Tri-Cities Real Estate Market Update: June 2024
As we navigate through the bustling summer season, the Tri-Cities real estate market continues to show dynamic activity. For those considering buying or selling a home, staying informed about the latest market trends is crucial. Here’s a snapshot of the latest numbers from the TCAR Monthly Housing Report for June 2024:
Average Sold Price: $547,000
Number of Homes Sold: 327
Total Active Listings: 773
Median Sold Price: $422,000
Average Days on Market: 38
Pending Residential Listings: 362
Key Insights from the June 2024 Report
Steady Price Appreciation: The average sold price of homes in the Tri-Cities has reached $547,000. This indicates a stable appreciation in property values, offering a promising opportunity for sellers looking to capitalize on their investments.
Active Market with Moderate Turnover: With 327 homes sold in June, the market remains active, showing a healthy demand for residential properties. The average days on market is 38, suggesting that well-priced homes are finding buyers relatively quickly.
Inventory Levels: There are currently 773 active listings, providing a variety of options for prospective buyers. A balanced inventory is beneficial as it offers enough choice for buyers without leading to an oversupply that can depress prices.
Median Price Stability: The median sold price stands at $422,000, giving a clearer picture of what a typical home in the Tri-Cities is selling for. This median price helps to smooth out the extremes in the market, providing a more accurate reflection of current trends.
Pending Sales: With 362 pending residential listings, there is a robust pipeline of transactions that will likely close in the coming months. This indicates sustained interest and activity in the market.
What This Means for Buyers and Sellers
For Buyers: The current market conditions in the Tri-Cities are favorable for making a purchase. With a good range of active listings and moderate turnover times, buyers have ample choices and can find homes that meet their criteria. However, with prices showing steady appreciation, acting sooner rather than later can help you avoid higher costs down the line.
For Sellers: Sellers are in a strong position with rising average prices and a healthy number of transactions. Homes that are priced appropriately and presented well are likely to attract interest and sell within a reasonable timeframe. Now is a great time to list your property if you’re looking to make the most of the current market dynamics.
Navigating the real estate market can be complex, but you don’t have to do it alone. Our team of experienced real estate agents at Krista Hopkins Homes is here to provide you with expert guidance and support. Whether you’re buying or selling, we have the local knowledge and market expertise to help you achieve your real estate goals.
Contact us today to learn more about the current market trends and how we can assist you in making informed decisions. Let’s turn your real estate dreams into reality!
Source: TCAR Monthly Housing Report for June 2024
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