By DON FENLEY

The Tri-Cities housing market is sending a simple message: buyers are gaining leverage, and sellers are adjusting their strategies. While initial asking prices are holding steady, the reality of getting a deal paints a different picture.

Sellers cut their asking prices on 41% of homes that sold last month. That is up from 35.6% in May and 35.2% a year ago.

So far this year, asking prices have not retreated. The median held at $336,350 in June. It has stayed in a tight $334,900 to $338,900 band since the first of the year. The signal is clear. Sellers are anchoring high, and the market is answering with the red pen.

The give at the table, though, is shrinking. Concessions appeared in 60.4% of June sales, down from 66.6% in May and about level with 58.6% of a year ago. The average concession fell to $15,360. Once a home reaches a buyer, it sells for roughly 98.7% of its final asking price. So, the correction is happening on the front end, through price cuts, not at the closing table.

What fall may bring

Expect the pattern to hold into the fall. Inventory typically builds after summer, and buyer traffic cools as mortgage rates stay elevated. Sellers who keep listing high should plan on an early cut. The reduction share is likely to stay near or above 40% through the slower months, while asking prices hold firm rather than fall. That keeps the pressure on list-price accuracy, not on headline prices.

What it means

For buyers, a price cut is not a discount on value. It is a seller meeting the market. Wait for the cut, then negotiate modestly, because the room past the reduced price is thin.

For sellers, the lesson is that the right price sells. A sharp list price draws offers. An aspirational one draws a markdown and lost time.

For real estate professionals, the pricing conversation is now the whole job. The data gives agents the leverage to set realistic expectations up front and spare sellers a chase down the market.

Categories: CORE DATA