REPORT: Tri-Cities realtor metrics show increasing value of homes
TRI-CITIES, Wash. — A report from the Tri-City Association of Realtors detailed consistent growth in terms of value for the local housing market in May 2021.
According to their metrics, the total number of homes sold in May 2021 was 430. Not only are these 23 more homes sold than in the previous month, but 100 more homes were sold this May compared with last May (330). With a greater number of homes sold, the average price of home sales is on the rise as well.
The average sold price in May 2021 was $408,300, which is nearly $31,900 more than the average sold price in April and over $78,000 more than in May of last year. The median sold price in May was $389,700, which is nearly $32,000 more than the previous month and is just over $77,000 more than the median sold price in May 2020.
On average, Tri-Cities houses stayed on the market for 16 days in the month of May compared with 28 days in April and 36 days in May 2020. The median days on the market were only three in May 2021 versus four days in April and 13 days in May 2020.
There were 199 active residential listings in the Tri-Cities this May, which is two more than they listed in April and 222 fewer active listings compared with May 2020. Meanwhile, 455 pending residential listings in May of 2021 was a drastic increase from April, which had 392. In May of 2020, there were 492 pending residential listings.
While the number of active listings in 2021 has been significantly lower than in previous years, the average sold price is on the rise drastically. With many Tri-Cities homeowners holding onto their property, the value of each individual property is increasing.
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