Things you can count on every Spring in the Tri-Cities: warmer temperatures, windy days, the start of minor league baseball, and a big jump in real estate activity!
We had 274 homes sell in March, a 43% jump from February. It’s also the most homes we’ve sold in any month since last October. As you can see on the graphic above, every city we track saw a double-digit gain in homes sold with the exception of Benton City. It’s like clockwork. Take a look at how sales activity has picked up each of the past four years:
- March 2022: up 36%
- March 2021: up 23%
- March 2020: up 25%
- March 2019: up 13%
Tri-Cities Homes for Sale (aka Inventory)
The number of homes for sale has dropped five months in a row. During our market snapshot on April 5, there were 567 homes on the market. That’s only down 5% from last month, but it’s a 25% drop from November.
Some of that is just seasonal regularity — some sellers don’t like to list their homes during the winter/holiday months. We’ll see if they come to the market now that warmer weather is here and the market is getting busy again. But we also know that a lot of homeowners are reluctant to sell because, if they need to buy a new home, it would mean trading in their current 3-5% mortgage rate for today’s 5-7% rates.
Either way, we can definitely use the inventory!
Tri-Cities Home Prices
Our median price for March’s home sales was down $20,000, which may seem concerning…until you remember that prices were up by $20,400 the month before! So we’re right back where we were in February.
Overall, our home prices have been pretty static since January 2022 — never straying from the $400K to $450K range.
One last note: The spike in activity last month did have a noticeable impact on days on market. We went from 34 days on market two months ago to just 22 last month.
And that’s a look at this month’s Tri-Cities housing market! As always, please drop us a note if you ever have questions about what’s happening around town or in your specific neighborhood.
(*Remember that days on market can sometimes be skewed by how new construction homes are processed in the MLS.)
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