The dust has settled on 2024 and we’re finally able to look back at what happened in the local real estate market.
There are a couple different ways you can look at annual home prices and compare them to past year. I think the best way is to look at all the homes sold in a given year and compare the numbers to all the homes sold in past years. Here’s what that looks like:
On the far right, you can see that we finished the year with an average sales price of $462,372. That’s the average price of all 3,476 homes that closed in the Tri-Cities in 2024.
That’s up 2% from 2023, when the average sales price was $453,366.
It’s been a decade since we’ve seen appreciation of just 2% — you can see it on the far left of the chart. From 2013 to 2014, prices rose 2.1%.
(By the way, now is a good time to mention that we track only home sales in the immediate Tri-Cities area: Kennewick, Pasco, Richland, West Richland, Benton City, and Burbank. Our local Realtors’ Assn. tracks sales in those cities, along with outlying towns like Basin City, Connell, Paterson, and others. That’s why our numbers are different from what you might see others sharing.)
The story is similar if we look at median sales prices. We finished 2024 with a median home price of $425,000. Again, that covers all 3,476 homes that sold in the Tri-Cities last year.
That’s up 1.1% from 2023, when the median sales price was $420,000.
So whether you’re looking at average or median home prices, our full year of sales in 2024 was up 1-2% over 2023. It’s similar to the appreciation we saw about 10 years ago.
As always, if you want more information about local home prices, sales activity, available inventory of homes for sale, and much more — don’t miss my monthly Tri-Cities housing market updates, which I usually publish the second week of each month.
If you have any questions about our local market, drop me a note anytime!
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