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When we ran the numbers for our September housing market update earlier this month*, it was pretty surprising to see how many current listings had their price lowered: 233 of the 615 available homes had seen a price reduction, which is about 38%.

price drops 0922

I don’t know for sure what “normal” is for the Tri-Cities, but 38% feels high to me. It’s definitely much higher than what we’ve seen in the past two years — very few homes needed a price reduction during the pandemic. Back before the pandemic, I doubt 38% was normal.

Price reductions were most common in Richland and Kennewick, and least common in Pasco and Benton City.

Hopefully, homeowners will soon realize (and their agents will do a better job explaining) how much our housing market has changed just in the past few months.

If you’re selling your home soon, you really have to work with your Realtor® to understand where home prices in your neighborhood are, and where they’re going. If you’re working with me, I promise to give you all the information I can to help you understand and decide the right list price!

*We did our market snapshot on September 5.

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Cari McGee

Hi, I'm Cari McGee. 👋 I've lived in the Tri-Cities since 1994 and I've been a licensed Realtor® since 2004. That's a lot of local knowledge and real estate experience that I put into every article you read on my website! We've helped more than 560 families buy or sell property in the Tri-Cities. In 2023, our community voted us the bronze winner for Best Real Estate Team in the Tri-Cities Best voting. Learn more about me by clicking the link right above. And if you have any questions, get in touch anytime!

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