Pricing trends in the Tri-Cities real estate market reveal important differences between listing prices and final selling prices for existing construction 1-story homes. By examining how prices have changed over the past four months, we can better understand buyer behavior, market shifts, and pricing trends for these homes.
Price Trends for Existing Construction 1-Story Homes
Average Listing vs. Selling Prices
- November 2024: Listed at $456,256, sold at $446,203
- December 2024: Listed at $463,616, sold at $416,301
- January 2025: Listed at $460,654, sold at $447,019
- February 2025 (First 10 Days): Listed at $499,590, sold at $478,075
Key Takeaways: How Are Prices Changing?
1. February Shows a Notable Increase in Prices
- February 2025 marks the highest listing and selling prices in the past four months.
- With an average final sale price of $478,075, this suggests that buyers are willing to pay more for 1-story existing homes than in previous months.
2. The Gap Between Listing and Selling Prices is Shrinking
- In December 2024, the difference between listing and final sale prices was $47,315, reflecting more negotiation and price adjustments.
- By February 2025, that gap has narrowed to $21,515, indicating stronger demand and buyers paying closer to asking prices.
3. Existing Home Prices Are Less Predictable
- Listing and selling prices have fluctuated more month-to-month, meaning sellers should be strategic with pricing.
- While January saw a dip in listing prices compared to December, February’s sharp increase may signal a trend reversal.
What This Means for Buyers and Sellers
📌 For Sellers:
- February’s rising prices suggest now may be a good time to list, as buyers are paying closer to asking prices.
- While negotiation was more common in December and January, the shrinking gap between list and sold prices means well-priced homes are selling faster and at higher values.
📌 For Buyers:
- Waiting for better deals may not be beneficial, as February’s increase in prices could indicate an emerging seller’s market.
- More homes are selling closer to list price, meaning buyers should expect less room for negotiation than in previous months.
Final Thoughts
The existing construction 1-story home market in the Tri-Cities is showing signs of strengthening. While price fluctuations were common in late 2024, February’s rising listing and sale prices suggest increasing demand.