South Tacoma, Tacoma, WA—98409
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — South Tacoma, Tacoma, WA
As of Oct '25, the median home price in South Tacoma, Tacoma, WA is $405,000, with a year-over-year change of -3.2%. This indicates that home prices in South Tacoma, Tacoma, WA are decreasing. According to Zillow, the 1-year price projection is -0.4%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $405,000 | -3.2% |
| Single Family | $408,000 | -3.1% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $300,000 | -4.5% |
2 Bed | $363,000 | -3.2% |
3 Bed | $421,000 | -3.0% |
4 Bed | $470,000 | -2.1% |
| 5 Bed | $522,000 | -1.3% |
% of Housing Stock
Rental Trends — South Tacoma, Tacoma, WA
As of July '25, Rentcast reports the average rent in South Tacoma, Tacoma, WA is $1,670, with a year-over-year rent change of -6.2%. Per bedroom, the median rent as of July '25 in South Tacoma, Tacoma, WA is studios: $1,370, 1-bedrooms: $1,300, 2-bedrooms: $1,770, 3-bedrooms: $2,370, 4-bedrooms: $2,560. The most common rental property sizes in South Tacoma, Tacoma, WA are 2-bedroom and 1-bedroom, accounting for 53.5% and 21.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,500 | $1,670 |
| Studio Rent | $1,300 | $1,370 |
| 1 Bed Rent | $1,290 | $1,300 |
| 2 Bed Rent | $1,680 | $1,770 |
| 3 Bed Rent | $2,350 | $2,370 |
| 4 Bed Rent | $2,400 | $2,560 |
% of Rental Stock
Property Listings — South Tacoma, Tacoma, WA
As of Oct '25, Realtor.com reports that the median days on market for a home in South Tacoma, Tacoma, WA is 37. This is a decrease of -25.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 37.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $414,000 | -4.0% |
Listing Count | 60 | -5.0% |
| Listings as % of Homes | 0.2% | -5.0% |
Days on Market | 37 | -25.0% |
Demographics — South Tacoma, Tacoma, WA
As of the latest ACS Survey released in 2023, South Tacoma, Tacoma, WA has a population of 27,300, which has increased by 8.8% over the past 5 years. South Tacoma, Tacoma, WA is a moderately popular place for families, as children make up 20.5% of the population. The area has a poorly educated workforce, with 20.6% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 10.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 27,300 | 8.8% |
% Under 18 | 20.5% | -10.9% |
% Seniors | 10.9% | 29.8% |
% WFH | 10.7% | 234.4% |
% w/ College Degree | 20.6% | 12.0% |
As of the latest ACS Survey released in 2023, South Tacoma, Tacoma, WA is a predominantly white area, with 48.3% of the population identifying as white. The white population has grown by 2.5% in the last 5 years. The second most common race or ethnicity in South Tacoma, Tacoma, WA is black, making up 16.1% of the population. Foreign-born residents account for 12.2% of the population in South Tacoma, Tacoma, WA, and this percentage has decreased by 15.3% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 48.3% | 2.5% |
% Black | 16.1% | -1.8% |
% Hispanic | 15.9% | 12.0% |
% Asian | 8.7% | -10.3% |
% Foreign Born | 12.2% | -15.3% |
Mortgage and Risk — South Tacoma, Tacoma, WA
According to HUD data as of 2023, there were 408 mortgage originations in South Tacoma, Tacoma, WA, of which 65.0% of loans were conventional mortgages. The average loan-to-value was 63.0%, with 42.0% above 90% LTV (very high). This implies large mortgage risk in South Tacoma, Tacoma, WA. Investor activity is low, as 3.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 408 |
% Conventional Loans | 65.0% |
% Government Loans | 35.0% |
% Investor Loans | 3.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — South Tacoma, Tacoma, WA
As of 2024, the percent of homes in South Tacoma, Tacoma, WA under the Section 8 program is 10.3%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In South Tacoma, Tacoma, WA, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 694 |
Total Units Section 8 | 694 |
% Rentals under Section 8 | 10.3% |
% Occupied Section 8 | 81.7% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $280 | $1,290 | $1,570 |
| 2 Bedroom | $250 | $1,680 | $1,930 |
| 3 Bedroom | $350 | $2,350 | $2,700 |
| 4 Bedroom | $690 | $2,400 | $3,090 |
Affordability — South Tacoma, Tacoma, WA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.6 |
| Median Home Price | $405,000 |
| Median Household Income | $71,600 |