M A R K E T AT A G L A N C E MARCH 2022
5 5 2 0 H E R S H E Y L A N E | W E S T R I C H L A N D, WA |
| MLS# 260186
TA B L E O F C O N T E N T S // YEARLY AVERAGES // YEARLY RESIDENTIAL SALES // SALES ACTIVITY // 12 MONTH COMPARISONS // INVENTORY // ABSORPTION RATES || MARKET STATS
Y E A R LY A V E R A G E S SALES PRICE COMPARISON
2014 2015 2016 2017 2018 2019 2020 2021 2022
$216,270 $227,280 $247,639 $270,189 $299,658 $324,085 $348,375 $410,664 $472,463
2022 is YTD
Y E A R LY R E S I D E N T I A L SALES:
3 3 2 3 4 2 4 8
3 3 9 3 8 2 5 8
4 2 0 4
4 1 8 4
4 2 2 7
4 7 9 4
4 3 2 7
4 7 2 2
Yearly Residential Sales
YTD Sales
2022
2021
2020
2019
2018
2017
2016
2015
2014
9 0 8
Homes built prior to 1990 2014 2015 2016
$155,412 $165,564 $181,285 $198,426
2017
$226,907
2018
$248,214
2019
$267,296
2020
$312,485
2021
$339,534 2022 is YTD
2022
Homes built between 1990 and 2009 2014 2015 2016 2017 2018 2019 2020 2021 2022
$227,094 $236,707 $258,939 $279,727 $299,294 $327,478 $348,339 $411,777 $452,818
2022 is YTD
Homes built after 2010 - RESALE ONLY 2014 2015 2016 2017 2018
$263,900 $282,500 $295,200 $313,700 $346,100 $368,082
2019
$402,311
2020
$471,174
2021
$524,363 2022 is YTD
2022
NEW CONSTRUCTION 2014 2015 2016 2017 2018 2019 2020 2021 2022
$279,400 $290,000 $315,000 $332,500 $380,600 $365,355 $385,120 $453,654 $551,511 2022 is YTD
LAST 12 MONTHS
Pasco 1199 24%
Kennewick 1709 34% Outlying Areas 372 8%
West Richland 418 8%
Richland 1283 26%
NEW VS. RESALES Last 6 months (September 2021 - March 2022)
Kennewick 138
Resale 1637 79%
Pasco 89
New Construction 426 21%
Richland 142
W. Richland 57
New Construction
6 6 8
Re-Sale
4 2 1
4 1 4 134
1 3 8
Kennewick
1 4 2
8 9
Pasco
Richland
57
West Richland
12 MONTH C O M PA R I S O N S : INVENTORY
1200 1000 800 600 400 200 0 2017 2018 2019 2020 2021 2022
Jan 389 430 494 526 282 270
Feb 348 426 437 498 230 276
Mar 375 459 426 480 168 298
Apr 419 479 439 474 161
May 451 526 490 458 155
Jun 548 559 497 468 197
Jul 626 600 563 477 250
Aug 648 643 662 439 328
Sep 674 647 694 442 365
Oct 614 626 695 408 384
Nov 537 599 633 359 399
Dec 468 564 564 351 338
UNDER CONTRACTS
550 450 350 250 150 50 -50 2017 2018 2019 2020 2021 2022
Jan 255 322 328 340 387 298
Feb 308 316 249 427 374 342
Mar 395 395 397 391 464 375
Apr 350 356 402 324 362
May 429 426 450 445 427
Jun 377 384 425 464 364
Jul 405 402 424 466 391
Aug 376 369 417 503 418
Sep 316 347 407 458 385
Oct 357 340 380 452 408
Nov 342 260 308 338 359
Dec 260 234 247 259 266
Sep 377 319 379 472 430
Oct 360 406 415 496 408
Nov 349 333 345 427 361
Dec 369 258 359 409 403
TOTAL SALES
600 500 400 300 200 100 0 2017 2018 2019 2020 2021 2022
Jan 211 271 246 295 303 259
Feb 205 262 246 308 310 275
Mar 336 348 276 382 382 372
Apr 337 358 313 328 390
May 372 355 325 314 409
Jun 412 386 441 430 452
Jul 363 409 415 506 436
Aug 419 411 428 423 418
INVENTORY:
PRICE BREAKDOWN Total Active = 298
48 16%
61 20%
$6
11 4%
00
9
$7
,99
8 3%
,0 0
99
0
$6
-$
79
0-
,00
9, 99
9
00
999 99, - $8
00 0,0 $80 99,999 00 - $9 $900,0
52 17%
$500,000 - $599
,999
$1,000,000+
11 4% $0 - $99,999 2 1% $100,000 - $199,999 7 2%
$200,000 - $299,999 5 2%
$400,000 - $499,999 58 19%
$300,000 - $399,999 35 12%
CURRENT LISTING INVENTORY
8 0
New Construction Re-Sale
5 4 3 9
3 1
3 8
2 1
Kennewick
1 7
Pasco
Richland
1 9
West Richland
SOLDS
Total Closings = 372
69 19%
$500,000 - $5
99,999
28 7%
91 24%
$400,00
0 - $499
00
9
21 6%
9
0 0,
0 $6
$7 ,999
$6
99 9,
$ 00 00,0
799
,999
15 4%
4 1% 1 0%
,999 $800,000 - $899 $900,000 - $999,999 $1,000,0 00+
0 0% $0 - $99,999
5 1%
$100,000 - $199,999
14 4%
$200,000 - $299,999 $300,000 - $399,999
103 28%
21 6%
UNDER CONTRACTS Total Under Contract = 375
56 15%
$400,000 - $499,999 100 27%
$500,000 - $599
,999
30 8%
$6
