The Pierce County duplex, triplex, and fourplex market continues to shift.
Through August 2026, months of inventory is running above its historical average while the number of properties changing hands remains well below the levels we saw prior to 2023.
For owners considering selling, the market isn't necessarily bad—but it is more competitive, and pricing matters more than it did when inventory was extremely tight.
2026 vs. the Previous 10 Years
Through August 2026, Pierce County recorded 151 closed sales of 2–4 unit properties, with an average of 1.19 months of inventory.
Here's how that compares with the same January–August period over the previous 10 years:
| Year | Avg. Months of Inventory | Closed Sales |
|---|---|---|
| 2016 | 1.23 | 212 |
| 2017 | 0.95 | 261 |
| 2018 | 0.98 | 242 |
| 2019 | 1.00 | 213 |
| 2020 | 1.06 | 201 |
| 2021 | 1.16 | 284 |
| 2022 | 0.96 | 232 |
| 2023 | 1.09 | 154 |
| 2024 | 1.08 | 145 |
| 2025 | 1.03 | 164 |
| 2026 | 1.19 | 151 |
The previous 10-year January–August average was approximately 1.05 months of inventory and 211 closed sales.
That puts 2026 at:
- 13% more inventory than the previous 10-year average
- 28% fewer sales than the previous 10-year average
- The second-highest Jan–Aug inventory level in the 11 years analyzed
- The second-lowest number of Jan–Aug sales, ahead of only 2024
Transaction Volume Has Changed Significantly
The decline in sales isn't unique to 2026.
From 2016 through 2022, Pierce County generally recorded more than 200 2–4 unit sales during the first eight months of the year.
Then the market changed:
2021: 284 sales
2022: 232 sales
2023: 154 sales
2024: 145 sales
2025: 164 sales
2026: 151 sales
That tells us something important.
The current market isn't simply experiencing a slow month or quarter. Transaction volume has been operating at a substantially lower level for four consecutive years.
Higher interest rates and financing costs have reduced purchasing power, particularly for investment buyers who are focused on cash flow and return on equity.
At the same time, owner-occupant buyers remain an important part of the duplex, triplex, and fourplex market. Properties with a vacant unit—or the ability for a buyer to occupy a unit—can often appeal to a larger buyer pool.
Inventory Is Moving in the Opposite Direction
Sales volume tells only half of the story.
Pierce County's average months of inventory through August has increased to 1.19 months, compared with the previous 10-year average of approximately 1.05 months.
The more recent trend is even more noticeable:
May: 0.4 months
June: 1.1 months
July: 1.3 months
August: 1.5 months
August's 1.5 months of inventory was the highest August reading in the 2016–2026 dataset.
For comparison, August 2025 had just 0.8 months of inventory.
That's an increase of nearly 88% year over year.
August 2026 also recorded 19 closed sales, compared with 25 sales in August 2025, a 24% decline.
Is Pierce County Now a Buyer's Market?
Not necessarily.
At 1.5 months of inventory, Pierce County's 2–4 unit market is still relatively tight by traditional real estate standards.
But traditional market definitions don't tell the whole story.
Duplexes, triplexes, and fourplexes have historically operated with very low levels of inventory. When months of inventory increases while transaction volume remains historically low, buyers gain leverage.
They have more properties to choose from and less incentive to stretch on price for a property that doesn't compare favorably with the competition.
That's especially important for sellers.
What This Means for Pierce County Multifamily Owners
In a rapidly appreciating market with very little inventory, sellers can sometimes price aggressively and wait for the market to catch up.
That strategy carries considerably more risk in today's market.
When a property launches above market value, buyers may simply move on to another listing. The property accumulates days on market, loses its initial exposure, and eventually requires a price reduction.
In some cases, the seller ends up chasing the market downward rather than pricing correctly from the beginning.
Properties that are properly priced, well presented, and strategically marketed can still sell successfully. But the gap between the properties that sell and those that sit is becoming more noticeable.
For owners of tenant-occupied properties, there are additional considerations. Existing rents, lease terms, property condition, expenses, financing options and whether a unit can be made available for an owner-occupant can all have a significant impact on value and marketability.
The Bottom Line
Through August 2026, Pierce County's 2–4 unit market is sending a fairly clear message:
Inventory is above its historical average while sales remain well below historical norms.
With 151 sales through August—28% below the previous 10-year average—and months of inventory approximately 13% above average, sellers are competing for a smaller pool of active buyers.
That doesn't mean it's a bad time to sell.
It means that pricing and positioning matter more.
Should I Sell My Pierce County Duplex, Triplex or Fourplex Now—or Wait?
If you already know you're likely to sell within the next three years, waiting for the "perfect" market may not be the best strategy.
Interest rates could decline and buyer demand could improve. But there's no guarantee that lower rates will translate into a higher net return after another two or three years of property taxes, insurance, maintenance, repairs and management.
The better question isn't whether the market will be higher in 2028 or 2029. It's whether the expected benefit of waiting outweighs the cost and risk of continuing to own the property.
For some owners, particularly those with strong cash flow and significant rent upside, holding may make sense. For others who already intend to sell, have substantial equity, face upcoming repairs or simply want out of property management, selling sooner can be the better financial decision.
There is no universal answer. The decision should start with understanding what the property is worth today, what it costs to hold, and what would realistically need to happen over the next three years to make waiting worthwhile.
If you're considering selling a duplex, triplex, or fourplex in Pierce County, I can provide a free, confidential property valuation and show you how your property compares with the listings currently competing for buyers.
Charles Burnett, CCIM
Sound Property Group