Tri-Cities Real Estate Market Update: October 2020

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.)