April 2024 Tri-Cities Real Estate Market Update

Keeping a pulse on the real estate market is essential for making informed decisions, whether you are buying or selling. Here’s a comprehensive look at the latest data from the Tri-City Association of Realtors (TCAR) Monthly Housing Report for April 2024.

Key Market Statistics

• Average Sold Price: The average sold price for homes in the Tri-Cities area in April 2024 was $444,800. This figure reflects the general trend in property values and provides insight into what buyers can expect to pay on average.

• Number of Homes Sold: A total of 321 homes were sold during this period. This number indicates the market activity and can help gauge the demand for properties in the area.

• Total Active Listings: There were 708 active listings in April 2024. The number of active listings shows the supply side of the market, giving potential buyers an idea of available inventory.

• Median Sold Price: The median sold price stood at $420,000. The median price is a useful indicator as it represents the middle point of all homes sold, offering a more balanced view of the market compared to the average.

• Average Days on Market: Homes spent an average of 58 days on the market before being sold. This metric helps to understand the pace at which homes are selling and can indicate how competitive the market is.

• Pending Residential Listings: There were 334 pending residential listings, signifying transactions that are in progress and providing a snapshot of future sales activity.

What This Means for Buyers and Sellers

For buyers, understanding these statistics can help you set realistic expectations regarding home prices and the time it might take to find and close on a property. With an average price around $444,800 and a median price of $420,000, it’s essential to have a clear budget and be prepared for the current market conditions.

For sellers, these numbers can guide you in pricing your home competitively and understanding the current demand. The average days on market figure suggests that properties are moving at a steady pace, so ensuring your home is well-presented and appropriately priced can lead to a successful sale.

How Our Team Can Help

Navigating the real estate market can be complex, but you don’t have to do it alone. Our team of experienced real estate agents is here to provide you with expert guidance tailored to your specific needs. Whether you are buying or selling, we offer valuable insights and professional support to make your real estate journey smooth and successful.

Contact us today to learn more about the current market trends and how we can assist you in achieving your real estate goals in the Tri-Cities and surrounding areas.