For Existing Construction, Single-Family, 1-Story Homes
The West Richland housing market has seen notable shifts over the past year, with changing inventory levels, fluctuating prices, and evolving buyer-seller dynamics. By analyzing recent trends, we can better understand how the market is performing and what to expect in the coming months.
How Have Total Listings Changed Over the Past 12 Months?
- Past 12 Months: 89 total listings, averaging 1 listing every 4.1 days.
- January 2025: 6 new listings, averaging 1 listing every 5.2 days.
- February 2025 (to date): 2 new listings, averaging 1 listing every 5 days.
West Richland continues to see low inventory, with only a handful of new listings entering the market each month. The overall number of homes available remains limited, which could lead to increased competition among buyers.
Market Trends
Homes Are Selling Faster
- Past 12 Months: Average days on market was 45, with a median of 16.
- January 2025: Average of 29 days, median of 27.
- February 2025 (to date): Average of 45 days, median of 56.
Homes in West Richland are spending more time on the market compared to other Tri-Cities areas, with February showing a significant increase in the median days on market. This may indicate that buyers are becoming more selective or that homes are priced higher than what the market will support.
Pricing Trends
- Past 12 Months:
- Average listing price: $486,610
- Average final sale price: $476,701
- January 2025:
- Average listing price: $547,433
- Average final sale price: $438,817
- February 2025 (to date):
- Average listing price: $427,450
- Average final sale price: $547,608
While February has seen lower listing prices compared to January, final sale prices have jumped significantly. This suggests that buyers are willing to pay more for desirable homes, despite the slower pace of sales.
Buyer and Seller Market Shifts
- Past 12 Months: Buyer score: 2.1, seller score: 7.9.
- February 2025 (to date): Buyer score: 0.1, seller score: 9.9.
West Richland is currently one of the strongest seller’s markets in the Tri-Cities, with extremely limited inventory and high seller leverage. Buyers have little negotiating power, making it a competitive environment.
What This Means for Buyers and Sellers
For Sellers:
- Homes are selling at strong prices, even if they stay on the market longer.
- Low inventory means less competition, making this a great time to sell.
For Buyers:
- Fewer choices mean acting quickly is critical when a desirable home becomes available.
- Higher final sale prices indicate strong demand, so expecting discounts may not be realistic.
Final Thoughts
West Richland remains a highly competitive seller’s market, with rising final sale prices and limited inventory. While homes are spending more time on the market, demand remains strong, and buyers should be prepared for higher prices and fewer options.