Supply and demand isn’t the only reason that Tri-Cities home prices — and home prices all across the country — are on the rise.
The cost of lumber is a huge factor, too. The National Association of Homebuilders recently reported that lumber prices have tripled in the past year, and now account for an extra $36,000 on the price tag of an average single-famly home.
That may be hard to visualize for those of us who don’t work in the construction industry. So have a look at this photo from David Belman, a home builder in Milwaukee; it shows what $1,000 could buy you last fall compared to what it gets you today.
$1000 worth of #lumber now vs last fall!
— David Belman (@davidbelman2) May 24, 2021
That really puts it in perspective, doesn’t it?