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Tri-Cities Real Estate Market Update: December 2020

By in Tri-Cities Housing Market with 0 Comments

I know this is starting to sound like a broken record, but here we go again: For the third time in the past four months, we’re seeing record low home inventory across the six cities we watch each month.

This month’s snapshot found only 386 homes for sale in the Tri-Cities! The previous low was a month ago when inventory was at 450 homes. So that’s a 14% drop in just one month. And get this: It’s 44% lower than the 680 homes available one year ago.

Inventory dropped most in Kennewick and Richland, which are 18% and 24% lower than a month ago, respectively. In both cities, the number of available homes is the lowest since we started tracking 2+ years ago. It’s pretty typical for inventory to be low at this time of year. The problem is that we were already at record lows over the past few months, so this holiday decline is only making a difficult situation worse.

If there’s a silver lining for buyers, it’s this: Our low inventory isn’t forcing home prices higher. The area median that you see above, $335,000, is essentially unchanged from the median price back in August ($334,950).

Please drop us a note if you ever have questions about the housing market here in the Tri-Cities, or even in your specific neighborhood/town/city.

(*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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