November ’23 Housing Market Update: Inventory Reaches 5-Year+ High

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November 2023 Tri-Cities real estate market statistics

We don’t have a whole lot of surprises to share in this month’s Tri-Cities real estate update. We have more homes for sale than we’ve had in at least five years, but it’s not unusual for inventory to go up in November. What is unusual is that our sales activity last month was up 5%; we normally see the number of sales declining as we approach Thanksgiving.

Let’s dive in to the numbers!

Tri-Cities’ Inventory of Homes for Sale

When we did our snapshot last week, there were 855 homes for sale across the Tri-Cities. That’s the highest inventory we’ve had in at least five years! It’s not unusual for inventory to rise in November. Last year’s inventory hit its peak in November 2022. And that’s the case again this year.

As you can see, inventory is up this month everywhere except Richland. Pasco had the biggest increase, going from 180 homes for sale last month to 210 this month.

The increase in inventory is happening in the upper half of the market. Above $400,000, there are 8% more homes available than a month ago. Below $400,000, inventory is down 7% this month.

Home Sales Activity

This is a bit unusual. As we get into holiday season, it’s normal for sales activity to slow down. We saw that in October’s market update. But as you can see above, sales were up 5% last month compared to the month before. Most of that is due to Richland seeing a double-digit rise in sales last month.

And I have to say that any rise in sales activity is pretty remarkable considering that mortgage rates were rising through most of last month!

Homes continue to take longer to sell, with last month’s sales taking a median of 16 days on market. If you prefer the average days on market instead of median, that was 37 days last month.

Tri-Cities Home Prices

Our median home price last month was $415,000, down just $5,000 from September. This is the first time in a year that prices have dropped in two consecutive months.

But price consistency is still the name of the game. We’re now at 10 months in a row where median prices have stayed in between $415K and $435K.

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.)

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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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