Tacoma, WA Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Tacoma, WA Housing Market Trends

With 217,827 people, 83,688 houses or apartments, and a median cost of homes of $365,199, Tacoma real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Tacoma, accounting for 61.98% of the city's housing units. Other types of housing that are prevalent in Tacoma include large apartment complexes or high rise apartments ( 26.82%), duplexes, homes converted to apartments or other small apartment buildings ( 7.96%), and a few row houses and other attached homes ( 2.91%).

The most prevalent building size and type in Tacoma are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 50.38% owning and 49.62% renting.

There is a lot of housing in Tacoma built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Tacoma built between 1940-1969 ( 27.69%). A lesser amount of the housing stock also hails from before 1939 ( 25.95%). There's also some housing in Tacoma built between 2000 and later ( 12.46%).

Tacoma Home Appreciation Rates

In the last 10 years, Tacoma has experienced some of the highest home appreciation rates of any community in the nation. Tacoma real estate appreciated 102.16% over the last ten years, which is an average annual home appreciation rate of 7.29%, putting Tacoma in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Tacoma definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Tacoma that despite a nationwide downturn in the housing market, Tacoma real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Tacoma appreciation rates continue to be some of the highest in America, at 10.38%, which is higher than appreciation rates in 91.80% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Tacoma. Tacoma appreciation rates in the latest quarter were at 1.81%, which equates to an annual appreciation rate of 7.43%.

Relative to Washington, our data show that Tacoma's latest annual appreciation rate is higher than 70% of the other cities and towns in Washington.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Tacoma differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Tacoma - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Tacoma real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$365,199

Tacoma, WA HOME PRICES

> $1,416,000
1.0%
1.0%
$1,062,001 - $1,416,000
1.8%
1.8%
$708,001 - $1,062,000
7.2%
7.2%
$566,001 - $708,000
8.9%
8.9%
$425,001 - $566,000
20.9%
20.9%
$283,001 - $425,000
33.4%
33.4%
$142,001 - $283,000
23.4%
23.4%
$71,001 - $142,000
2.3%
2.3%
$0 - $71,000
1.2%
1.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Average for WA

Value Relative To Nation

Number Of Homes And Apartments:
83,688

Tacoma Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
WA*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
171.71% 4.82%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,774 / per month

Homeownership Rate

Owners
50.4%
50.4%
Renters
49.6%
49.6%
Vacant
7.3%
7.3%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
12.5%
12.5%
1970 - 1999
33.9%
33.9%
1940 - 1969
27.7%
27.7%
1939 or Older
25.9%
25.9%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
62.0%
62.0%
Townhomes
2.9%
2.9%
Small Apt. Buildings
8.0%
8.0%
Apt. Complexes
26.8%
26.8%
Mobile Homes
0.3%
0.3%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
4.4%
4.4%
1 Bedroom
15.1%
15.1%
2 Bedrooms
28.2%
28.2%
3 Bedrooms
34.4%
34.4%
4 Bedrooms
14.3%
14.3%
5 or more bedrooms
3.7%
3.7%
0.0% 100.0%
% OF HOMES