REPORT: Average price of Tri-Cities home is $80,000+ greater than last year

Tri-Cities
Steven Senne

FILE - A for sale sign stands in front of a house, Tuesday, Oct. 6, 2020, in Westwood, Mass. American homeowners were given an expanded opportunity to hit pause on their mortgage payments because of the financial ravages of the pandemic, but that relief is slowly coming to an end.

TRI-CITIES, Wash. — While the events of the past year had harsh ramifications on most sectors of the economy, the value of homes in the Tri-Cities is much greater now than it was one year ago.

According to metrics compiled by the Tri-City Association of Realtors, the average sold price of a home in the Tri-Cities was $418,000 during June 2021. That price point is nearly $10,000 greater than last month’s average sale price and a whopping $83,300 greater than the average sale price from this time last year.

This correlates with a staggeringly low number of active residential listings in the area. The number of monthly listings fell consistently from March 2020 through the end of the year with slight upticks in June and September of last year. The number of homes on the market remains far below the average from years past through the first half of 2021.

RELATED: Existing US home sales up in June; prices reach new heights

With fewer homes being sold in general, the value of Tri-Cities homes has steadily increased compared with recent years. The average and median sold prices this year have been consistently greater than each of the previous four years through the first half of 2021.

Surprisingly, the number of homes sold by this point in the year remains consistent with rates from 2020 and 2019. However, the average home stayed on the market for 13 days in June; a whole 17 days fewer than in June 2020.

If you’d like to dig further into local realty statistics from your community, you can do so on the Tri-City Association of Realtors’ website by clicking here.

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RELATED: Tri-Cities realtor metrics display increasing value of homes