Tri-Cities Real Estate Market Update: October 2020

By in Tri-Cities Housing Market with 0 Comments

There’s a lot of green on the graphic above, but the green that matters most is in the third section down: Median Sales Price.

We reached a new record last month with a $340,000 median sales price across the Tri-Cities area. The previous high came two months ago when we had a median price of $334,950. The jump in home prices was especially noticeable in Kennewick and West Richland. Home prices gained more than 10% in one month in Kennewick, and the $349,900 median is an all-time high there. Out in West Richland, median prices jumped almost 10% month-over-month to $416,906. That’s both a record for West Richland and a record for the Tri-Cities area overall. It’s the first time any single town/city has had a median home price of above $400K.

Meanwhile, most of the other numbers saw little movement for the month. Overall inventory is still super low after this month’s 2% increase. Home sales were up, but only by 8%. Median days on market are still below 10 in the biggest cities we watch. Aside from home prices, there’s not a lot of change to talk about this month.

Inventory is still very tight. Our current count of 483 available homes is 35% lower than a year ago, when we had 743 homes on the market. With 135 homes available, Richland’s inventory is the lowest it’s been since April 2019.

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.)

Get in touch with Cari's team!

Have a question about the Tri-Cities? About the process of buying or selling a house? Get in touch with us below -- name and email are required so we can respond. Please provide your phone number if you'd prefer a call or text message in return.
  • We share Tri-Cities news, real estate tips and local market stats and much more. It's free and you can easily unsubscribe at any time.
  • You'll get new listings sent to your inbox up to a day before the general public sees them. It's free and there's no obligation.

Share This
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!

Leave a Reply

Your email address will not be published.