Tri-Cities homes sold at median of $400,000 in August 2021

KENNEWICK, Wash. — The number of active residential listings across the Tri-Cities region is rising, but has not come close to the number from years past. Concurrently, the median price of homes in the area is up more than $80,000 from this time last year.

According to August metrics from the TriCity Association of Realtors, the median sold price of local homes was $400,000 in August. That’s an increase of roughly $6,000 from July 2022 and a whopping $80,400 more than the median sold price in August 2020.

The average sold price is up across the board as well with Tri-Cities homes selling for an average of $1,100 more in August than in July.

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Furthermore, the average sold price is $81,200 more in August 2021 than in August 2020—which was higher than in each of the previous two years.

Despite an upward trend in the price of homes sold, the number of homes sold in August was actually lower than in years past. The 444 homes sold in August 2021 were five fewer than this time last year and 19 fewer than the total sum of Tri-Cities homes sold last month.

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While it’s clearly a seller’s market and has been for several months, the number of active residential listings has risen dramatically in the third quarter of 2022. Still, homes are staying on the market for an average of 14 days in both July and August 2021, which is a whole 10 days fewer than the average in August 2020.

The Tri-Cities are developing and quickly with new job opportunities and plans for upcoming attractions accelerating the trend for the years to come. As a result, real estate is getting pricy across the area with buyers willing to pay a lot more than they would’ve even a year ago.

For more information from the TriCity Association of Realtors, click here to visit their website.

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