0 00 0,
-$
69
99 9,
0
$7
00 00,0
16 4%
9
$79
9,99
12 3%
9
- $899,99 $800,000
9
$900,000 - $9 99,999 $1,000,0 00+
4 1% 5 1% $0 - $99,999 6 2%
$300,000 - $399,999 104 28%
$100,000 - $199,999 11 3% $200,000 - $299,999 31 8%
M A R K E T S T AT S : Population: 2000 Census 2010 Census 2019 Estimate Tri-Cities, MSA........................................................................................ 191,822 ............. 253,340 ................... 296,480 Benton County................................................................................ 142,475 ................ 175,177 .................... 201,800 Kennewick....................................................................................... 54,751 ................. 73,917 ...................... 83,670 Richland........................................................................................... 38,708 ............... 48,058 ...................... 56,850 West Richland................................................................................. 8,385 .................... 11,811 ....................... 15,340 Franklin County................................................................................ 49,347 ................. 78,163 ..................... 94,680 Pasco................................................................................................. 32,066 ................. 59,781 ..................... 75,290
Source: U.S. Census and Washington Office of Financial Management Forecasting Division, July 2019
Composite Index Housing Utilities Transportation Cost of Living: Tri-Cities, WA....................................................................... 97.8 .................... 99.7 ............... 92.1 ............................ 112.2 Yakima, WA........................................................................... 96.1 ................... 80.7 .............. 83.3 ............................ 114.5 Spokane, WA.................................................................... 100.3 .................. 99.3 ................ 97.5 .......................... 108.5 Seattle, WA........................................................................ 156.7 ................ 225.0 .............. 108.1 ............................ 137.6 Portland, OR..................................................................... 134.0 ................. 184.3 ................ 87.2 ........................... 130.8 Boise, ID............................................................................... 98.4 .................... 96.5 ................ 82.0 .......................... 130.2
Household: Median Household Income.............. Kennewick, WA......................................................................... $62,203 Pasco, WA..................................................................................... $66,735 Richland, WA................................................................................ $78,798 Average Household Spending........ Kennewick, WA.......................................................................... $58,277 Pasco, WA..................................................................................... $58,669 Richland, WA............................................................................... $69,063 Housing................................................... Average Selling Price(January 2020)............................ $313,200 Active Listings(SFR, January 2020)......................................... 464 Average Apartment Rent(2 bed, 2 bath)............................. $964
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329 N Kellogg St, Kennewick, WA 99336
(509) 783 8811
rcsothebysrealty.com
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