Property values on the rise in Tri-Cities

Property values on the rise in Tri-Cities »Play Video
TRI-CITIES, Wash. -- Home values keep rising in the Tri-Cities, but KEPR learned some are rising faster than others. These clusters of homes are benefiting others nearby. KEPR looked at the spots across the Tri-Cities where property values are increasing the most.

Mark Mykel has lived in his home in West Richland for seven years. He's glad to be in an area that keeps growing.

"The West Richland area is just non-stop even during the slow down during the bad time, the economic crisis, even though it slowed there was still constant building going on here," he said.

It turns out, Mark is in one of the clusters for new development and growth. It helps his own property value.

"As we move forward with the growth that's going on in the community, every day there is nothing but cement trucks and loads of tresses going by all the time so we're growing constantly here."

The President of the Tri-City Association of Realtors says Mark is spot on. Most homes appreciate at a standard 3% yearly growth. But there are special pockets where property value is constantly going up. The clusters are mainly new construction.

- The end of Paradise Way in West Richland
- Summit View in Kennewick
- The end of Reata Ridge off Leslie Way in Richland.
- South Cliff off Hildebrand in Kennewick.

Even if you don't live there, you may still benefit.

"People that are living around the clusters that are seeing growth - they're actually receiving from the residual appreciation value," President of the Tri-City Association of Realtors, Ken Poletski.

Those benefits build equity, but may also raise your property taxes. Mark doesn't mind.

"The tax rate for what we pay per value is more than reasonable since I'm from the other side of the mountains previously so it's quite a good deal actually," said Mykel.

Experts don't expect this to change in 2014. The growth is only expected to continue.

Since 2011, the average price of a home sold in the Tri-Cities increased by about $10,000. Last year's average sale was about $210,000.