Home demand is decreasing (for now)?

Market Update - October 2023

A big thing we’re starting to notice is that the demand for homes is starting to wane slightly as more homes are hitting the market while the homes already on the market are facing price reductions.

The biggest indicator of this is the recent drop in the average price per sqft in Pierce County. Going from $307 in August to $301 in September. More market trends such as the amount of homes entering the market as well as how many homes are sold indicate demand dropping as well.

Key Takeaways

⚡️ Amount of available homes increased slightly going from just barely under 1,400 homes to just over 1,400 homes

⚡️ Amount of homes sold decreased from a little over 980 homes to a little under 760 homes

⚡️ Average price per sqft decreased from $307 in August to $301 in September

⚡️ Months of inventory slightly increased from 1.4 months of inventory to 1.9 months of inventory

Homes For Sale VS Under Contract VS Sold

Average Price Per SQFT

Average Days On Market

Sold Price/Original List Price

Months Of Inventory

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