Average Tri-Cities home price hit record high in August

By in Tri-Cities Housing Market with 0 Comments

Let’s take a quick look at some Tri-Cities real estate market data from August.

This is pretty cool: Last month, the average sales price of a home in the Tri-Cities area was $272,400! That is the most it’s been since the Tri-City Association of Realtors began recording this kind of data in 1993!

What’s also interesting is that inventory went UP in August to 680 available units. The last time we had that many houses on the market was November of 2015! At that time, it was part of a downward trend. We reached the nadir of that trend in February of this year with only 386 houses on the market. Perhaps driven by that low, the average home sales price jumped by about $20,000 the very next month! It’s risen even higher since then.

September’s stats will show us more about pricing and inventory. Will the increase in supply result in a lower cost? Is there going to be an increase in supply, or is this a blip? Traditionally, our market sees an increase in homes for sale in May/June and a decrease in October/November. Will we see another rise this month only to see the customary dip later in the fall? Stay tuned!

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About The Author
Cari McGee

My husband and I came to the Tri-Cities in 1994, and we thought it would be a temporary stop on our way to larger cities. He was a television sports anchor at the time, and we planned to go wherever the "next step up" took us. Twenty-plus years later, we're still here and we've loved every minute of it! We have two children now, and we've found the Tri-Cities area is a wonderful place to raise a family. It's a great place to do outdoorsy things -- I like to hike Badger Mountain or run along the river path. I also love reading ... by a cozy fire in the winter or a beautiful picture window in the summer (with the A/C on!). I've been a licensed Realtor since 2004. I earned my managing broker's license in 2016, which means I can run my own brokerage, or create a team of real estate agents and supervise them, which is exactly what I did when I formed the Cari McGee Real Estate Team in 2018! We have administrative and marketing personnel, as well as additional agents to serve you. I became a director of the Tri-Cities Association of Realtors Board of Directors in 2016, became Secretary/Treasurer of the organization, and was elected to Vice President in 2019. Want to talk about real estate? Click here to schedule a meeting with me!

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