Market for million-dollar Tri-Cities homes is picking up. 29 more for sale

Wendy Culverwell
·3 min read

The Tri-Cities’ million-dollar home market was born in December 2006.

That’s when the Benton County Assessor’s Office recorded its first sale of a $1 million home. It was a stylish, three-bedroom home with a territorial view of the Yakima River in Horn Rapids, the golf course community in north Richland.

“That was our first ever,” said Dave Retter, owner of Retter & Co. | Sotheby’s International Realty, the Tri-Cities largest real estate firm.

The Horn Rapids sale marked a turning point in local real estate history.

Million-dollar homes may be a longtime staple of the Puget Sound real estate market. But for the Tri-Cities, such sales are a small, though increasingly stable, part of the residential real estate market.

Last year, Tri-City home buyers bought 51 homes with price tags of $1 million or more.

That was a drop from the 58 sales in 2022, reflecting an overall decline in sales activity as interest rates more than doubled.

Overall, local buyers purchased 3,223 new and existing homes in 2023 at an average price of $452,000 and a median of $420,000.

A 4,850-square-foot home at 212 Meadowridge Loop, Richland, is one of 29 million dollar homes for sale in the Tri-Cities at the end of January. The five bedroom, four bathroom is listed for sale at $1.975 million.
A 4,850-square-foot home at 212 Meadowridge Loop, Richland, is one of 29 million dollar homes for sale in the Tri-Cities at the end of January. The five bedroom, four bathroom is listed for sale at $1.975 million.

Double-digit home price appreciation is just part of the rising number of million-plus transactions, but Retter believes there is still something special about a seven-figure home.

The most expensive home that sold last year was a sprawling mansion overlooking the Columbia River on River Road in Pasco that sold at auction for $2.33 million in October.

The 7,100-square-foot home, featured in August in the Tri-City Herald, boasts five bedrooms, six “plus” bathrooms and six “plus” parking bays.

Aside from stunning river views, it was built with insulated concrete forms for added energy efficiency, has exposed wood beams in a vaulted living room, a chef’s kitchen, his-and-her walk-in closets in the bathroom and a sauna.

While it wasn’t new construction, the home reflects what Retter says buyers want: Space and views.

While 2023 sales were below the prior year, 2024 is off to a solid start and could easily set a record, if interest rates trend downward as expected, Retter said.

Already in January, eight million-dollar homes were under contract but had not closed.

Current listings show 29 homes priced over $1 million are on the market in the Tri-Cities area.

The million-dollar market is a relatively new phenomenon for the Tri-Cities.

A 3,822-square-foot home on West Court Street in Pasco was one of 29 million-dollar homes for sale in the Tri-Cities at the end of January. The three bedroom, 3 bathroom home near the Columbia River is available for $1.49 million.
A 3,822-square-foot home on West Court Street in Pasco was one of 29 million-dollar homes for sale in the Tri-Cities at the end of January. The three bedroom, 3 bathroom home near the Columbia River is available for $1.49 million.

Even after that first sale in 2006, they accounted for a tiny number of the total sales.

Five homes sold between 2007 and 2009.

Then, the housing bubble burst and the Great Recession throttled the market. There were no million-dollar sales in 2010, 2011 or 2012, according to a MLS search of sales in Kennewick, Pasco, Richland, West Richland, Prosser and Burbank.

They trickled back into the teens, with two in 2013, one in 2014, one in 2015, four in 2016, three in 2017, two in 2018 and seven in 2019.

The latter was a banner year that saw a local hotelier pay $3.8 million for “The House that Hockey Built,” aka the Mediterranean-style mansion built in the Badger Canyon area built for celebrated NHL goalie Olaf Kolzig and his wife, Christin.

The mansion originally built by Olie “The Goalie” Kolzig and his wife, included more than 90 acres. It sold in 2019.
The mansion originally built by Olie “The Goalie” Kolzig and his wife, included more than 90 acres. It sold in 2019.

The Kolzigs intended it to be their permanent home. They moved to Florida when Kolzig joined the Capitals to work with goaltenders and they concluded it made no sense to retain the 15,000-square-foot residence as a summer getaway.

The Kolzigs intended the Badger Canyon house to be their permanent home.
The Kolzigs intended the Badger Canyon house to be their permanent home.

It’s worth noting that even in high end real estate, the Tri-Cities is a bargain relative to Seattle.

In 2023, the most expensive home sold in the Seattle/Bellevue area was a 1923-built home on 1.5 acres on Lake Washington in Medina. The price: $38 million.

A 5,000-square-foot home at 194109 E. 447 PR SE in Kennewick is one of 29 million dollar homes listed for sale in the Tri-Cities at the end of January. The house has six bedrooms, fourth bathrooms and is listed for $1.349 million.
A 5,000-square-foot home at 194109 E. 447 PR SE in Kennewick is one of 29 million dollar homes listed for sale in the Tri-Cities at the end of January. The house has six bedrooms, fourth bathrooms and is listed for $1.349 million.

Sign Up: Boom Town Tri-Cities

Stay up to date on Tri-Cities growth and development with our weekly business newsletter. Get the latest on restaurant and business openings and closings, plus the region’s top housing and employment news. Click here to sign up. In your inbox every Wednesday.