Sharp readers may have noticed that our Top Properties listing in the Records section in our April issue started off at a higher threshold – $700,000 and up.
Our baseline for inclusion used to be properties selling for $500,000 and up, but we noticed this list kept getting longer each month in tandem with houses quickly selling and prices on the rise in Benton and Franklin counties.
The availability of homes at affordable price points has been a problem locally for the past several years, and it’s apparent in Tri-City Association of Realtors’ monthly home sales data.
The average home sold price in March 2021 was $376,600, according to TCAR’s most recent housing report. A year ago in March, the average sold price was $333,900.
In 2020, the annual average sold price was $346,000.
In 2019, the annual average was $321,000.
Homebuyers seeking affordable homes know how tight the real estate market is around the Tri-Cities, with houses on the market an average of 29 days in March.
The National Association of Realtors recently highlighted a report analyzing 40.1 million home sales from 2011-20. Home sellers, on average, saw a 13.4% above estimated market value when selling in May, the highest of any other month. May, June and July typically garner the best prices for homes. And with high demand continuing, this trend is sure to continue.
Our Top Property section regularly includes a handful of multimillion-dollar commercial property sales, with large swaths of Franklin County agricultural land frequently landing on the list.
Lawrence Yun, chief economist at the National Association of Realtors, recently noted that considerable capital is being pumped into the economy in second quarter, with consumers eager to tap into a year’s worth of savings and unspent stimulus funds.
“Economic expansion and the jobs recovery will lead to rises in occupancy across all commercial real estate property types,” he said.
This spring marks the first time we’ve adjusted our Top Properties threshold, but it’s anyone guess if it’ll be our last.
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