Understanding the housing market can give buyers and sellers an edge. In the Tri-Cities, the market for single-family homes under $350,000 has seen strong seller conditions, with limited inventory and homes selling quickly. Let’s break down the key trends shaping this price range.
Market Trends Overview
- Low Inventory: Fewer homes are available in this price range, making it a competitive space for buyers.
- Quick Sales: Homes are selling fast, with median days on market consistently low.
- Strong Seller Market: Buyers have limited negotiation power, as homes often sell near or at asking price.
Past 12 Months Trends
- Listings: An average of 1.18 new listings per day, totaling 431 listings for the year.
- Sales: 1.02 homes sold per day, with 372 total sales in 12 months.
- Pricing:
- Average listing price: $308,286
- Median listing price: $319,450
- Final sale prices averaged $299,839, with a median of $313,000.
- Days on Market: Homes sat for an average of 34 days, with a median of 14 days.
- Buyer-Seller Scores:
- Buyer Score: 0.7 (Very limited power for buyers)
- Seller Score: 9.3 (Sellers in control)
Key Insight:
Buyers in this price range face limited options and must act fast when a listing becomes available.
Year-to-Date (YTD) 2025
- Listings: 57 new homes came on the market so far, averaging 1 per day.
- Sales: 47 homes sold, with 1 home selling every 1.4 days.
- Pricing:
- Average listing price: $302,199
- Median listing price: $315,000
- Final sale prices: Averaged $302,159, median $315,000.
- Days on Market: Homes sold in an average of 40 days, with a median of 25 days.
- Buyer-Seller Scores:
- Buyer Score: 0.7 (unchanged)
- Seller Score: 9.3 (unchanged)
Key Insight:
The year started similarly to last year, with continued seller dominance and limited inventory.
February 2025 (Last Full Month)
- Listings: 28 new homes hit the market (1 per day).
- Sales: 22 homes sold (1 sale every 1.3 days).
- Pricing:
- Average listing price: $306,546
- Median listing price: $315,000
- Final sale prices: Average $306,671, median $315,000.
- Days on Market: Homes sold in an average of 25 days, with a median of 8 days.
- Buyer-Seller Scores:
- Buyer Score: 4.7 (slightly better for buyers)
- Seller Score: 5.3 (slightly more balanced, but still seller-favored)
Key Insight:
Compared to the past 12 months, buyers had slightly more power, but the market remains competitive.
March 2025 (Current Month)
- Listings: 3 new homes listed so far.
- Sales: 1 home sold.
- Pricing:
- Average listing price: $299,663
- Median listing price: $299,000
- Final sale prices: Averaged $299,663, median $299,000.
- Days on Market: 2 days average, median 0 days (indicating rapid sales).
- Buyer-Seller Scores:
- Buyer Score: 4.3 (slightly better for buyers)
- Seller Score: 5.7 (still seller-friendly)
Key Insight:
March has started with strong demand, as homes are selling almost immediately.
Final Thoughts
- Sellers: This is an optimal time to list homes under $350,000, as demand remains high, and homes sell quickly.
- Buyers: Expect competition and act fast. Consider pre-approvals and strong offers to improve chances.
Want to discuss your buying or selling strategy? Reach out today!