June 2025 Real Estate Market Update: Home Inventory at Highest Level in 10+ Years

There’s a lot of green on this month’s market report graphic, which is pretty normal for this time of year. But some of the numbers themselves are unusual.

It’s been at least a decade since the Tri-Cities has had more than 1,000 homes for sale. Home sales jumped last month, too. So let’s unpack everything that’s happening right now in our local housing market.

Inventory of Homes for Sale

When we did our market snapshot on June 5, there were 1,005 available homes for sale. According to the Tri-City Association of Realtors’ historical data charts, this marks the first month with more than 1,000 available homes since November 2014.

New construction inventory is up about 10% for the month, while existing homes inventory rose 11%. The monthly gain of 11% is nothing compared to the annual change. A year ago, there were 777 homes for sale, so inventory is up 29% year-over-year.

Both Richland and West Richland currently have more homes for sale than they’ve had since we started tracking city-by-city numbers in 2018. (TCAR doesn’t track city by city, so we can’t go back any further.) If you or someone you know is looking to move to Richland or West Richland, you have more choices today than you’ve had in a long time!

Sales Activity

It’s not just sellers coming into the market. Buyers are, too. The monthly rise in sales activity was even bigger — 21% more homes sold in May than in April.

But going back a year, you see that the rise isn’t nearly as dramatic. A year ago, we had 316 sales, so last month’s 320 sales are up only 1% year-over-year.

Those 320 homes that sold last month spent a median of 18 days on market, just a little bit faster than the 20 DOM we saw in April.

Home Prices

Last month, Tri-Cities home prices hit a 33-month high and came within about $5,000 of setting an all-time record.

This month, home prices dialed back a bit. Our median price last month was $434,950, which is 2.3% lower than in April. Compared to a year ago, though, prices are up 1.2%.

It might look bad to see Richland prices fall more than $61,000 last month, but the current median price there is actually about $5,000 higher than it was three months. Prices in all the cities we track are prone to occasionally big gains and/or drops.

To sum up: We saw a big jump in the number of homes for sale this month, and if history holds, inventory should continue to rise for several more months. But we also saw a big jump in homes sold last month, and the summer months are historically the time of year when we see the most home sales. We currently have 3.14 months of inventory, which is actually lower than last month (3.42) and right in line with our balance of inventory vs. sales for the past 3-4 months. Meanwhile, home prices remain flat/steady overall. Our area’s median sales price has hovered between $400K and $450K since January 2022.

As always, please get in touch if you have questions about what’s happening around town or in your specific neighborhood. Use the TEXT US tool below to send a text, call us at (509) 392-4705, or contact us via email — whatever’s best for you!

(*Remember that days on market can sometimes be skewed by how new construction homes are processed in the MLS.)