Recently Inman News complied a report of the "Top 10 Real Estate Markets to Watch in 2011". Among the areas listed on the report is our very own Tri Cities Washington Real Estate Market. In order for a city to make it onto the Top 10 list those compiling the report looked at unemployment rates, 1-year forecasted job growth, median household income, home sales, building permits issued, population, foreclosures as well as other statistics.
The unemployment rate in Tri Cities Washington compared to other areas is fairly low, as of December 2010 the unemployment rate was at 7.8%, almost 2% below the national average. Over the next year the Tri Cities is expected to see 1.1% employment growth, a little below the national average of 1.9%. The Real Estate market is doing great in the Tri Cities area, the change in median home sales between 2009 and 2010 is 4.8%, when compared to the national average of -2.9%, this is really good. Check out these other real estate stats for the Tri Cities: single family building permits issued went up 64% between 2009 and 2010, in the US there was only a 3% increase; the median sales price of homes went up 8.9%, only 0.2% on the national level; the ratio of foreclosures per units in the Tri Cities is 1 to161 units, nationally this number is much higher at 1 in 45 units.
For those of you who are not as acquainted with the Tri Cities Washington area, the Tri Cities is made up of Kennewick, Richland and Pasco. The combined population of the Tri Cites is hovering at about 250,000 residents, if the Tri Cities were one city it would be the 4th largest in the state. Between 2008 and 2009 the change in population rose 4.2%, nationally the change in population is only a 1% increase.
If you are considering a move to the Tri Cities, these statistics should solidify your decision to move into the Tri Cities Washington area! Please feel free to contact us, Joe and Colleen Lane of the Lane Real Estate Team, with any and all of your real estate needs! Call or email us today! 509.438.9344