June 2024 Housing Market Update: Nice & Steady as She Goes

It feels like the Tri-Cities real estate market is in a nice, healthy place right now. We’re hitting the busy season, and we’re not seeing any dramatic changes up or down in the statistics we watch; just some nice, slow, and steady growth for the most part. Let’s dive into this month’s update!

Tri-Cities Home Prices

Our median home price last month came in at $430,000 — exactly what it was two months ago. We’ve now reached 20 consecutive months with prices staying in between $399K and $435K. Year over year, prices are up only 3.6%, which is really healthy growth.

Prices were up in four of our six cities. Kennewick was the only one of the big cities to see prices drop, and that was less than $10K. Prices were up the most in both Richland and West Richland. In Richland, prices were higher last month than they’ve been since November, while in West Richland, prices haven’t been this high since last July.

Tri-Cities Sold Homes

Much like home prices, the number of closings last month was also up slightly, from 311 to 316 — a 2% gain. Year over year, activity is up 15%.

Again, not much drama in any of the city numbers. The biggest increase in closings was Pasco’s 10% gain, but that’s just going from 82 in April to 90 last month.

Homes continue to close a little bit faster, too. Our median days on market last month was 21, down from 24 the prior month. But a year ago, we had a median of just 11 DOM — today’s market is definitely moving at a steadier pace.

Inventory of Homes for Sale

And just like prices and closings, our inventory of homes for sale also rose just a bit this month. As of our market snapshot on June 5, there were 777 homes available. Thats 4% more than we had in May, and 18% more than one year ago.

Of our current inventory, 62% are existing homes that you can buy and move into right away. The other 38% are new construction homes.

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.)