Tri-Cities homes buyers have finally been able to take a breath. As you saw last week in our latest housing market update, inventory — the number of available homes for sale — has gone up for three straight months. That hasn’t happened since August-October of 2019.
When we did our inventory snapshot on August 5, there were 270 active listings across the six cities we watch: Kennewick, Pasco, Richland, West Richland, Benton City, and Burbank. That put us on a similar level to what we saw back in March of this year. It’s good news for buyers, but we still have a way to go to get to “normal.” Those 270 available homes are a 49% drop from one year ago.
In fact, these three straight months of rising inventory follow seven straight months of declines. Take a look:
Since we hit 483 active listings last October, our inventory dropped every month until we bottomed out with 163 homes for sale in May. (Let’s hope that’s a bottom!)
I like that visual because it shows both how low we got in May, how much inventory has gone up in just three months … but also how far it still has to go up to get where we were even just a year ago.
As always, if you ever have questions about what’s happening in the Tri-Cities real estate scene, or questions about buying/selling or navigating this market, we’re here to help, available whenever you need us.