As we step into the new year, it’s essential to reflect on the dynamic real estate market in the Tri-Cities area. The Tri-City Association of REALTORS® (TCAR) Monthly Housing Report for December 2023 provides us with valuable insights into the latest trends. Let’s delve into the numbers that paint a vivid picture of the real estate landscape in our thriving community.
Average Sold Price: $429,100
The average sold price of $429,100 signifies the monetary pulse of the market. It reflects the middle ground where buyers and sellers find common ground, capturing the essence of property values in the Tri-Cities area. This figure is not merely a statistic but a representation of the tangible value of homeownership within our community.
Number of Homes Sold: 216
The real estate market’s vitality is encapsulated in the number of homes sold – a robust 216 in December 2023. Each transaction signifies someone buying their dream home, an investor securing their next venture, or a seller moving forward.
Total Active Listings: 689
With 689 active listings, the Tri-Cities real estate market offers a diverse array of properties for potential buyers. This provides options for individuals with varying preferences and needs. Whether you’re seeking a cozy home in a well-established neighborhood or an investment property with growth potential, the active listings cater to a broad spectrum of interests.
Median Sold Price: $396,800
The median sold price of $396,800 is a key indicator of the middle point of the market, reflecting a balance between high and low-end transactions. This figure provides a more comprehensive understanding of the market than the average sold price, offering insights into the distribution of property values and affordability for a significant portion of homebuyers in the Tri-Cities area.
Average Days on Market: 49
The average days on market, at 49 days, showcases the efficiency and desirability of properties in the area. A relatively short time on the market indicates a healthy demand for homes, reinforcing the notion that the Tri-Cities real estate market is dynamic and responsive to the needs of both buyers and sellers.
Pending Residential Listings: 213
The 213 pending residential listings signify a vibrant market with ongoing activity. These listings represent future transactions, highlighting the sustained interest and engagement in the real estate market. As a forward-looking metric, pending residential listings offer a glimpse into the prospective growth and evolution of the Tri-Cities real estate landscape.
In conclusion, these statistics from the TCAR Monthly Housing Report for December 2023 illuminate the multifaceted nature of the Tri-Cities real estate market. Beyond the numbers, they represent the aspirations, dreams, and transitions of individuals and families within our community.
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