The State of the Real Estate Market and Homes for Sale in Pasco, WA
Finding a welcoming place to live with plenty of opportunities and amenities is a goal just about everyone hopes to achieve. When you have a solid foundation in the form of a great community from which to build your future, your satisfaction with life will increase. Have you considered spreading roots in the city of Pasco in Washington?
This once-humble town is now a growing city, part of an expanding metropolitan area in southern Washington. With several big businesses operating in the area, including ConAgra and Tyson Foods, economic opportunity abounds — and with more people arriving annually, more businesses are building their presence in the area.
Are you thinking about making the move to Pasco? Understanding the real estate market in the area is an important first step. Alongside Kennewick and Richland, the Tri-Cities area continues to grow. With that in mind, what’s important to understand about the availability of homes for sale in Pasco, WA?
Many factors attract new interest in the Tri-Cities
Home buyers in the area often arrive attracted by the overall low cost of living, which sets Pasco apart in the state. This facet makes it very attractive to everyone from the elderly and retired to brand-new families just getting started. Job availability is solid in the area, with an unemployment rate below the national average and new businesses arriving all the time.
The presence of food giants like ConAgra means thousands of jobs, and any expansion they undergo brings new waves of individuals looking for homes. Viticulture has begun to compete with agriculture in the Tri-Cities area, too. With a burgeoning wine industry — and scientific research jobs not far behind — there are many people taking a hard look at the homes for sale in Pasco, WA.
Available inventory remains tight
All this economic growth and opportunity drives what has become over the past few years a very competitive real estate market. Home sales rose dramatically over the past five years and continue to show few signs of slowing down. While a typical inventory in Pasco would include nearly a thousand or more homes for sale each month in the past, now it is typically 500 or fewer homes. This has the effect of both fueling price competition and contributing to an incredibly low number regarding time spent on the market.
In 2016, homes typically listed for only 12 days before the seller accepted an offer. Not only do some homes sell on the first day of listing, but many others receive strong offers within days. A buyer entering the Pasco market should do so with realistic expectations on price and the level of competition while preparing to move quickly on desirable properties. While this hot market has caused prices to rise, many homes still list for below $300,000, and the area is widely regarded as affordable.
Current trends in homes for sale in Pasco, WA are likely to continue
With economic growth in the Tri-Cities area showing no signs of slowing down, neither will the real estate market. Numbers on new home construction are healthy, but demand still outpaces supply in Pasco. For sellers, this equals an excellent opportunity to sell your home for the best possible price. At the same time, the number of desirable features and available amenities in this lively local community means braving this market is well worth a buyer’s time. With trends in the real estate market here as they are, Pasco will likely continue its robust development into the future.
Sources:
https://www.movoto.com/guide/wa/moving-to-the-tri-cities/
http://www.tricityregionalchamber.com/tri-cities-regional-facts.html
http://www.nbcrightnow.com/story/36706319/tri-cities-growth-buying-a-home
Number of real estate agents in area climbs as housing inventory dwindles