Last month, for the first time in Tri-Cities history, all three cities plus West Richland had median home prices of $300K or more.
I’m referring to each individual city passing the $300K mark — that’s never happened before. The Tri-Cities as a whole first hit the collective $300K median price milestone just over a year ago.
We’ve been close to the individual milestones in each of the past 4-5 months, but it finally happened in June thanks to both Kennewick and Pasco jumping from the $290K range to above $300,000. Here’s a chart we made to show median home price fluctuations since the start of 2020.
This is only the second time that Pasco home prices have reached a median of $300K. The first time was 18 months ago — all the way back in January 2019! That month Pasco had a median price of $300,950 and Kennewick — at $280,000 — was the only one below $300K.
And remember, all this is happening in the midst of a national pandemic. A couple months ago we asked if COVID-19 would negatively impact home prices, and shared some early evidence that suggested it wouldn’t. That seems to be the case now that we’re 4+ months into the pandemic. Our inventory is low and that’s keeping home prices strong.
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