The real estate market for 1-story homes in Canyon Lakes, Kennewick, has shown notable trends over the past year. Whether you’re considering buying or selling, understanding these shifts will help you make informed decisions. Here’s a look at the latest market activity, pricing trends, and buyer-seller conditions.
Market Activity: Listings & Sales Trends
Past 12 Months:
- 27 total listings, averaging one new listing every 13.5 days.
- 19 homes sold, meaning a sale occurred approximately every 19 days.
- Homes spent an average of 55 days on the market, with a median of 49 days, making 1-story homes one of the faster-moving segments.
Recent Trends:
- In February 2025, 1 new listing was recorded, while 3 homes sold.
- In March 2025 (so far), 2 new listings have been recorded, but no sales yet.
- Homes in this segment are selling at a steady pace, though early 2025 has seen slightly fewer transactions.
Pricing Trends: Are Home Values Holding Steady?
Listing Prices:
- Over the past year, the average original listing price was $553,146, with a median of $514,500.
- The lowest original listing price was $435,000, while the highest reached $749,900.
- More recently, February 2025 listings had an average price of $599,900, showing an upward trend.
Final Sale Prices:
- The average final sale price over the past year was $522,205, with a median of $505,000.
- The highest recorded final sale price was $645,000, while the lowest was $435,000.
- Homes in this category are selling for about 94.4% of their original listing price, indicating solid demand.
Price Per Square Foot:
- Over the past year, the average price per square foot was $250.73.
- The median price per square foot was $254.12, showing a stable pricing trend.
- If demand continues to increase, price per square foot could rise further into the summer months.
Buyer & Seller Market Conditions
The market strength for buyers and sellers is measured using Buyer and Seller Scores:
- Over the past 12 months, the Buyer Score was 3.1, while the Seller Score was 6.9, indicating a strong seller’s market.
- Recently, in February 2025, the Buyer Score dropped to 2.2, while the Seller Score increased to 7.8, reinforcing favorable conditions for sellers.
- March’s Buyer Score is 3.6, showing buyers are gaining some leverage, but the market still favors sellers.
This means that sellers still have the upper hand, though buyers are beginning to have more room for negotiation.
Key Takeaways for Buyers & Sellers
For Buyers:
- More listings are becoming available, giving you more options.
- Homes are selling closer to their listing price, meaning less negotiation flexibility.
- Prices per square foot are holding steady, so acting now before prices rise further is advisable.
For Sellers:
- 1-story homes continue to sell quickly, with an average of just 55 days on the market.
- Sellers are still in control, but buyer demand is leveling out, meaning proper pricing and home presentation are key.
- If you’re looking to sell, now is a strong time before the market shifts further toward buyers.
Final Thoughts
The 1-story home market in Canyon Lakes remains a seller’s market, with rising home values and relatively quick sales. However, buyer demand is shifting slightly, meaning sellers will need to price competitively and be strategic. Buyers, on the other hand, should act sooner rather than later before prices climb further.
For expert guidance, reach out to Ryan Rose at Kenmore Team for real estate insights and assistance in navigating this market.