Inventory continues to rise, but the real story this month is home prices…they hit a new high last month. Let’s dive in!
Record home prices across the area
Another month, another record! Tri-Cities home prices reached a median of $400,000 in August. It’s the third time in the past four months that our local home prices have reached an all-time high. It was a little more than two years ago (April 2019) when we reported that median prices reached $300K for the first time.
The median price in all four major cities hit a record high in August:
- Kennewick: $390,725 (previous record was $389,900)
- Pasco: $379,212 (previous: $367,074)
- Richland: $460,000 (previous: $451,000)
- West Richland: $495,000 (previous: $471,200)
Don’t be surprised if we hit another record this month. The median price of all available homes across the Tri-Cities was $510,850 last week when we did our market snapshot. More on that below.
Inventory is still rising
The good news for homebuyers is that inventory has now gone up for four straight months. The 293 homes on the market last week are the most we’ve had since February. It’s also almost double the 163 homes available back in May.
Those 293 homes had a median price of $510,850 and a median of 23 days on market*. Of those 293, 125 are new construction; the other 168 are existing homes that can be bought and moved into right away.
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.)