Sept. ’22 Housing Market Update: $30,000 Drop in Median Sales Price

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One month after setting a new record, Tri-Cities home prices took a step back last month. Meanwhile, the inventory of homes for sale dropped by just a bit, but we continue to have more than double the available homes now than we had a year ago.

Let’s take a closer look at this month’s housing market.

Tri-Cities Home Prices

The median price of the 363 homes that sold last month across the Tri-Cities was $420,000. That’s down more than $30,000 (a 7% decline) from the previous month, when we set a record at $450,490. It matches the median price we had back in January.

Home prices dropped in five of the six cities we track, with Benton City being the exception (on only 10 homes sold last month). And they weren’t small price declines, either. Pasco’s prices were down about $25,000, and that’s the smallest drop across the area. Prices were down more than $75,000 in Richland. What we’re seeing right now are the lowest home prices in many months. Take a look at this:

  • Kennewick ($406,000): lowest since December 2021
  • Pasco ($395,000): lowest since January 2022
  • Richland ($445,450): lowest since November 2021
  • West Richland: ($457,500): lowest since May 2021

That said…this is only a one-month decline, and one month does not make a trend. It’s quite possible prices will begin to rise this month, especially if buyer activity picks up again with summer vacations over and school back in session.

Tri-Cities Inventory of Available Homes

After six straight months of rising inventory, the number of homes for sale took a small step back this month — just a 3% decline, though. Most of that drop happened in Kennewick, where the 11% loss more than offset a 5% rise in homes for sale in Pasco.

We’re still above 600 available homes this month, which is good news for buyers. That means more to choose from. A year ago at this time, there were only 293 homes for sale!

I should also mention this, since it’s related to overall inventory: Homes are selling more slowly. In the lower left of the graphic above, you can see that we had a median of 10 days on market for the homes that sold last month. It’s been more than two years since homes have sold at that pace! In May 2020, our median was 13 days on market.

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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