Is University Place, WA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, University Place has remained a Seller's Market.
Key Takeaway
University Place is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in University Place, WA
How much do homes in University Place, WA cost?
Median Sold Price
$635,000
$328/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in University Place have sold for 1.2% less than they did a year ago.
Summary: The median home sold price in University Place was $635,000 in March 2024, down 1.2% from last year, and the median price per square foot was $328.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $236.5K | $267.5K | +13.1% |
| 2 Bedrooms | $402.5K | $402.5K | 0.0% |
| 3 Bedrooms | $615K | $630K | +2.4% |
| 4 Bedrooms | $740K | $691.2K | -6.6% |
| 5+ Bedrooms | $850K | $825K | -2.9% |
Summary: University Place housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.1%, 2 bedroom homes did not change, 3 bedroom homes increased by 2.4%, 4 bedroom homes decreased by 6.6%, and 5+ bedroom homes decreased by 2.9%.
Median Sold Price Compared To Nearby Cities
| Lakewood | $489.8K | $493.1K | +0.7% |
| Fircrest | $612.5K | $608.7K | -0.6% |
| Tacoma | $462.2K | $459.5K | -0.6% |
| University Place | $642.8K | $635K | -1.2% |
| Steilacoom | $750K | $695K | -7.3% |
Housing Supply in University Place, WA
How many homes are available in University Place, WA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 60 | 80 | +33.3% |
Summary: The University Place real estate market had 80 homes for sale in March 2024, a 33.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 11 | 23 | +109.1% |
| 3 Bedrooms | 24 | 29 | +20.8% |
| 4 Bedrooms | 22 | 22 | 0.0% |
| 5+ Bedrooms | 3 | 6 | +100.0% |
Summary: The University Place housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 109.1%, 3 bedroom homes increased by 20.8%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 16 | 22 | +37.5% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in University Place, you could pay more than the asking price. 45.5% of homes here sold above asking price last month.
Summary: A total of 22 homes were sold or pending in University Place in March 2024, up by 37.5% month-over-month. Of the 22 sold homes, 23% were sold under asking, 32% were sold at asking, and 45% were sold over asking.
Days on Market for University Place, WA
How long does it take to sell a home in University Place, WA?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 51 Days | 23 Days | -53.6% |
Summary: Homes in University Place had an average of 23 days on market in Mar 2024, down by 53.6% compared to last year.
Breakdown of Home Sale Times
20 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in University Place are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 22 homes were sold in University Place; 91% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
Listings courtesy of Northwest Multiple Listing Service as distributed by MLS GRID.
The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Northwest MLS IDX. Real estate listings held by other brokerage firms are marked with the green "three trees" logo and includes the name of the listing broker(s). Copyright © 2024 Northwest MLS. All rights reserved.