If you follow my Kennewick, Pasco, and Richland market update posts, you've probably heard me mention the $400K-$450K "window" that Tri-Cities' home prices have been in since the start of 2022. The chart below shows what that looks like.
Every month since January 2022, our median home price in Kennewick, Pasco, Richland, and beyond has been in that window. (I'm taking a very slight liberty with the December 2022 median price, which was $399,450...close enough, right?)
Prices were at the high end of that window in the first half of 2022. That's what we consider the end of the "COVID housing market," when we had about half as many homes for sale as we have now. Since then, we've bounced back and forth between $400K and $450K.
So when you see my monthly post, and it shows a drop of $20,000 in the local home prices, don't be alarmed. From one month to the next, ups and downs are to be expected. But when you pull back a little further and look at prices over the past 18 months, you can see that they're holding steady in this $50,000 window.
It's a sign of a healthy market when we're not seeing dramatic price swings in either direction!
- Cari