November 2024 Housing Market Update: The Less Things Change…

Every so often, we’ll have a month where the Tri-Cities housing market looks almost exactly like it did the previous month. That’s the case with our November 2024 update! As you can see above in the yellow column, this month brings very little change in active listings, sold homes, and even our median sales price. But there are a few interesting things when you go a little deeper, so let’s get into this month’s numbers!

Active Inventory of Homes for Sale

When we did our snapshot on November 5, there were 936 homes for sale across the Tri-Cities — almost unchanged from a month ago when we had 942 homes for sale.

But here’s what’s interesting: This is the first year since 2021 that inventory dropped in between October and November. Inventory rose 6% in between Oct.-Nov. 2023, and was up 14% in that same timeframe in 2022. Active listings usually start to drop in December, but it looks like we’re getting a little bit of a head start on it this year.

One reason overall listings are down? New listings last month dropped below 400 for the first time since March.

Homes Sold Last Month

Sales activity last month was also hardly changed from the previous month. We had 309 closings in October, up from 304 in September. Activity in Richland, West Richland, and even Benton City helped offset lower activity in Kennewick and Pasco.

Those homes sold slightly faster — our median days on market (DOM) last month was 24, compared to 29 the previous month. A year ago at this time, homes were selling in a median of just 16 days, so the market is definitely slower than what we’ve seen before at this time of year.

Tri-Cities Home Prices

Just like listings and homes sold, prices are also virtually the same this month. Our median sales price rose just $2,500 and now stands at $430,000. That’s exactly what our median price was in May and August of this year.

One year ago at this time, our median price was $415K, so prices are up 3.6% year over year. But overall, our home prices remain in that same $400K to $440K range that we’ve been in since 2022.

To sum up: A pretty uneventful monthly update this time. Across the Tri-Cities, the number of homes for sale dropped less than one percent from October. The number of homes sold was up just 2% — five homes, to be exact. And home prices remain steady, too.

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.)