June ’23 Housing Marketing Update: Inventory & Sold Activity at Yearly High

By in Tri-Cities Housing Market with 0 Comments

June 2023 Tri-Cities housing market statistics

The increase in activity that we usually see in March/April may have finally begun in May. And even with mortgage rates still hovering around 7%, there are some good signs for buyers in the current Tri-Cities housing market. Consider:

  • There are more homes for sale today than any time so far in 2023.
  • There are more existing single-family homes on the market than at any other time in 2023. These are homes that can be bought and moved into right away.
  • Home prices are essentially unchanged since January.

Last month also saw our highest number of homes sold so far in 2023. Let’s take a deeper dive in to all those numbers and more.

Inventory of Homes for Sale in Tri-Cities, WA

Our June 6th snapshot found 656 homes for sale across the Tri-Cities, which is the highest our inventory has been so far this year. Inventory has risen for two straight months after a string of five months with fewer homes for sale. We currently have 76% more homes on the market than we did one year ago.

New construction is holding steady and represents about 44% of all available homes this month. Also, the number of new homes being built under $400K and under $500K are the highest they’ve been since we began tracking a year ago.

Existing homes represent the other 56% of this month’s inventory. There are more homes available under $400K than we’ve seen since March, and more available under $500K since we’ve seen since January.

Inventory is the highest it’s been in months in each of the formal “Tri-Cities.” Take a look:

All of this points to more options for buyers, and that’s definitely good news.

Tri-Cities WA Home Prices and Homes Sold

Meanwhile, sales activity was also up last month. The 275 homes sold in May is the highest we’ve seen since last November. And homes are also selling faster. We had a median of just 11 days on market (DOM) last month — the fourth straight month that the median DOM has gone down.

Interestingly, even though activity was up and homes sold faster last month, prices didn’t rise. Quite the contrary, in fact. Month-over-month, home prices were down $17,500 to a median of $415,000 — exactly where prices were two months ago. Prices across the area are down 5.7% from one year ago. But we’re still in that same $400K to $450K window that we’ve been in since January 2022.

Kennewick was the only city we track to see prices go up last month.

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.)

Get in touch with Cari's team!

Have a question about the Tri-Cities? About the process of buying or selling a house? Get in touch with us below -- name and email are required so we can respond. Please provide your phone number if you'd prefer a call or text message in return.

  • We share Tri-Cities news, real estate tips and local market stats and much more. It's free and you can easily unsubscribe at any time.
  • You'll get new listings sent to your inbox up to a day before the general public sees them. It's free and there's no obligation.

Share This
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!

Leave a Reply

Your email address will not be published. Required fields are marked *