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After setting a record two years ago, the number of million-dollar home sales in the Tri-Cities dropped slightly in 2023.

There were 50 sales last year with a price tag of $1,000,000 or more, a 15% drop from the 59 such sales that we had in 2022.

That drop shouldn’t come as a surprise. The number of home sales overall dropped 19% across the Tri-Cities from 2022 to 2023.

But look how things have changed — it was as recently as 2018 when we had fewer than a handful of million-dollar sales in the Tri-Cities! Here’s a look at the number of luxury home sales across the Tri-Cities going back to 2012:

2023 luxury real estate tricities 1

You might be wondering why we’ve grown from 3-4 million-dollar sales per year ten years ago to 13, then 35, and now two years with 50+ such sales. I think there are three primary reasons, and they’re all related.

  • Tri-Cities home prices went up substantially during the pandemic.
  • “Influx” might be too strong of a word, but in the past few years we’ve seen a rise in relocations from more expensive areas — Seattle, Portland, all of California, etc. Those folks are often looking for homes on the higher end of our price range.
  • During the same time, the cost of building materials has gone way up. Builders are spending a lot more on labor, lumber, and other materials required to build a new home. When it costs more to build a home, it also costs more to buy a new home.

By the way, this data reflects sales in Kennewick, Pasco, Richland, West Richland, Benton City, and Burbank.

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Cari McGee

Hi, I'm Cari McGee. 👋 I've lived in the Tri-Cities since 1994 and I've been a licensed Realtor® since 2004. That's a lot of local knowledge and real estate experience that I put into every article you read on my website! We've helped more than 560 families buy or sell property in the Tri-Cities. In 2023, our community voted us the bronze winner for Best Real Estate Team in the Tri-Cities Best voting. Learn more about me by clicking the link right above. And if you have any questions, get in touch anytime!

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