In the vibrant city of Kennewick, the real estate market has shown significant activity over the last 90 days. With a total of 186 homes sold, understanding the dynamics of this market is crucial for potential home sellers looking to navigate it successfully. This post aims to delve into the recent market trends and offer valuable insights for those considering selling their homes in Kennewick.
Days on Market: A Key Indicator
One of the most telling metrics in real estate is the Days on Market (DOM), which indicates how long homes are listed before they are sold. In Kennewick, the average DOM for all homes sold in the last 90 days was 43 days, with a median of 20 days. This suggests that while some homes sell quite quickly, others remain on the market for longer periods of time. Specifically, 62 homes were on the market longer than the average, highlighting the importance of pricing and presentation in making a property appealing to potential buyers.
Price Per Square Foot: Understanding Market Value
The price per square foot is a critical measure for both sellers and buyers, offering insight into the relative value of homes. In the recent period, the price range per square foot for homes in Kennewick spanned from $55.27 to $398.04. This wide range underscores the diversity of the housing stock in the area, from more affordable options to high-end properties. For sellers, understanding where your home fits within this spectrum can help in setting a competitive and realistic selling price.
Average and Median Selling Prices
The average selling price of homes in Kennewick over the last 90 days was $427,031, with the median selling price at $396,950. These figures are invaluable for sellers as they plan their pricing strategy. The difference between the average and median prices highlights the variation in home prices, which can be attributed to factors such as location, size, and the home’s condition.
Insights for Potential Sellers
- Price your home competitively: Utilize the average and median prices as benchmarks to competitively price your home, taking into account your home’s unique features and market demand.
- Understand the importance of first impressions: Homes selling quicker than the median DOM are likely well-presented and priced right from the start. Consider staging your home and making necessary repairs before listing.
- Be prepared for variability: The wide range in days on market and price per square foot reflects the market’s diversity. Tailor your selling strategy to the specific segment of the market your property belongs to.
In conclusion, the Kennewick real estate market offers ample opportunity for sellers, provided they navigate it with a strategic approach. By understanding the nuances of market trends and preparing your home for sale accordingly, you can enhance your chances of a successful and profitable sale.