Zip Code 98374

Puyallup, WAPierce County

Real Estate Market Analysis

Q3 2025 Report
$600,000 (+4.3% YoY as of June 2025)
Median Home Value
Approx. 45,000–50,000 (2024 est.)
Population
$95,000–$105,000 (2024 est.)
Median Income
Above average (GreatSchools 6–8/10)
School District Rating

Market Statistics

Property Values

$600,000 (+4.3% YoY as of June 2025)
Median Home Value
Data not specified for 98374; rent control law caps increases at 7%+CPI, max 10%/yr (new construction exempt for 12 years)[4]
Median Rent
Not specified for 98374; Puyallup area typically $270–$320/sq ft (inferred from regional data)
Price per Sq Ft

Market Performance

Home Appreciation+4.3% YoY[1]
Market VelocityInventory up 10.6% MoM (May 2025); 333 homes for sale in May 2025[1]
Foreclosure RateNot specified; generally low in Pierce County

Area Information

Area Sizeapprox. 30 sq mi
CountyPierce
Primary CityPuyallup

Housing Profile

Housing Statistics

Total Housing UnitsApprox. 10,000+ (inferred from inventory and area size)
Owner OccupiedMajority (estimated 65–70%)
Rental PropertiesEstimated 30–35%
Vacant UnitsInventory up to 333 homes for sale in May 2025[1]
New ConstructionActive, but slowed by labor/material costs; new construction exempt from rent control for 12 years[2][4]

Housing Types

Single-family homesTownhomesSome multifamily/apartments

Demographics

Approx. 45,000–50,000 (2024 est.)
Population
Mid-30s
Median Age
$95,000–$105,000 (2024 est.)
Median Income
Unemployment below 4% (Pierce County, 2025)
Employment Rate
High school grad or higher: 92%; Bachelor’s or higher: 32% (Pierce County averages)
Education Levels
Predominantly families with children; some retirees
Family Composition

Education Quality

School District Performance

Above average (GreatSchools 6–8/10)
District Rating
School DistrictPuyallup School District
Test ScoresAbove state average in math and reading
Graduation Rates91% (2024)

Schools in Area

  • Emerald Ridge High School
  • Glacier View Junior High
  • Ridgecrest Elementary
  • Other public and private options

Economic Factors

Employment & Business

Job GrowthSteady, driven by healthcare, logistics, and education[2]
Unemployment RateBelow 4% (Pierce County, 2025)
Business EnvironmentStable, with moderate commercial activity and new retail development
Commercial ActivityGrowing, especially along Meridian Ave and South Hill

Major Employers

  • MultiCare Health System
  • Puyallup School District
  • Amazon (regional)
  • Local retail and logistics

Infrastructure & Quality of Life

Infrastructure

Transportation Access

  • SR-512 freeway
  • Sound Transit bus lines
  • Proximity to Sounder rail (downtown Puyallup)

Utilities & Services

  • Puget Sound Energy (electric/gas)
  • City water/sewer
  • Waste management

Quality of Life

Safety & Environment

Lower than Pierce County average; mostly property crime

Good air and water quality; suburban setting with green spaces

Healthcare Access

  • MultiCare Good Samaritan Hospital
  • Numerous clinics and urgent care

Development Trends

Planned Developments

  • New subdivisions east of Meridian
  • Mixed-use projects near South Hill

Infrastructure Projects

  • Road widening on Meridian Ave
  • School expansions

Investment Outlook

Growth Outlook

Positive; steady population and housing demand[2]

Investment Opportunities

  • New construction (rent control exempt)
  • Single-family rentals
  • Fix-and-flip in older neighborhoods

Marketing Intelligence

Target Demographics

  • Move-up buyers
  • Young families
  • Remote workers
  • Investors

Competitive Advantages

  • Strong schools
  • Family-friendly amenities
  • Newer housing stock

Pricing Strategies

Price competitively near median; offer incentives for rate buy-downs[2]

Common Objections & Response Strategies

Objection: High home prices and interest rates

Response Strategy:

Highlight appreciation, stable job market, and potential for rate buy-downs or seller concessions[2]

Objection: Concerns about rent control for investors

Response Strategy:

Emphasize new construction exemption and strong rental demand[4]

Objection: Traffic congestion on Meridian Ave

Response Strategy:

Point to ongoing infrastructure improvements and alternative routes

Professional Recommendations

1

Educate clients on rent control law and new construction exemption[4]

2

Leverage school quality and community amenities in marketing

3

Advise investors on timing and product type (favoring new builds)

4

Monitor inventory trends for pricing strategy

5

Highlight infrastructure improvements to address buyer concerns

Competitive Analysis

Comparable Markets

  • Graham 98338
  • Bonney Lake 98391
  • Spanaway 98387

Market Positioning

Family-oriented, suburban, with growth potential

Competitive Advantages

  • Higher-rated schools
  • Newer homes
  • Proximity to major employers

Price Comparison

Priced higher than Spanaway, similar to Bonney Lake, lower than Tacoma urban core

Investment Metrics

4.5–5.2% (single-family rentals, 2025 est.)
Cap Rates
5–6% gross yield (newer homes)
Rental Yields
~18–20 (reflects strong owner-occupancy and moderate rental demand)
Price-to-Rent
Positive for new construction and well-managed rentals
Cash Flow
3–5% annual (2025–2026)
Appreciation

Buyer Journey Insights

First-Time Buyers

Challenged by prices; benefit from down payment assistance and new construction incentives

Move-Up Buyers

Active segment; attracted by larger homes and schools

Downsizers

Seek newer, low-maintenance homes; limited inventory

Investors

Focus on new construction and single-family rentals (rent control exemption)

Relocators

Drawn by schools, suburban amenities, and access to Tacoma/Seattle

This zip code analysis was generated using comprehensive market data and AI intelligence.

Market conditions change rapidly - consult with local real estate professionals for the most current information.

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