The Tri-Cities real estate market has experienced dynamic shifts over the past year. Whether you’re a buyer looking for opportunities or a seller aiming to maximize your home’s value, understanding market trends can give you an edge. This analysis will examine how sold listings have changed over the past 12 months, alongside broader insights into inventory, pricing, and buyer-seller conditions.
Are Home Sales Increasing or Decreasing?
By analyzing sold listings across West Richland, Richland, Pasco, and Kennewick, we can identify clear trends in market activity.
Total Sold Listings (Past 12 Months vs. Current Market)
| City | Total Sold (Past 12 Months) | Avg. Sold Per Day | Sold in Last Full Month (Jan 2025) | Trend |
|---|---|---|---|---|
| West Richland | 168 | 1 sold every 2.2 days | 14 (1 sold every 2.2 days) | Steady |
| Richland | 548 | 1.5 per day | 32 (1.03 per day) | Decreasing |
| Pasco | 541 | 1.48 per day | 34 (1.1 per day) | Decreasing |
| Kennewick | 747 | 2.04 per day | 48 (1.55 per day) | Decreasing |
Key Insight: Decreasing Sales Volume in Most Cities
- West Richland is holding steady, with no major drop in sold homes per day.
- Richland, Pasco, and Kennewick are seeing fewer sales per day compared to the past 12-month average, suggesting a slowdown in market activity.
What’s Driving This Sales Slowdown?
1. Inventory is Shrinking
New listings have declined in recent months, leading to less selection for buyers and longer wait times for sellers.
- Kennewick: 73 new listings in January 2025 vs. 958 over 12 months (down 11% from the average).
- Richland: 46 new listings in January vs. 673 over 12 months (down 15% from the average).
- Pasco: 58 new listings in January vs. 698 over 12 months (down 8% from the average).
- West Richland: 13 new listings in January vs. 210 over 12 months (down 26% from the average).
2. Prices Are Rising
With inventory tightening, listing prices have increased, making affordability a growing concern for buyers:
- West Richland: Average listing price rose to $649,708 in January 2025 from $555,888 over the past year.
- Kennewick: Listing prices increased to $493,907 in January from $500,899 over 12 months.
- Pasco: Prices remain stable at $531,313 in January compared to $488,289 over the past year.
3. Buyer Demand Is Softening
Buyer scores are dropping, meaning demand is slowing:
- West Richland buyer score fell from 2.3 to 1.5.
- Richland buyer score dipped from 3.0 to 3.2.
- Kennewick buyer score increased slightly from 3.5 to 3.6, but the seller score is declining.
This means buyers are less competitive, and homes are taking longer to sell in some areas.
What Does This Mean for Buyers & Sellers?
For Sellers:
- If you’re in West Richland, you’re in luck. Sales volume remains stable, and home values are increasing.
- If you’re in Kennewick or Richland, prepare for longer wait times. Fewer buyers mean homes might sit on the market longer.
For Buyers:
- Kennewick and Pasco might present good opportunities. Slower sales could give buyers more negotiating power.
- Interest rates and affordability remain key factors. With listing prices climbing, buyers should be ready to act fast on well-priced homes.
Final Takeaways
- Overall sales are slowing down in Richland, Kennewick, and Pasco, while West Richland is holding steady.
- Fewer new listings are entering the market, making inventory tighter.
- Listing prices are rising, making affordability a growing concern.
- Buyers have slightly more power in some cities, but sellers still hold an advantage in West Richland.
Whether you’re buying or selling, local market knowledge is key to making the right move. If you need expert guidance, reach out to ryan@kenmoreteam.com or call 509.987.4544 for a consultation.