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TRI-CITIES INSIDER
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The Guide To Our Local
Estate
Market
May 2024
Real
Navigating the Tri-Cities Real Estate Landscape
Main Takeaways from This Report:
Stability, Sustainability, and Growth Ahead: While the rapid growth of previous years has moderated, the market remains stable and poised for continued growth This suggests a healthy real estate environment in our local market.
Diverse Market Dynamics: The answer to “how’s the market” truly depends on what part of the market you are looking at. The following report shows how diverse our market is depending on which city, price range, or even home type (resale vs new construction) you’re looking at
Opportunities for Buyers and Sellers: Depending on the city and property type, there are opportunities for both buyers and sellers Sellers may find advantages in certain areas with low inventory, while buyers may benefit from negotiating power in others with higher inventory levels.
Importance of Data-Driven Decisions: At Windermere, we believe knowledge is power, and in understanding the complexities of our local market, we can better help you navigate it to a more optimized outcome
Insider Highlights
AVERAGE SALE PRICES
RESALE VS NEW CONSTRUCTION
MONTHS OF INVENTORY STEADY GROWTH AND STABILIZATION
MARKET SNAPSHOT
Questions You May Want to Dive Deeper Into with Your Windermere Realtor:
How do current market conditions align with my goals? What are the best strategies for navigating the current market as a buyer or seller in light of recent trends and forecasts? What are the long-term implications of these market trends and how should I position myself for future opportunities?
Annual Home Appreciation in Tri-Cities, WA:
A Shift Towards Stability
Let's dive into the numbers: In 2023, our homes appreciated by a steady 1 6% While this may seem like a departure from the rapid growth of recent years, it's actually a positive indicator of the stability and resilience of our market.
Putting things into perspective: Since 2003, our home prices have appreciated by an impressive 184.4%, with an average annual growth rate of 4.5%. This steady, consistent growth speaks volumes about the appeal and strength of our local market.
Average
Sale Prices Year to Date: A Look Back at Tri-Cities' Real Estate Trends
Trends and Insights:
Steady Growth in 2024: While the average sale price in 2024 has dipped slightly compared to the previous year, it remains relatively high, suggesting continued demand and stability in our market.
Moderation in 2023: The slight decrease in average sale price from 2022 to 2023 indicates a potential moderation or adjustment in pricing following the rapid growth observed in previous years. This trend aligns with efforts to achieve a more sustainable and balanced market environment.
Strong Appreciation in 2022: The significant increase in average sale price from 2021 to 2022 underscores the robust appreciation and heightened demand experienced in the market during that period.
2021 Surge: The substantial jump in average sale price from 2020 to 2021 reflects a surge in demand and appreciation, likely influenced by various factors such as low inventory levels, low mortgage rates, and shifting buyer preferences.
As we move forward in 2024, these insights into historical trends can inform our understanding of current market conditions and guide our expectations for the months ahead. By staying informed and adaptable, we can navigate the ups and downs of the real estate landscape with confidence and clarity.
2021
2023 2024 $377,556 $467,657 $447,502 $457,806
2022
New Construction vs. Resale Homes
Year Total Sold Resale
Trends and Insights:
Stable Demand for Resale Homes: Over the past few years, resale homes have consistently dominated the market in terms of sheer volume. This indicates stable demand for existing homes, which may offer a variety of amenities, established neighborhoods, and potentially lower price points compared to new construction.
Strong Appeal of New Construction: While resale homes remain popular, new construction properties have also maintained a significant presence in the market. The steady proportion of new construction sales suggests ongoing demand for modern amenities, customizable features, and the allure of owning a brand-new home
Balanced Market Dynamics: The Tri-Cities real estate market appears to strike a balance between new construction and resale properties, catering to a diverse range of homebuyers' preferences and needs. This balance contributes to a vibrant and dynamic housing market that offers something for everyone.
In summary, whether you're drawn to the charm of a resale home or the allure of brand-new construction, the Tri-Cities area offers a wealth of options to suit every lifestyle and budget. As we continue to navigate the ever-evolving real estate landscape, one thing remains certain: Our community's housing market is as diverse and resilient as ever.
2023 3,206 2,549 657 20% 2022 3,943 3,161 782 24% 2021 4,943 3,767 1,176 26% 2020 4,981 3,687 1,294 26%
New Cons. % New Cons.
Months of Inventory - February 2024
Months of inventory (MOI) provide valuable insights into the balance between supply and demand in our market. Across our cities, we see a mix of seller's advantages, balanced markets, and buyer's advantages.
As we transition into summer, our market is poised for continued activity and opportunity. Sellers can take advantage of favorable conditions in certain areas, while buyers may find ample choices and negotiable prices in others By staying informed and adaptable, both buyers and sellers can navigate the nuances of our real estate landscape with confidence.
5.4 4.0 Active|Pending|Sold Active|Pending|Sold 31 7 23 4 0 5 ResaleHomes NewConstructi o n W E S T R I C H L A N D Buyer’s Market Seller’s Market Buyer’s Market Seller’s Market 3.3 8.4 Active|Pending|Sold Active|Pending|Sold 133 57 62 118 16 17 ResaleHomes NewConstructi o n R I C H L A N D Buyer’s Market Seller’s Market Buyer’s Market Seller’s Market 3.5 5.3 Active|Pending|Sold Active|Pending|Sold 109 43 58 86 20 31 ResaleHomes NewConstructi o n P A S C O Buyer’s Market Seller’s Market Buyer’s Market Seller’s Market 3.2 5.6 Active|Pending|Sold Active|Pending|Sold 196 91 85 91 20 21 ResaleHomes NewConstructi o n K E N N E W I C K Buyer’s Market Seller’s Market Buyer’s Market Seller’s Market
Price Range Active Pending Sold $0 - $299,999 61 25 33 $300,000 - $349,999 31 36 40 $350,000 - $399,999 75 43 52 $400,000 - $449,999 112 58 53 $450,000 - $499,999 85 28 39 $500,000 - $549,999 78 17 31 $550,000 - $599,999 82 20 23 $600,000 - $649,999 52 19 11 $650,000 - $699,999 49 6 12 $700,000 - $749,999 26 6 10 $750,000 - $799,999 31 4 3 $800,000 - $999,999 74 5 12 $1,000,000 + 54 7 5 This Month’s Listing Price Breakdown
Building Trust Through Transparency: Understanding Tri-Cities' Real Estate Market
In the ever-changing landscape of real estate, it's crucial to have a reliable source of information you can trust. Here in the Tri-Cities area, we pride ourselves on delivering accurate, hard facts about our local market to keep you informed and empowered.
If you are already working with another Realtor, this is not a solicitation for your business
