Doing Your Homework Before You Search for Homes for Sale in the Tri-Cities Area
Finding a place to settle down requires balancing many factors. You must consider everything from an area’s employment opportunities and schools to more mundane things such as the weather and the traffic. For many, it is also important to choose an area that offers something unique regarding the local landscape or culture. In Washington State, the Tri-Cities area made up of Pasco, Kennewick, and Richland certainly fits that bill. Situated near the junction of three rivers, the area frequently ranks near the top of the state’s “most affordable” places to live.
For the individual or family looking for a place to settle, that can make the homes for sale around the Tri-Cities an attractive proposition. However, like with any potential move, it’s important to take the time to gather the critical information you’ll need to make any decisions. What are the key facts to understand about the Tri-Cities area in general alongside its real estate market?
The Tri-Cities have much to offer prospective new residents
A quick look at the local economy is all that’s necessary to see what attracts so many to this area. Over the broader region, agricultural work and jobs supporting the farming industry are plentiful. Food giant ConAgra is a major employer alongside many other major and minor agricultural ventures growing everything from wheat to grapes intended for wine. Digital retailer Amazon also runs a distribution hub in the area, and there are even tech sector and scientific research positions available with the US government and others.
On a smaller scale, local commerce has also experienced growth due to the influx of new arrivals. Commercial real estate sales continue to be brisk as more businesses begin to relocate to the area or seek to establish franchise locations. The result is a lively local economy that supports a growing region and its residents.
Diverse markets fuel competition around homes for sale in the Tri-Cities
What about the status of the residential real estate market? Overall, home prices remain affordable, with average prices ranging from about $250,000 to $300,000 across the Tri-Cities region. However, prices have risen steadily over the past several years, and that trend looks set to continue. Inventory in all three cities is at critically low levels, and new building constructions continue to lag behind general demand. In some cases, homes spend only days on the market. Sellers expecting to be in for the long haul often find they receive offers right away. The result is a competitive real estate space as many newcomers look for homes for sale in the Tri-Cities. The same is true for the surrounding area, although some of the suburban Tri-Cities areas maintain more inventory.
Looking to the future of homes for sale in the Tri-Cities
Based on the available data, it seems likely that home values in the area will continue to increase. As the local economy thrives and more potential buyers look to make a move into the region, the continued dearth of a healthy inventory level will create more intense competition for the vacant properties. However, there is still time for new construction to match the increasing pace of demand. As a result, this region looks set to remain a hot commodity for the foreseeable future.