Tri-Cities Real Estate: Is Now a Good Time to Buy or Sell?

Is now the right time to sell or buy a house in the Tri-Cities area?

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Buy or Sell Your Home Now in Tri-Cities, Washington?

If you are in the market to buy or sell a house in the Tri-Cities area, there are a bunch of things you have to worry about. The housing market has been hot in the Tri-Cities area for a while but it can change quickly. You might be worrying if now is the right time to make your move or if the market going to suddenly crash. Are there still affordable homes to buy now or are people even still looking?

The June Outlook for Tri-Cities Home Sellers

According to the Tri-City Association of Realtors Housing Statistics Report, the market for selling your home in Tri-Cities remains strong and is even up in June from May. The total amount of homes sold in the Tri-Cities area was up from 289 in May 2023 to 329 in June 2023. That increase in home sales was matched with a decrease in the average days homes are on the market from 41 days in May 2023 to 37 days in June 2023. Not only that but both the average and median prices for homes sold in Tri-Cities increased by between 5-6%. The median home price in the Tri-Cities had been dropping from an all-time high of $449,000 in February of 2022 to a low of $392,000 in November of 2022. Since then home prices have been making a steady climb back up. All of that data bodes well for people looking to sell their house now in the Tri-Cities area.

The June Outlook for Tri-Cities Home Buyers

If your looking to buy a home, you might have read the previous paragraph and thought that this can't be a great time to buy but you would be wrong for a couple of reasons. Yes, average home prices are up from late 2022, but they are still down from record highs not that long ago. Also, there is a large increase in active listings with the total active listings for June up by 3% over May and the pending residential listings up this June by over 7% over May. Both numbers show a healthy market in the Tri-Cities with plenty of great new options becoming available all the time. Buy away!