May ’22 Housing Market Update: Inventory Rises for 3rd Straight Month

By in Tri-Cities Housing Market with 0 Comments

It’s good to see this month’s market data reflecting what I’m seeing out on the streets. I was telling a buyer recently that multiple offer situations are still very common, but we’re starting to see fewer offers.

Why is that happening? For a couple reasons, probably:

  • Rising interest rates are likely keeping some buyers on the sidelines. Fewer buyers = fewer offers.
  • Inventory is rising slowly across the Tri-Cities. More available homes = fewer offers.

Let’s talk about point #2.

Inventory Up 3 Consecutive Months

Inventory isn’t rising quickly, but it is rising. With 335 homes available when we did our market snapshot last week, inventory has now gone up for three straight months. And get this: Inventory is more than double what it was one year ago. May 2021 was our low watermark, with only 163 homes available.

Another good sign: The inventory mix is almost 50/50 between new construction and existing homes. Of the 335 available homes, 170 are new construction and the other 165 are existing homes. In recent months, it’s been closer to two-thirds new and one-third existing.

Kennewick, Pasco, and West Richland all have more homes available this month than they’ve had since December/January. There’s an interesting thing happening in Kennewick this month: Inventory is looking pretty good (relatively speaking) in the lower price ranges. Of those 99 homes for sale last week, 31 were below $400K and 8 were below $300K. Both of those numbers are more than the rest of the Tri-Cities combined!

Speaking of home prices…

Home Prices Holding Steady

Overall, our median home price went up by about $3,600 last month. We’re about $10K below the record set two months ago. Year over year, our median is up 23%.

Median prices in Kennewick and Pasco have dropped for two straight months. Pasco’s median price was $490K just two months ago, and is down to about $412K now. Meanwhile, prices are going up in both Richland and West Richland. Richland prices have risen two straight months, and West Richland has gone up three months in a row. The median price in West Richland ($576,925) is the highest any individual city has ever seen, and that’s happened now two months in a row.

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.)

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.