For the first time, the median price of a Tri-Cities home has risen above $300,000.
Here’s a chart that we recently shared in our June newsletter showing how median prices have changed over the past six months. It almost happened back in January, then prices dropped a bit for three months and we finally hit the $300K mark in May.
This chart represents data that we collect from the Tri-City Association of REALTORS® and PACMLS. The data you see above cover six cities: Kennewick, Pasco, Richland, West Richland, Benton City and Burbank.
TCAOR tracks its own data, too, but covers a wider area: Basin City, Benton City, Burbank, Connell, Eltopia, Finley, Kahlotus, Kennewick, Kiona, Mesa, Pasco, Paterson, Plymouth, Richland, Wallula, West Richland.
Despite the difference in areas that we track, TCAOR also reports that the median home sales price went above $300K for the first time in May; in their tracking, the exact figure is $302,900. For the sake of comparison, let’s look a few years back to see how home prices have skyrocketed in the Tri-Cities:
- May 2015: $198,500
- May 2016: $225,700
- May 2017: $245,000
- May 2018: $279,800
- May 2019: $302,900
All of those are TCAOR numbers covering the wide area listed above. The median home price has gone up 52.6% in just five years.
Remarkable, isn’t it?
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