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June ’21 Housing Market Update: Inventory Up Slightly as Prices Hit All-Time High

By in Tri-Cities Housing Market with 0 Comments

It’s nice to see so much green on our monthly Tri-Cities housing market graphic, isn’t it? But this month’s update is actually a mixed bag of good and bad depending on whether you’re a buyer or seller. Let’s dive in!

Tri-Cities Housing Inventory

Here’s some good news to begin with: After seven straight months of declines, inventory was up when we did our snapshot this month! Granted, the 176 homes available is only an 8% rise and we need a TON more homes to come on the market to satisfy demand … but at this point, we have to be glad to see any increase in homes on the market. The last time inventory went up was between last Sept./Oct., when we went from 473 to 483 homes available.

What’s also good is that every city but Richland saw a small rise in inventory, which means it wasn’t just one big new development in one of the cities that caused the overall increase. Let’s hope we keep seeing inventory go up, and hopefully by more than 8% each month.

Tri-Cities Home Prices

Home prices across the area hit an all-time high at $389,900 last month — a spike of almost $32,000 compared to April. Kennewick, Pasco, and Richland all set new median home price records. West Richland almost beat its previous record of $430,000, but came a couple thousand dollars short. The median price in Richland surpassed $400,000 for the first time.

This is good news if you’re a homeowner, but not good news if you’re a buyer. At least buyers can console themselves with the fact that mortgage rates are dropping again; the 30-year rate went back down below 3% last week.

Quick reminder: We only track the cities you see listed above; when you see local media reporting data from the Tri-Cities Association of Realtors, that includes these cities: Basin City, Benton City, Burbank, Connell, Eltopia, Finley, Kahlotus, Kennewick, Kiona, Mesa, Pasco, Paterson, Plymouth, Richland, Wallula, and West Richland.

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.)

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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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