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

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.)