March ’21 Housing Market Update: Tri-Cities Inventory Down 48% Year-Over-Year

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The number of homes for sale in the Tri-Cities is reaching historic lows. When we did our market snapshot on Friday, there were only 269 active listings. That’s the lowest in the three years we’ve been tracking. And if you look at the Tri-Cities Assn. of Realtors’ website, even back in the early 1990s we had a minimum of 300-400 homes available in any month.

That total of 269 homes for sale is a whopping 48% less than March 2020, when we had 515 available homes for sale. Kennewick, Pasco, and Richland all have fewer homes available right now than they’ve had since we started tracking monthly market data.

Here’s a closer look at the homes on the market right now:

  • 137 of those available homes are new construction, leaving only 132 homes that are move-in ready right now.
  • The 269 available homes have a median of 32 days on market and an average of 73 DOM*.
  • The median sales price of all homes currently available is $447,925.

Despite the inventory crunch, home prices overall are fairly steady. Last month’s median of $339,000 is comparable to the $340,000 median price that we had five months ago. So that’s kinda good news.

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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