Tri-Cities Real Estate Market Update: October 2023

If you’ve been finding yourself pondering the current trends and conditions of the real estate market in Kennewick, Richland, and Pasco, you’re in the right place. Whether you’re on the lookout to buy or sell a property in the Tri-Cities, our team’s expertise is here to guide you through the Tri-City Association of REALTORS® Monthly Housing Report for October 2023.

Upward Trend in Sold Prices

In the Tri-Cities real estate market, the average sold price has seen a notable increase from September to October. Last month, the average sold price was $443,200, and this month it has risen to $459,200. For potential buyers, this upward trend suggests a growing market and increased property values. It emphasizes the importance of acting promptly to secure properties before prices potentially rise further. Sellers, on the other hand, can view this as a positive indicator of the market’s strength, potentially leading to favorable returns on their investments. 

Increased Inventory for a Balanced Market

A positive development is unfolding with the increase in inventory from September to October. The total number of active listings has risen from 752 to 799, signifying a more balanced market. This growth in options is not merely a numerical uptick; it represents a crucial stride toward equilibrium. A balanced market is beneficial for both buyers and sellers, offering a diverse array of choices that cater to various needs. As a potential buyer, this means a broader selection of properties to explore, providing the opportunity to find the perfect match. Sellers, on the other hand, can navigate a market that accommodates a variety of preferences, fostering a positive environment for transactions of all scales. 

 Stable Days on Market

In the ever-active Tri-Cities real estate scene, stability reigns in the realm of Days on Market, debunking any perceptions of houses lingering on the market without takers. The average days on market have shown consistency, with September registering 38 days and October showcasing a slight decrease to 37 days. This steadfast metric is a testament to the dynamic pace of real estate activities in the area. For sellers, it’s a reassuring indication that their properties are moving efficiently, allowing them to transition to the next chapter. Meanwhile, for eager buyers on the quest for their dream homes, the stable days on market reflect the vibrancy of the local real estate scene, offering a timely and active market to explore.

Surge in Pending Listings Signals Dynamic Market Activity

 In September, there were 251 homes in the process of being sold, and this number has jumped to 307 in October. This uptick indicates a significant interest and engagement in the housing market. If you’re thinking about buying, it suggests a competitive environment, emphasizing the need to act quickly to snag your dream home. For sellers, it means there’s increased demand, potentially leading to successful transactions as homes progress through the pending stage.

 Strategic Selling: Consider Listing Sooner

If you’ve been toying with the idea of putting your home on the market, the time is ripe for action. Spring might be on the horizon, but why wait when you can stand out in the current conditions? Listing your property sooner could be the strategic move that sets you apart in a market that’s ready for your unique offering.

October Tri-cities Real Estate Market Statistics

Want to stay up to date on the Tri-Cities real estate market?

Our comprehensive market reports for KennewickRichland, and Pasco provide valuable insights into the current trends and conditions of the Tri-Cities real estate market. Whether you’re looking to buy or sell a property in Tri-Cities, our team’s expertise and knowledge will guide you towards making informed decisions.


View Market Updates