Sept. ’21 Housing Market Update: Tri-Cities Home Prices Hit $400,000 Median

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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.)

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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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