If you’re planning on buying a home in the Tri-Cities area (Kennewick, Richland, Pasco) with a price point of up to $325,000, you’re entering a competitive segment of the market. Here’s a breakdown of the key trends to help you navigate your home-buying journey and make informed decisions.
What Does the Market Look Like for Homes Under $325,000?
The Tri-Cities market for existing construction single-family homes in this price range remains active but tight. Over the past 12 months, the area saw 281 total listings, averaging 1.3 new listings per day. Homes priced at $325,000 or less are in high demand, so buyers should act quickly when new properties hit the market.
In the last full month (December 2024), the market had 14 new listings in this price range, averaging 1.55 new listings per day. This represents a slight decrease from the 12-month average, indicating that inventory in this price segment is shrinking, potentially leading to increased competition among buyers.
How Fast Are Homes Coming to the Market?
The pace of new listings has varied over time. The past 12 months saw homes entering the market steadily, but inventory tightened toward the end of the year. In January 2025, the market saw 10 new listings (1 listing every 2.7 days), slightly slower than December 2024. The average days on market for newly listed homes in December 2024 was 18 days, signaling a relatively fast-moving market.
How Fast Are Homes Being Sold?
In the past 12 months, homes under $325,000 sold at an average pace of 1.5 sales per day, totaling 242 sold listings. The average days on market (DOM) for sold homes was 33 days, with a median of 16 days. However, in December 2024, the DOM increased slightly to an average of 21 days, but many homes were still selling within 7 days of being listed.
Are These Rates Increasing or Decreasing?
Market activity has shown slight fluctuations:
- New Listings: The daily rate of new listings slowed from 1.3 per day over the past year to 1 per day in January 2025.
- Sales Activity: The number of sold homes slightly decreased in January 2025 (9 sold homes) compared to December 2024 (20 sold homes).
The tighter inventory and slower pace of sales suggest a potential shift toward an even stronger seller’s market.
What Was the Average Sales Price for the Tri-Cities?
For homes sold under $325,000:
- Past 12 Months: The average final sale price was $278,901, with a median of $290,000.
- December 2024: The average final sale price increased slightly to $266,296, reflecting a seasonal dip but remaining strong.
- January 2025: The average sale price rebounded to $301,244, with a median of $302,500, highlighting increased buyer competition.
What Was the Average Days on Market?
Days on market trends for sold listings:
- Past 12 Months: Homes averaged 33 days on the market, but many sold in 16 days or less.
- December 2024: The average DOM increased slightly to 21 days.
- January 2025: DOM rose to 24 days, indicating that homes are taking slightly longer to sell, though demand remains strong.
Final Takeaways
- Inventory is Tight: With fewer new listings entering the market, buyers should be prepared to act fast when a home in their price range becomes available.
- Homes Are Selling Quickly: Although days on market increased slightly in recent months, homes in this price range continue to sell relatively fast.
- Prices Are Competitive: The narrowing gap between listing and sold prices indicates strong buyer demand, and the January 2025 average price suggests buyers are willing to pay close to asking.
For buyers, this is a competitive market where preparation is key. Ensure you’re pre-approved for financing and ready to make a competitive offer. For sellers, now is an excellent time to list your home, as demand remains high, and competition among buyers is driving prices upward.
For personalized guidance in the Tri-Cities real estate market, reach out to our team today. Let’s make your real estate journey a success!