Homes in Richland, Kennewick are more expensive than before the pandemic
TRI-CITIES, Wash. — While the pandemic caused major problems for much of the nation’s economy, it appears that the average price of a home in the United States is on the rise. Locally, the trend is more dramatic as a recent study from the Inspection Support Network (ISN) suggests the average price of homes in Richland and Kennewick increased more than the national average.
Research from the ISN suggests that the average price of U.S. real estate is up to $27 per square foot this year. From 2019 to 2020, the median property price per square foot increased to $154.73. Their research suggests that this is an increase of 9.26% from the previous year’s statistics.
In Richland and Kennewick, the median price per square foot costs $186.82. This means that the average price per square foot of a property in the region is $32.09 more expensive than the national average. That’s a 20.7% increase from the national average. This rate rose more dramatically in the Tri-Cities than it did on a national scale (11.37% increase in Richland/Kennewick compared to a 9.26% increase nationally).
The median list price of a home in the United States is $344,081, which is $54,002 more expensive than the median list price of a home in Richland or Kennewick — $398,083. To put these stats into context, homes are generally bigger in the region than they are on a national scale. In this area, the median size of a home is 2,242 square feet to the national median of 1,838 square feet.
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