If your budget is $325,000 or less and you’re eyeing Richland as your new home, the market offers plenty of opportunities—but it’s not without challenges. Richland’s market trends reflect its unique dynamics within the Tri-Cities, making it important to know what to expect. Here’s a closer look at how the $325,000 market in Richland is shaping up.
What Does the Market Look Like for Homes Under $325,000 in Richland?
In the past 12 months, Richland saw 86 total listings for existing construction homes priced up to $325,000, averaging 1 new listing every 4.3 days. Inventory in this price range has been relatively limited compared to other Tri-Cities housing markets.
In the last full month (December 2024), only 4 new listings came to market, equating to 1 listing every 7.8 days. This sharp drop from the 12-month average indicates a tightening inventory, putting pressure on buyers in this price range.
How Fast Are Homes Coming to the Market?
The pace of new listings has been slowing:
- Past 12 Months: New homes entered the market at a steady rate of 1 every 4.3 days.
- December 2024: Listings slowed to 1 every 7.8 days, signaling a more constrained market.
- January 2025: The market remained tight with 3 new listings, averaging 1 every 9 days.
This trend highlights reduced opportunities for buyers, requiring swift action when homes hit the market.
How Fast Are Homes Being Sold?
Richland’s market has seen consistent activity, with homes selling quickly:
- Past 12 Months: 73 homes were sold, averaging 1 sale every 5 days. The average days on market (DOM) was 23 days, with a median of 18 days.
- December 2024: Sales remained steady with 7 homes sold, and the average DOM was just 7 days.
- January 2025: The number of sales dropped to 2 homes, with an average DOM of 22 days.
Though sales activity dipped in January, homes are still moving relatively quickly, showing continued demand.
Are These Rates Increasing or Decreasing?
Market activity is showing seasonal and inventory-driven fluctuations:
- New Listings: The daily rate of new listings has declined significantly since the 12-month average.
- Sales Activity: December 2024 saw strong sales activity with 7 homes sold, but January 2025 experienced a drop to 2 sales, likely due to limited inventory.
- Days on Market: The average DOM increased from 7 days in December 2024 to 22 days in January 2025, signaling a slight slowdown in sales speed.
What Was the Average Sales Price for Richland?
For homes under $325,000, the sales price has remained relatively stable:
- Past 12 Months: The average final sale price was $274,696, with a median of $280,000.
- December 2024: The average price dipped slightly to $263,650, while the median remained strong at $263,000.
- January 2025: Prices rebounded, with an average final sale price of $279,450 and a median of $279,450.
What Was the Average Days on Market for Richland?
Richland’s homes tend to sell quickly:
- Past 12 Months: The average DOM was 23 days, with a median of 18 days.
- December 2024: DOM dropped dramatically to 7 days, indicating very strong demand during the holiday season.
- January 2025: DOM rose to 22 days, reflecting a more typical post-holiday pace.
Final Takeaways
- Inventory Challenges: With fewer listings entering the market, buyers in Richland face limited options and high competition.
- Strong Demand: Homes in this price range continue to sell quickly, with most listings staying on the market for less than a month.
- Rising Prices: While prices dipped slightly in late 2024, they rebounded in early 2025, highlighting buyer resilience and strong market fundamentals.
- Seller’s Market: With low inventory and fast sales, sellers hold a strong advantage, making this an excellent time to list a home.
For buyers, it’s critical to be prepared. Get pre-approved for financing, work with a local expert, and act quickly when a suitable home becomes available. For sellers, the current market conditions provide an opportunity to sell quickly and close to your asking price.
Reach out to our team today for expert advice on buying or selling in Richland. Let’s navigate this competitive market together and achieve your real estate goals!