As of 2024 Year to Date, the Canyon Lakes real estate market (everything within a one-mile radius of the Canyon Lakes neighborhood) in Kennewick presents unique conditions for buyers and sellers alike. This in-depth analysis provides an overview of current trends in inventory, pricing, demand, and market speed for existing single-family homes. Whether you’re looking to buy or sell in this area, this guide will help you understand the best opportunities in this dynamic market.
The table below summarizes my scoring for buyers and sellers in the Canyon Lakes area, rating the buyer and seller advantages on a scale from 1 to 10.
| Market Segment | Buyer Score | Seller Score |
|---|---|---|
| Canyon Lakes Area (1-mile radius) | 5.8 | 7.4 |
Key Market Insights by Category
1. Inventory and Market Speed
Total Listings in 2024: 64 homes have entered the market Year to Date, averaging just 0.2 new listings daily, a sign of limited supply.
Sold Listings: With 36 sales closing, an average of 0.11 listings sell daily. This limited availability creates a competitive market, giving the advantage to sellers due to higher demand.
Conclusion: Limited daily listings and steady sell rates indicate a market that moves quickly, with low supply favoring seller interests.
2. Pricing Trends and Price Reductions
Average Original Listing Price: $663,848 across all listings, with a median price of $617,000.
Sold Price Adjustments: Closed transactions averaged $591,142, marking an average reduction of 5.6% from the original list price.
Conclusion: Sellers are keeping more control over pricing with only minimal price reductions, indicating strong demand that keeps prices stable.
3. Days on Market (DOM)
Total Listings: Average DOM is 89 days, with a median DOM of 63 days.
Sold Listings: Sold listings have a faster turnaround, with an average DOM of 64 days and a median DOM of 46 days.
Conclusion: The faster DOM for closed listings reflects high demand and a competitive market, favoring sellers.
4. Price per Square Foot Trends
Total Listings: Average price per square foot is $218.48.
Sold Listings: The average price per square foot for sold homes is slightly lower at $214.39, showing a small price concession but overall stability.
Conclusion: Minimal variation in price per square foot between total and sold listings reinforces demand consistency and supports seller pricing.
5. Home Size and Square Footage
Total Listings: Average home size is 2,990 sq. ft., with a median of 2,761 sq. ft.
Sold Listings: Sold homes average 2,852 sq. ft., with a median of 2,558 sq. ft.
Conclusion: A variety of larger homes is most common for the Canyon Lakes market, appealing to buyers looking for more space, which also adds to the value proposition for sellers.
Buyer and Seller Scores
For Buyers (Existing Construction, Single-Family Homes, Canyon Lakes Area,)
* Buyer Score: 5.8/10
Rationale: Limited listings (0.2 new listings/day) restrict options, and competitive days on market indicates high demand.
Calculation: Base score of 5.0 + (-0.5 for low inventory) + 0.3 for slight price reductions + 1.0 for stable price per square foot.
For Sellers (Existing Construction, Single-Family Homes, Canyon Lakes Area,)
* Seller Score: 7.4/10
Rationale: Favorable inventory conditions and quick sales provide strong leverage for sellers.
Calculation: Base score of 6.5 + 1.0 for limited inventory + 0.4 for lower DOM + 0.5 for price stability.
My Conclusion
In summary, in and around Canyon Lakes for 2024 YTD indicates a strong seller’s market, with limited inventory and high demand driving fast transactions and modest price reductions. Buyers face competition and limited availability but benefit from price stability, while sellers enjoy quick sales and the ability to maintain close to list prices. This area remains highly attractive for those selling homes, while buyers may need to act quickly when new listings become available.