The end-of-2013 Tri-Cities real estate market information has just been released. Comparing December 2012 with December 2013 note that although median sales price decreased just a bit, the number of homes under contract and sold have seen significant gains.
The numbers as a whole represent a year of modest growth. Below is the number of homes available on the market for both 2012 and 2013. As you can see, in April 2013, the number of homes available in the Tri-Cities began to decline. A smaller supply of homes with steady demand will cause home prices to increase, in this case modestly.
The below graph represents median home prices in the Tri-Cities over 2012 and 2013. Note that the 2013 line is almost consistently over the 2012 line, representing a small increase over 2012.
If you are interested in hearing more about our market, please give us a call: Jessica at (509) 947-2230 or Jennifer at (509) 947-5670.
