It’s time to look at the latest monthly market snapshot, and we’ve added a fourth row to our graphic above — median days on market. Now you can see how quickly homes are selling across the area, and on a city-by-city basis! (Note: Days on Market data can be skewed higher by when builders enter their new construction homes into the MLS. Days on Market for existing homes is probably lower than what you see above.)
Here are some key points from this month’s market snapshot:
- The median sales price of homes in the six cities we track surpassed $300K for the first time last month — $302,950 to be precise.
- Median days on market across the area is down for the third straight month to just 10 days in May.
- After three straight months of declining inventory, we’ve now had two consecutive months with a slight rise — just four percent this month, same as last month’s gain. Not much, but that’s better than seeing inventory continue to fall!
- The number of homes sold across the area has now risen for four straight months. Last month’s total of 374 homes sold is the highest since November 2018 (468 sold that month).
- The market is getting tighter every month in Pasco. Active listings there have dropped for five straight months, while homes sold have increased each of the last three months.
- May was a busy month in Richland, with 107 homes sold — a 53% jump over the 70 homes that closed back in April.
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.