Here’s a sign of how quickly the Tri-Cities real estate market has changed: In each of the past two months, 38% of all homes for sale had at least one price reduction before going under contract.
When we did our October market snapshot earlier this month, there were 667 available homes for sale and 257 of them (38.5%) had at least one price drop. The numbers were similar when we did our September market snapshot, too.
Here’s a city-by-city look at where price drops are most common:
- Kennewick: 77 price drops out of 203 homes for sale (38%)
- Pasco: 50 out of 147 (34%)
- Richland: 96 out of 230 (42%)
- West Richland: 22 out of 53 (42%)
- Benton City: 7 out of 26 (27%)
- Burbank: 5 out of 8 (63%)
During the pandemic, when low supply and high demand led to rising home prices and very fast sales, price reductions were extremely rare. Now, more than a third of all homes for sale are having to lower their asking price in order to attract buyers.