Understanding the trends in the Richland real estate market can help both buyers and sellers make better decisions. By analyzing data from the past 12 months and comparing it to more recent periods like the current year to date (YTD), last full month, and current month, we can uncover important patterns in how homes are listed, sold, and priced. This analysis focuses on single-family residences in Richland, Washington, looking at factors like market speed, price trends, and buyer-seller dynamics.
Past 12 Months
- Total Homes on Market per Day: Over the past year, an average of 1.85 new listings came to market daily, with a total of 678 homes listed.
- Homes Sold per Day: On average, 1.49 homes sold per day, resulting in 545 total sales.
- Average and Median Prices:
- Average original listing price: $521,372
- Median original listing price: $475,000
- Average final sold price: $508,183
- Median final sold price: $468,650
- Buyer’s Score: 3.0 – Buyers faced moderate challenges in the market.
- Seller’s Score: 7.0 – A favorable environment for sellers.
The past year highlights a solid seller’s market with steady activity. While the average days on market was 50 days, homes were still selling close to their original listing prices, showing strong demand.
Year to Date (YTD)
- Total Homes on Market per Day: So far in 2025, 1.5 new listings have hit the market daily, with 36 total listings recorded.
- Homes Sold per Day: 1 home sold every 1.2 days, totaling 20 sold properties.
- Average and Median Prices:
- Average original listing price: $586,097
- Median original listing price: $559,500
- Average final sold price: $474,310
- Median final sold price: $448,000
- Buyer’s Score: 4.3 – The market conditions are slightly more favorable for buyers compared to last year.
- Seller’s Score: 5.7 – Sellers still have an advantage but less so than in previous months.
This year has seen slightly reduced activity compared to the past 12 months. The average days on market dropped to 17 days, indicating that homes are selling much faster so far in 2025.
Last Full Month (December 2024)
- Total Homes on Market per Day: In December, 1 new listing came to market every 1.2 days, with 26 total listings recorded.
- Homes Sold per Day: 1.16 homes sold daily, resulting in 36 total sales.
- Average and Median Prices:
- Average original listing price: $497,569
- Median original listing price: $442,500
- Average final sold price: $440,766
- Median final sold price: $410,000
- Buyer’s Score: 2.5 – Buyers had a tougher time in the market.
- Seller’s Score: 7.5 – Sellers were in a strong position.
December was characterized by limited inventory, leading to increased competition among buyers. Despite the higher seller scores, homes sold faster, with an average of 38 days on market, reflecting a quicker pace compared to earlier months.
Current Month (January 2025)
- Total Homes on Market per Day: So far in January, 1.16 homes per day have been listed, with 36 total listings to date.
- Homes Sold per Day: 1 home sold every 1.6 days, totaling 20 sales.
- Average and Median Prices:
- Average original listing price: $586,097
- Median original listing price: $559,500
- Average final sold price: $474,310
- Median final sold price: $448,000
- Buyer’s Score: 4.3 – Conditions are improving for buyers compared to December.
- Seller’s Score: 5.7 – Sellers still hold an advantage.
January shows a continuation of trends from December, with a low average of 17 days on market. Homes are selling quickly, and prices remain steady, making this a competitive but more balanced market.
Conclusion
Richland’s real estate market has been dynamic, favoring sellers for much of the past year while showing signs of balance as we enter 2025. Here are the key takeaways:
- Market Speed: Homes are selling faster, with average days on market dropping from 50 days last year to just 17 days in January 2025.
- Price Trends: Listing prices are rising, with January’s average of $586,097 significantly higher than December’s average of $497,569. However, sold prices remain steady, indicating that buyers are willing to pay near listing prices.
- Buyer and Seller Dynamics: While it’s still a seller’s market, January’s improved buyer score of 4.3 shows better opportunities for buyers compared to late 2024.
For sellers, this is an excellent time to list your property, as demand remains high, and homes are moving quickly. Buyers should be prepared to act fast and submit competitive offers, as inventory is still tight.
For personalized advice or support with buying or selling in Richland, contact ryan@kenmoreteam.com or call 509.987.4544. Staying informed and working with local experts can help you make confident decisions in this active market.