Tri-Cities Real Estate Market Update: July 2019

We’re halfway through the year and the Tri-Cities real estate market continues to favor sellers. The July market update is above. Here are some key points from this month’s market snapshot:

• Our median sales price continues to rise, and is now up to $310,000 across the six cities we track. That’s an all-time high.
• Combine that with a median of only 7 days on market* and we continue to have a strong seller’s market. If you’re curious, just four months ago the median DOM was 28 days!
• Inventory continues to rise, albeit slowly. The 563 active homes in this month’s snapshot is the highest since back in February, when we saw 604 homes on the market.
• Last month’s 447 homes sold is the highest that number has been since 468 homes were sold last October.
• While activity has picked up in Kennewick, Pasco has been fairly stagnant in terms of active listings and homes sold. The number of active listings in Pasco over the past four months has stayed between 119 and 124 homes, while the number of homes sold has stayed between 91 and 104.
• Check this out: In Richland, the number of active listings has gained by 1 each of the past two months. But in that same time frame, the number of sold listings has almost doubled (from 70 two months ago to 137 this month).

As always, give us a call, text or email if you ever have questions about the housing stats here in the Tri-Cities, or in your specific neighborhood.

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