Understanding the Market: A 12-Month Snapshot
If you’re considering buying or selling a new construction single-family home in West Richland, this in-depth market snapshot can help you understand where things stand. We’ve reviewed activity over the past 365 days to evaluate how quickly homes are selling, how close final prices come to asking prices, and how inventory trends impact market speed.
This review includes:
- All new construction
- Single-family homes
- No limits on price, size, or style
- Located within West Richland city limits
Inventory & Activity Levels
| Metric | Value |
|---|---|
| Total Listings | 10 homes |
| New Listings per Day | 1 every 36.5 days |
| Homes Sold | 11 homes |
| Homes Sold per Day | 1 every 33.2 days |
Over the past year, inventory has remained extremely limited, with just 10 new construction listings added. That equates to fewer than one listing every month. Sales outpaced new inventory, with 11 homes closing—pointing to continued buyer interest and a tight market.
Pricing Trends
| Price Metric | Value |
|---|---|
| Avg. Original List Price | $689,850 |
| Median Original List Price | $651,850 |
| Avg. Final Sale Price | $712,290 |
| Median Final Sale Price | $735,450 |
The market is favoring sellers: average final sale prices were $22,000 higher than original asking prices. This upward price pressure suggests that competition remains strong for the limited inventory of new builds.
Speed of Sale & Days on Market
| DOM Metric | Value |
|---|---|
| Avg. Days on Market | 115 days |
| Median Days on Market | 430 days |
Here’s where things get a little more complex. The average days on market (DOM) sits at a moderate 115 days, but the median DOM is unusually high at 430 days. This suggests a few outliers sat on the market a very long time, while most homes sold more quickly. Overall, the market speed remains healthy, especially for well-priced homes.
Price per Square Foot & Home Size
| Sq Ft Metric | Value |
|---|---|
| Avg. Price per Sq Ft (Sold) | $212.99 |
| Median Price per Sq Ft | $267.00 |
| Avg. Home Size (Sold) | 2,310 sq ft |
| Median Home Size | 1,923 sq ft |
Homes sold ranged widely in size, but with strong price-per-square-foot metrics, especially when compared to existing homes. The high median price per square foot reflects buyer willingness to pay for newer, modern finishes and updated layouts.
Buyer & Seller Scores
Using a custom scoring algorithm to measure market leverage, here’s how the market breaks down:
- Buyer’s Score: 2.80
Buyers have limited leverage due to tight inventory and rising sale prices. - Seller’s Score: 7.20
Sellers are in a strong position, with homes often selling above asking and little competition on the market.
Takeaways for Buyers & Sellers
For Sellers:
- You’re still in the driver’s seat.
- If your home is priced right and presented well, you’re likely to attract serious interest.
- With limited inventory, even higher-end homes are getting offers above asking price.
For Buyers:
- Be ready to move fast and come with a competitive offer.
- While leverage is limited, staying informed and working with a local agent can help you identify good opportunities—especially as DOM begins to normalize.
Final Word
West Richland’s new construction market over the past 12 months has remained solidly in seller-friendly territory. Limited inventory, rising sale prices, and buyer demand have kept competition strong. However, some signs of longer market times for select properties suggest there may be windows of opportunity if you’re watching closely.
Want help navigating this fast-moving market? Let’s connect. Whether you’re buying, selling, or just exploring, having a strategy backed by real data makes all the difference.
Let me know if you’d like this in a downloadable format (PDF or DOCX), or if you’d like a version created for another city or property type.