Sept. ’23 Housing Market Update: Good News for Buyers AND Sellers!

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Tri-Cities housing market stats for September 2023

Look at all the green in this month’s market update graphic! It’s not usual for one color to dominate like that. It means there’s something for everyone to smile about this month. Let’s dive in to the numbers.

Homes for Sale in the Tri-Cities (aka Inventory)

I was thinking we were gonna hit 800 active homes for sale, but we were ONE HOME SHORT when we took our snapshot on Tuesday afternoon. It’s possible we hit the 800 mark earlier in the day or even later in the day. But it was 799 active listings when we checked.

That’s the most homes available since we started tracking almost five years ago.

Buyers, you have more homes to choose from than you’ve had in quite a while. And that’s true no matter where in the area you want to buy. Inventory is up in all six cities/towns that we watch. Consider this:

  • Kennewick has its most active listings since November 2019
  • Pasco has its most active listings since we started tracking in November 2018
  • Richland has its most active listings since November 2022

Even Burbank, which doesn’t see much activity month-to-month, has its highest inventory since June 2019.

Tri-Cities Homes Sold

Activity is also up across the Tri-Cities! Our 334 homes sold last month is the most we’ve had in one month since last October. Pasco had 80 closings last month, its most in exactly a year. Richland had its highest number of closings since last October. This is good news for sellers — it means we have active buyers who are in the market despite mortgage rates hovering in the 7% range.

Last month’s closings sold in a median of 14 days on market — unchanged from the month before.

Tri-Cities Home Prices

For the entire area, we saw a $5,000 rise in median home prices last month — powered almost entirely by higher prices in Kennewick. You can see on the graphic above that prices dropped in Pasco, Richland, and West Richland…but Kennewick’s $32K jump was enough to pull the whole area to a modest rise.

Still, home prices remain steady overall. We’re in a stretch of eight straight months with median prices sitting between $415K and $435K. And going back further, our median prices have stayed in the $400K to $450K window since January 2022.

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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