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%.
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.
- Richland: 43% (89 of 207 homes for sale had a price reduction)
- Kennewick: 42% (75 of 179)
- West Richland: 32% (17 of 53)
- Pasco: 29% (40 of 138)
- Benton City: 27% (9 of 33)
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.