If you’ve been keeping up with real estate headlines, you’ve probably seen the phrase “home prices are flat.” But when you take a closer look, that idea doesn’t tell the full story — especially here in Tacoma, Puyallup, Auburn, Sumner, SeaTac, Des Moines, Burien, Normandy Park, Lake Tapps, and Bonney Lake.
What the Data Really Shows
While home prices have certainly slowed from the rapid surge of 2020 to 2022, that doesn’t mean things have gone completely still. According to data from ResiClub and Zillow, price trends across the 50 largest U.S. metros are split: about half are still seeing modest increases, while the other half are seeing slight declines.
In other words, “flat” doesn’t mean stable everywhere — it means averages are hiding a mix of ups and downs depending on where you live.
One of the main factors behind this divide is inventory. The Joint Center for Housing Studies (JCHS) at Harvard notes:
“Price trends are beginning to diverge in markets across the country. Prices are declining in a growing number of markets where inventories have soared while they continue to climb in markets where for-sale inventories remain tight.”
Here in the South Sound region, areas like Tacoma and Auburn still face relatively tight inventory, helping keep prices steady or climbing slightly. Meanwhile, nearby cities like Puyallup, Sumner, and Bonney Lake may be seeing a bit more breathing room — and a few more opportunities for buyers to negotiate.
What Buyers Need To Know
If you’re buying, understanding your local market conditions is key.
-
In seller-strong areas like SeaTac or Des Moines, waiting could mean paying more later.
-
In areas where prices are easing, like parts of Burien or Normandy Park, you may have room to negotiate on price, repairs, or closing costs.
The bottom line? Knowing what’s happening in your local market gives you control — and can save you money.
What Sellers Should Keep in Mind
If you’re selling, pricing your home correctly is more important than ever.
-
In cities where prices are rising, you may not need to offer concessions.
-
In softer markets, setting the right price from day one helps you attract serious buyers faster.
Homes that are priced strategically — not too high, not too low — are the ones selling the quickest across the South Sound.
The Real Story Is Local
National data helps paint the big picture, but your best insight will always come from local expertise. As Realtor.com’s Senior Economist, Anthony Smith, explains:
“While national prices continued to climb, local market conditions have become increasingly fragmented… This regional divide is expected to continue influencing price dynamics.”
If you want to understand how these trends are shaping opportunities in Tacoma, Puyallup, Auburn, Sumner, SeaTac, Des Moines, Burien, Normandy Park, Lake Tapps, and Bonney Lake, now’s the time to connect with a trusted local agent who knows your area inside and out.
For personalized insights and the latest housing trends across the South Sound, explore local market updates to stay ahead of what’s next.
