Signs of Relief: What Today’s Market Means for Homebuyers

A recent Bank of America survey asked would-be buyers what would make them feel more confident about moving forward. The overwhelming response? Better affordability. That means lower prices and more manageable mortgage rates. The good news is, we’re beginning to see some progress on both fronts.

Home Prices Are Moderating

For years, prices rose at a pace that made many feel locked out of the market. Between 2020 and 2021, prices surged by nearly 20% in just 12 months. Today, that growth has slowed considerably. Experts now project single-digit increases nationwide—far more sustainable than what we saw just a few years back.

That doesn’t mean prices are crashing; it means they’re stabilizing. In cities like Tacoma, Puyallup, Auburn, and Sumner, this shift gives buyers more breathing room when budgeting. Meanwhile, in areas such as SeaTac, Des Moines, Burien, Normandy Park, Lake Tapps, and Bonney Lake, prices may vary, but the overall trend is steadier growth. For buyers, that stability can make the process feel less intimidating.

Mortgage Rates Are Coming Down

At the same time, mortgage rates have eased from the highs we saw not long ago. Even a small drop can make a big difference in monthly payments. Lisa Sturtevant, Chief Economist at Bright MLS, explains it well:

“Slower price growth coupled with a slight drop in mortgage rates will improve affordability and create a window for some buyers to get into the market.”

While rates may still fluctuate, many experts expect them to hover in the low to mid-6% range over the coming year. That’s a significant improvement compared to just months ago, and potentially an opportunity for buyers who were waiting on the sidelines.

Why It Matters for Buyers

Confidence in the economy may still feel uncertain, but the housing market is adjusting in meaningful ways. Slower price growth and easing rates won’t solve every affordability challenge, but they do make buying a home more attainable than before.

If you’ve been considering a move in areas like Tacoma, Puyallup, Auburn, Sumner, SeaTac, Des Moines, Burien, Normandy Park, Lake Tapps, or Bonney Lake, these shifts could create the right opening for you. For tailored advice and insights, explore more local real estate guidance to help you plan your next step with confidence.