Tri-Cities sellers continue to benefit from favorable housing market conditions, but things are changing. Here’s what’s driving the change.

Increasing inventory and diminished demand are two of the top reasons buyers are finding more opportunities and stronger negotiating power. That’s nudging the market into what is best described as a moderating seller’s market.

You have to dial market conditions back to levels not seen since 2016 to find the last time there was a local buyer’s market. And if you look at the metrics charts, and factor in the rate things are changing, it looks like sellers have a way to go before there’s a dramatic shift. Of course, that’s based on current conditions and there are ample questions about what the economy is going to do.

The most common indicator to classify markets is months of inventory.

• 4 months and below equals a seller’s market
• 4-6 months equals a balanced market
• 6 months equals a buyer’s market.

 That doesn’t mean there are some pockets of homes in specific price ranges that are better than the overall market classification. But that’s another story for another time.

March’s 3.1 months of inventory was a 34.8% increase from last year. The month-over-month pattern is not as promising. It was in negative territory in January and February. The traditional seasonal increase for the prime home buying and selling season should boost that pattern beginning next month.

During this transition marked by fewer sales and affordability challenges, local prices have remained stable. The median sales price has seen modest growth that is in the single digits instead of the double-digit pace of years past.