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A Deep Dive into Tri-Cities Existing Construction Trends – April 2025

The existing construction housing market in the Tri-Cities has been active, competitive, and seller-favorable over the past year. But as we enter 2025, new data from the first quarter suggests emerging shifts in inventory, pricing, and buyer behavior. This report compares full-year (Past 12 Months) and Year-to-Date (YTD) figures to answer a key question: Is the market improving—or cooling off?

Let’s look at the numbers and explore what they mean for buyers, sellers, and investors.


1. Inventory & Market Activity: More Listings, Faster Sales

Metric Past 12 Months Year to Date (Q1 2025)
Total Listings 2,566 611
Listings per Day 7.03 6.71
Total Sales 1,982 455
Sales per Day 5.43 5.00
Sold-to-Listed Ratio 77.3% 74.5%

Insight: The market remains highly active, but listing and sales rates in 2025 have dipped slightly compared to the 12-month average. This may suggest a gradual deceleration or a seasonal cooldown. However, the sales-to-listings ratio is still strong, signaling continued demand.


2. Days on Market: Homes Are Selling Faster

Metric Past 12 Months Year to Date (Q1 2025)
Average DOM (Sold Homes) 45 days 61 days
Median DOM (Sold Homes) 23 days 38 days

Insight: At first glance, it seems homes are taking longer to sell in 2025. But consider this:

  • In the past 12 months, DOM averaged 45 days, with a median of 23 days.
  • In 2025 so far, median DOM is 38 days—indicating longer but still efficient timelines.

This uptick could reflect buyer caution, more available choices, or longer financing periods early in the year. While sales are still happening in just over a month on average, the slower median signals a modest cooling trend.


3. Pricing Trends: Holding Steady or Flattening?

Metric Past 12 Months Year to Date (Q1 2025)
Avg. Original List Price $513,751 $533,186
Median List Price $455,000 $474,900
Avg. Sold Price $482,933 $496,644
Median Sold Price $435,000 $443,000
Avg. Price per Sq. Ft. $242.19 $245.35
Median Price per Sq. Ft. $241.14 $243.96

Insight: Prices are not rising significantly, but they are holding steady, with slight increases in both average and median figures. This reflects pricing stability—not growth—which is common in a maturing seller’s market.

  • Average sold price is up 2.8% YTD
  • Price per square foot is up ~1.3%

These increases may reflect higher-quality inventory or market confidence, but they’re not dramatic enough to indicate a full-on price surge.


4. Buyer and Seller Dynamics: Sellers Still Have the Advantage

Metric Past 12 Months Year to Date (Q1 2025)
Buyer Score 3.3 3.3
Seller Score 6.7 6.7

Insight: These unchanged scores suggest the power dynamic in the market has not shifted. It remains a strong seller’s market, with buyers still facing limited leverage and competition. The consistency here reflects a market that is stable but not accelerating.


5. Home Size and Affordability: Stable Mix of Inventory

Metric Past 12 Months Year to Date (Q1 2025)
Avg. Sq. Ft. (Sold Homes) 2,089 2,125
Median Sq. Ft. 1,953 1,923

Insight: Homes sold in early 2025 are roughly the same size as last year. This signals that the mix of inventory remains consistent, and no sudden skew toward luxury or small-entry homes has occurred. In terms of affordability, while prices have risen slightly, buying power hasn’t dramatically declined for most standard-sized homes.


Overall Market Insight: Cooling Slightly, But Still Strong

So, is the market improving?
The answer depends on how we define “improvement.”

  • For buyers, the slight slowdown in sales pace and longer time on market offers more breathing room, especially compared to the competitive environment of 2024.
  • For sellers, pricing remains stable, and homes are still selling at a healthy rate—just not quite as quickly.

This is not a downturn. Rather, the data shows a moderate cooling and stabilization, typical of a mature seller’s market entering a new seasonal cycle.


Final Takeaways

  • Inventory is steady, and absorption rates are still high.
  • Prices are stable, with modest increases across most indicators.
  • Homes are taking slightly longer to sell, but still moving in a reasonable timeframe.
  • Sellers continue to hold an advantage, while buyers may benefit from a bit more time and negotiation flexibility.

This balance makes Q2 2025 a potentially strategic window for both buyers and sellers—before the spring rush adds more competition.