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Tri-Cities Real Estate Market Update: April 2020

By in Tri-Cities Housing Market with 0 Comments

If you clicked through expecting to see a bunch of red numbers because you were sure that the coronavirus pandemic was wreaking havoc on the Tri-Cities housing market … that’s not the case. At least not yet.

Despite the state going into “stay home” mode for the final 1/3rd of March, our local housing market still had a very strong month. Active listings, sold homes, and median sales prices were up almost across the board. And the amount of time homes spent on market was generally down.

I think we’ll all be shocked if next month’s numbers don’t take a turn for the worse, but as I’ve said before, homes are still being bought and sold every day in the Tri-Cities. We’re working with buyers and sellers — albeit in very different ways than normal, following the state and CDC safety protocols for real estate. But everyone needs a place to call home, and while some buyers and sellers are stepping away from the market until life returns to normal, others have no choice but to buy or sell now. Fortunately, almost all of a real estate transaction can be conducted remotely these days, and that’s what many local agents and their clients are doing.

Here’s what you need to know about this month’s market stats:

  • After five straight months of falling inventory, the entire area rebounded with a 5% gain in active listings. The 539 actives are also about 8% higher than what we had in April 2019.
  • The number of homes sold rose for the second straight month, and that 376 total is about 33% more than the number of homes sold a year ago.
  • The Tri-Cities also set a new high for median sales price at $317,548.
  • Sales activity was strong especially in Kennewick and Pasco. Each city had its highest number of homes sold since November.
  • Kennewick, Pasco, and Richland all saw their highest median sales prices ever.

Get in touch if you ever have questions about the housing market here in the Tri-Cities, or even in your specific neighborhood. We’ll be keeping a close eye on the market to help our clients make the best decisions for their buying or selling situations!

(*Remember that days on market can sometimes be skewed by how new construction homes are processed in the MLS.)

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About The Author
Cari McGee

My husband and I came to the Tri-Cities in 1994, and we thought it would be a temporary stop on our way to larger cities. He was a television sports anchor at the time, and we planned to go wherever the "next step up" took us. Twenty-plus years later, we're still here and we've loved every minute of it! We have two children now, and we've found the Tri-Cities area is a wonderful place to raise a family. It's a great place to do outdoorsy things -- I like to hike Badger Mountain or run along the river path. I also love reading ... by a cozy fire in the winter or a beautiful picture window in the summer (with the A/C on!). I've been a licensed Realtor since 2004. I earned my managing broker's license in 2016, which means I can run my own brokerage, or create a team of real estate agents and supervise them, which is exactly what I did when I formed the Cari McGee Real Estate Team in 2018! We have administrative and marketing personnel, as well as additional agents to serve you. I became a director of the Tri-Cities Association of Realtors Board of Directors in 2016, became Secretary/Treasurer of the organization, and was elected to Vice President in 2019. Want to talk about real estate? Click here to schedule a meeting with me!

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