Over the past 12 months, the Pasco real estate market has experienced significant shifts across different price points. By evaluating listing prices, final sale prices, and negotiation trends, we can determine which price segments have performed best for buyers and sellers alike. Let’s take a deep dive into the numbers and extract key insights from the past year’s activity.
Overall Market Performance
- Homes under $450K continue to favor sellers, with minimal price reductions and high competition.
- The $750K-$850K range has been the most buyer-friendly, as sellers have had to accept notable price reductions.
- Luxury homes ($1M+) have been selling at premium prices, showing strong demand despite longer days on market.
Price Range Performance Over the Last 12 Months
$0 – $350,000
- Average Listing Price: $290,350
- Average Sold Price: $290,643
- Final Price vs. Asking Price: Homes have been selling at or above listing price.
✅ Insight: This has been the most competitive price range, with buyers frequently having to offer full price or above to secure a home.
$350,000 – $450,000
- Average Listing Price: $396,417
- Average Sold Price: $396,619
- Final Price vs. Asking Price: Homes have been selling with minimal reductions.
✅ Insight: Sellers have dominated this segment, but buyers still have slightly more room to negotiate than lower price points.
$450,000 – $550,000
- Average Listing Price: $487,811
- Average Sold Price: $485,139
- Final Price vs. Asking Price: Small price reductions suggest steady demand.
⚖️ Insight: The market remains balanced in this range, with sellers maintaining leverage but buyers seeing some flexibility.
$550,000 – $650,000
- Average Listing Price: $599,849
- Average Sold Price: $588,188
- Final Price vs. Asking Price: Moderate reductions indicate increasing buyer leverage.
⚠️ Insight: Sellers have had to make more concessions, suggesting a gradual shift toward a buyer’s market in this range.
$650,000 – $750,000
- Average Listing Price: $712,983
- Average Sold Price: $705,150
- Final Price vs. Asking Price: Larger price reductions compared to mid-tier homes.
🔍 Insight: Buyers in this range have gained more power, as sellers have had to adjust pricing.
$750,000 – $850,000
- Average Listing Price: $841,125
- Average Sold Price: $819,573
- Final Price vs. Asking Price: Some of the highest price reductions occurred in this range.
🚨 Insight: This has been the best price point for buyers, as sellers have had to adjust expectations and accept lower offers.
$850,000 – $1,000,000
- Average Listing Price: $804,871
- Average Sold Price: $801,371
- Final Price vs. Asking Price: Small reductions suggest stable demand.
🏡 Insight: The market has remained fairly balanced, with buyers and sellers negotiating close to asking price.
$1,000,000 and Higher
- Average Listing Price: $1,125,500
- Average Sold Price: $1,215,000
- Final Price vs. Asking Price: Luxury homes often sell above asking price, reflecting strong demand.
💰 Insight: The high-end market has remained resilient, with premium properties selling well despite longer market times.
Key Takeaways from the Past 12 Months
- Toughest Markets for Buyers: The $0-$450K price range remains the most competitive, with sellers maintaining control and homes selling at or above list price.
- Most Negotiable Market for Buyers: The $750K-$850K segment saw the largest price reductions, making it the best range for buyers seeking deals.
- Luxury Market Strength: Homes over $1M have retained strong demand, often selling above asking price, despite longer days on market.
For expert guidance on buying or selling in Pasco, reach out to ryan@kenmoreteam.com or call 509.987.4544. Reviewing market trends ensures you make the best real estate decisions!