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Pierce County home values increase

Good news for home owners living in Pierce County! After a long decline in home values, prices have finally turned upward. According to the Pierce County Assessor-Treasurer’s Office, average home prices have increased 2 percent in the last year. While this increase is small, it is the first uptick in home prices since the economic recession. From 2007 to 2012, Pierce County home prices plummeted a massive 31 percent. Some of the biggest increases in home values can be seen in Pacific, Sumner and and Ruston. The Bonney Lake, Gig Harbor and Tacoma neighborhoods are also seeing similar increases. The county has a ways to go before it reaches the $92 billion total value of all assessed properties that was seen in 2008. The current assessed value is only $70.5 billion, and will take some time to return to previous value. Even though the increase being seen is small, it is a step in the right direction for the area.

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