Tri-Cities Real Estate Market Update: January 2024

Welcome to our monthly review of the Tri-Cities real estate market! In this blog, we delve into the latest figures from the Tri-City Association of REALTORS® (TCAR) Monthly Housing Report for January 2024, providing you with valuable insights to guide your real estate decisions.

Whether you’re considering buying, selling, or simply staying informed, our dedicated team of real estate agents at Krista Hopkins Homes is here to be your trusted guide. Our team isn’t just passionate about the Tri-Cities real estate market – we’re deeply embedded in it. With years of experience navigating the local landscape, we’ve earned the trust of our community and the recognition of our peers. In 2023, we were proudly voted Tri-Cities Best Real Estate Team, and America’s Best Real Estate Team, a testament to our dedication to exceeding client expectations.

Let’s take a closer look at the key statistics shaping the current real estate landscape in the Tri-Cities:

Average Sold Price: $447,800

As of January 2024, the average price at which homes are selling in the Tri-Cities was $447,800. This figure is a good indicator of the overall market health. If you’re a seller, this suggests that the market is supporting strong property values.

Number of Homes Sold: 195

In January, a total of 195 homes were successfully sold in the Tri-Cities. This demonstrates an active real estate market with both buyers and sellers participating. It’s a positive sign of a dynamic and engaged community.

Total Active Listings: 673

At the end of January, there were 673 homes available for sale in the Tri-Cities. This provides potential buyers with a variety of options. If you’re in the market to buy, having a diverse range of properties to choose from is beneficial.

Median Sold Price: $412,000

The median sold price, which is $412,000, gives us a middle point in the range of sold home prices. It’s useful for understanding the market’s overall pricing structure. If you’re a seller, it helps in positioning your property competitively.

Average Days on Market: 59

On average, homes are spending 59 days on the market before being sold. This is a key metric for both buyers and sellers. For sellers, a shorter time on the market often indicates a demand for properties. Buyers may use this information to gauge the pace of the market.

Pending Residential Listings: 278

In January there were 278 residential listings under contract, awaiting the completion of the sale. This indicates a healthy pipeline of upcoming transactions. If you’re a seller, it shows that there’s ongoing interest in properties.

January Tcar Stats

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.