By comparing the past 12 months of existing construction market data for Kennewick and the Tri-Cities region, we can better understand local real estate trends. Since Kennewick is just one city of the Tri-Cities, its market activity often mirrors regional patterns but also displays unique differences. Below is a detailed comparison of key metrics, including listings, pricing, and buyer-seller dynamics.
Market Activity
1. Listings per Day
- Tri-Cities: Over the past 12 months, the Tri-Cities saw an average of 6.9 new listings per day, totaling 2,524 listings.
- Kennewick: Kennewick had an average of 2.62 new listings per day, with 960 total listings.
- Conclusion: Kennewick accounted for about 38% of the total listings in the Tri-Cities. This indicates that while Kennewick is an active part of the regional market, most listings occur outside of it.
2. Days on Market (DOM)
- Tri-Cities:
- Average DOM: 52 days
- Median DOM: 29 days
- Kennewick:
- Average DOM: 55 days
- Median DOM: 31 days
- Conclusion: Homes in Kennewick took slightly longer to sell compared to the Tri-Cities average. This suggests a less competitive market in Kennewick, where buyers may have a bit more time to make decisions.
Pricing Trends
1. Listing Prices
- Tri-Cities:
- Average Listing Price: $507,832
- Median Listing Price: $450,000
- Kennewick:
- Average Listing Price: $504,085
- Median Listing Price: $445,000
- Conclusion: Kennewick’s average and median listing prices were slightly lower than those of the broader Tri-Cities region. This reflects Kennewick’s position as a relatively more affordable market within the region.
2. Sold Prices
- Tri-Cities:
- Average Sold Price: $478,361
- Median Sold Price: $435,000
- Kennewick:
- Average Sold Price: $471,388
- Median Sold Price: $425,000
- Conclusion: Kennewick’s sold prices were consistently lower than the regional average, reinforcing its relative affordability.
3. Price per Square Foot
- Tri-Cities:
- Average Price per Square Foot: $242.90
- Median Price per Square Foot: $240.44
- Kennewick:
- Average Price per Square Foot: $238.54
- Median Price per Square Foot: $235.03
- Conclusion: Kennewick offered slightly lower prices per square foot than the Tri-Cities, making it a more attractive option for buyers looking for better value.
Buyer and Seller Dynamics
Buyer and Seller Scores
- Tri-Cities:
- Buyer Score: 3.5
- Seller Score: 6.5
- Kennewick:
- Buyer Score: 3.7
- Seller Score: 6.3
- Conclusion: Both markets leaned toward a seller’s market, with Kennewick showing slightly more favorable conditions for buyers. This is reflected in the higher buyer score and lower seller score in Kennewick.
Summary of Insights
- Inventory and Market Activity: Kennewick contributed about 38% of the total Tri-Cities listings. While both markets showed healthy listing activity, Kennewick had slightly fewer listings relative to its size within the region.
- Sales Speed: Both markets experienced moderate DOM, with Kennewick taking slightly longer to sell homes. This suggests that while Kennewick remains competitive, buyers have a bit more flexibility compared to the broader Tri-Cities market.
- Pricing Trends: Kennewick’s listing and sold prices were consistently lower than the regional average, making it an appealing option for budget-conscious buyers. Additionally, its lower price per square foot adds to its attractiveness.
- Buyer-Seller Balance: Both markets were seller-friendly, but Kennewick offered slightly more balanced conditions for buyers, as indicated by its higher buyer score and lower seller score.
Final Thoughts
Kennewick’s existing construction market continues to offer excellent opportunities for buyers and sellers alike. While sellers benefit from a strong market with rising prices, buyers can still find value in lower price points and a bit more negotiating power compared to the overall Tri-Cities region.
For guidance in navigating the Kennewick real estate market, contact ryan@kenmoreteam.com or call 509.987.4544. Staying up to date about market trends ensures better decision-making, whether you’re buying your dream home or selling your current home.