Tacoma’s housing market is experiencing notable shifts, influenced by various factors including market trends, new developments, and rental dynamics.
Current Market Trends
As of April 2026, the average home value in Tacoma stands at $496,966, reflecting a slight decrease of 0.9% over the past year. Homes typically go pending in about nine days, indicating a brisk market pace. The median sale price is $459,167, with a median list price of $495,333. Notably, 37.3% of sales have been closing above the list price, underscoring competitive buyer interest.
Development Projects Shaping the Landscape
Several development projects are contributing to Tacoma’s evolving housing landscape:
Watchtower Housing Development Project
Located near the King County border in Northeast Tacoma, the Watchtower project encompasses an 18-acre site slated for 47 single-family residential lots. The development includes new private roadways, utilities, and dedicated open spaces. As of March 2026, the project is in the post-approval permitting phase, with site development and building permit applications under review.
Cornus House
Completed in 2024, Cornus House offers 199 workforce housing units, including studios, one-bedroom, and two-bedroom apartments. Located at 2501 Commerce St, the project was completed on time and $1 million under budget, providing affordable housing options in a transit-oriented location.
Kōz at the Dome
Situated one block from the Tacoma Dome Station, Kōz at the Dome is a 152-unit multifamily housing development completed in 2020. The project features a mix of studio, one-bedroom, two-bedroom, and loft apartments, catering to a diverse tenant base in a highly accessible area.
Rental Market Insights
The rental market in Tacoma remains active, with an average rent of $1,760 as of April 2026. This figure represents a 2.8% increase year-over-year, indicating steady demand for rental properties.
In summary, Tacoma’s housing market is characterized by a blend of stable home values, active development projects, and a dynamic rental sector. Prospective buyers and renters should stay informed about these trends to make well-informed decisions in this evolving market.