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Tri-Cities Real Estate Market Update: November 2020

By in Tri-Cities Housing Market with 0 Comments

Since we’re in the time of year when real estate activity usually slows down, and since we already had serious inventory challenges, this shouldn’t come as a surprise:

Current Tri-Cities housing inventory is lower than it’s been in the two years we’ve been tracking it. (Note: The Tri-Cities Assn. of Realtors measures housing activity beyond just the six cities you see on our report above.) When we took our snapshot last week, there were only 450 homes on the market. The previous low happened two months ago when inventory was at 473 homes. For comparison, our November 2019 snapshot showed 729 homes on the market. So right now, we have 38% fewer homes available than we did a year ago.

At the same time, home sales are higher than normal. Last month, we had 500 homes close in the Tri-Cities. That’s the second-highest number we’ve ever had, and only the second time we’ve had 500 transactions in a single month. (Back in August, we reported 520 homes sold the previous month.) If you want a year-over-year comparison, last November we reported 432 homes sold. So this year’s total is 16% higher.

All of this creates real challenges for anyone wanting to buy a home right now. We’re working with lots of buyers at the moment — we get it.

Here’s what else stands out from this month’s housing market numbers:

  • The area’s median price of $338,900 is the second-highest ever, behind $340K last month.
  • In both Kennewick and Richland, the active inventory above is the lowest it’s been in the two years we’ve been doing these reports. And since those two cities typically have the most homes for sale in the area, their declines are driving the whole area’s inventory decline.
  • Richland’s 146 homes sold last month is a record there.
  • Both Richland and Pasco set new median sales price records at $374,347 and $320,000, respectively.

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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