold during the month of May has presented some unsurprising results: Homes in many areas are selling faster and at higher prices than ever before.
The average home sold in May went off the market in 34 days, two days faster than the month before. The national median home sale price also increased, to $305,600, a 6.3 percent increase from May of last year.
But what is surprising, is that Tacoma has surpassed Seattle in terms of home price growth and market competitiveness. In May, Tacoma experienced the second highest year-over-year growth in housing prices — 19.6 percent — bringing the median price of a home sold to $368,500. San Jose was the only city ahead of Tacoma, with a 27.6 percent increase.
As of May, Tacoma also had a slightly more competitive housing market than its more populous neighbor to the north, with 63.1 percent of homes selling above list price. In Seattle, 61.9 percent of homes sold above list price.
One encouraging sign for Seattle, where the median home price is still an exorbitant $555,800, is that home inventory increased for the second month in a row.
“Two months of growing inventory is a positive sign for Seattle buyers, but the previous 43 consecutive months of inventory declines won’t be reversed overnight,” Seattle Redfin agent Jessie Culbert wrote in the report. “Even so, we can already feel a slight easing in the market. Homes are still selling quickly and often over-asking, but where last May a seller may have gotten 15 to 20 offers, this May it was two to five.”