There was a pretty big gap in median home sale prices when we began 2022, but that gap was a lot smaller by the end of the year.
That's because home prices in both Richland and West Richland dropped significantly compared to Kennewick and Pasco.
When we began 2022, Pasco's median price was about $391,000 -- more than a hundred thousand dollars below Richland's median of $499,900. But by year's end, Pasco's median price went up 2.2% while Richland's went down 14%. West Richland wasn't too far behind with a 10% price drop over the course of the year.
Pasco was the only one of our main cities that saw prices go up last year.
Kennewick home prices stayed steady last year. There was a noticeable drop in November, but prices recovered in December. For the full year, Kennewick home prices were down just 0.5%.
So, whereas there was a more than $100K gap between the high and low median price at the start of 2022, by the end of the year, only about $30,000 separated median prices in Richland and Pasco.
Of course, we're now almost 2.5 months into a new year, and things are already changing. If you're not already, please keep an eye on CariMcGee.com for our monthly housing market updates -- that's where you'll get the latest and best info we have.
If you're planning to relocate to the Tri-Cities this year, get in touch any time if you have questions about our local market. We're always happy to help you make it a smooth move!
- Cari
