This analysis covers new construction single-family homes listed and sold throughout the Tri-Cities—Kennewick, Pasco, Richland, and West Richland—over the past 12 months. By tracking key metrics such as listing activity, price trends, days on market, and buyer/seller dynamics, we gain a comprehensive view of how the new construction segment has evolved and what that means for buyers and sellers.
Past 12 Months
- Total Homes on Market per Day: An average of 2.48 new listings per day, totaling 905 new construction listings.
- Homes Sold per Day: An average of 1.36 sales per day, resulting in 498 new construction homes sold.
- Average and Median Prices:
- Original Listing Price: Average of $577,520, median of $509,900
- Final Sold Price: Average of $550,661, median of $491,375
- Buyer’s Score: 5.7 – a moderately favorable environment for buyers.
- Seller’s Score: 4.3 – showing that sellers had less leverage compared to the existing home market.
Market Highlights and Trends
Listings and Sales Volume
New construction listings made up a smaller share of the market, with just under 1,000 homes listed and about 500 homes sold. With only 1.36 homes selling per day, this segment saw slower absorption compared to existing homes. This gap between listing and sales pace points to increased buyer choice and more negotiating room in the new construction market.
Pricing Patterns
- The average final sold price came in at $550,661, only 4.6% below the average original list price of $577,520.
- The median final price of $491,375 compared to a median list price of $509,900 suggests most builders made modest adjustments to secure sales.
Buyers had room to negotiate, but prices generally held strong. This reflects a market in transition—neither fully favoring buyers nor sellers.
Days on Market
New construction homes took longer to sell:
- Average DOM: 129 days
- Median DOM: 90 days
These longer timelines are typical in the new construction sector due to build-out periods, pre-sale models, and extended marketing cycles. However, the gap between median and average suggests that while many homes sold in about three months, others lingered for far longer.
Home Sizes and Price per Square Foot
- Average size of sold homes: 1,964 square feet
- Average price per square foot: $282.42
- Median price per square foot: $282.79
With tight clustering around the median and average price per square foot, pricing for new builds remained predictable and consistent. Most homes were newly built in 2024 or 2025, offering modern layouts, energy efficiency, and builder incentives that continue to attract buyers.
Buyer and Seller Dynamics
The scores from the past year reflect a more balanced environment:
- Buyer Score of 5.7 indicates buyers had reasonable negotiating power and flexibility in choosing among comparable new builds.
- Seller Score of 4.3 shows that builders were less likely to receive full asking price or sell quickly without incentives.
Compared to existing construction, the new construction market leaned closer to equilibrium, though buyers still had a slight edge.
Summary of Key Insights
- Market Activity: With 2.48 listings and 1.36 sales per day, the market saw healthy inventory growth but slower absorption.
- Sales Speed: Homes took longer to sell, with median DOM at 90 days, reflecting longer builder timelines and more buyer deliberation.
- Pricing Trends: Prices remained high but flexible, with small reductions from list to sale price signaling room for buyer negotiation.
- Buyer Advantage: Compared to the resale market, buyers had more leverage and more inventory to choose from in the new construction segment.
Final Thoughts
The past 12 months in the Tri-Cities’ new construction market revealed a moderate pace, steady pricing, and a buyer-friendly environment. Builders maintained pricing discipline, but longer sales timelines and modest discounts showed that buyers were in a position to negotiate.
If you’re considering a new home, now may be an ideal time to explore your options. With modern features, builder incentives, and stable pricing, new construction continues to offer excellent value. Sellers—especially builders—may need to adjust timelines or offer perks to stay competitive in a more selective market.
For tailored advice or help navigating new construction opportunities, contact ryan@kenmoreteam.com or call 509.987.4544. Our team can help you find the right fit in today’s evolving market.