It’s been a couple months since our last Tri-Cities market update (my husband and I were in Hawaii much of last month celebrating our anniversary!), but as the year comes to an end, we’re still seeing small signs of a more balanced market. Maybe “balanced” isn’t the right word; we’re still in a seller’s market, but things continue to improve for buyers.
Consider this: There are more homes on the market right now (444) than there were a year ago (386). It’s the first time we’ve had year-over-year inventory growth since April 2020 — right when the pandemic started to impact the real estate market. Let’s look a little deeper at what’s available right now.
Current Tri-Cities Home Inventory
As I said above, we’re at 444 homes on the market right now. Those active listings have a median price of $527,800 and a median of 51 days on market. Higher-priced homes usually take longer to sell, so that’s no surprise.
More than half (247) of those available listings are new construction — homes you can buy now but can’t move into yet. The new construction inventory has a $569,900 median price and a median of 69 days on market.
The other 197 available homes are not new construction. They have a median price of $450,000 and a median of 34 days on market.
Tri-Cities Home Prices
More good news for buyers: Tri-Cities home prices are basically unchanged over the past six months. Our median price in June was $389,900 and this month it’s $391,000.
We’re also seeing the usual winter slowdown in activity: 372 homes sold last month, the lowest number of closings we’ve had since March.
Some other numbers you should know about:
- Kennewick’s inventory is the highest it’s been since November 2020.
- Richland’s inventory is the highest it’s been since September 2020.
- Inventory in Benton City is the highest we’ve ever seen in the 3+ years we’ve been doing monthly market reports. The previous high there was 37 homes on the market in December 2018.
- Pasco’s median price of $396,000 is an all-time high.
As always, please drop us a note if you ever have questions about the housing market here in the Tri-Cities, or even in your specific neighborhood/town/city.
(*Remember that days on market can sometimes be skewed by how new construction homes are processed in the MLS.)