Canyon Lakes in Kennewick remains one of the area’s most sought-after neighborhoods, and its housing market has shown interesting trends over the past year. Whether you’re looking to buy or sell, staying informed on market activity, pricing shifts, and buyer-seller conditions will help you make the best decision. Let’s dive into the latest trends.
Market Activity: Listings & Sales Trends
Past 12 Months:
- 64 homes were listed, averaging a new listing every 5.7 days.
- 49 homes sold, meaning a home sold every 7.5 days.
- Homes spent an average of 76 days on the market, with a median of 56 days.
Recent Trends:
- In February 2025, 3 new homes were listed, while 5 homes sold.
- In March 2025 (so far), 5 new listings have hit the market, with 1 home sold.
- The market appears to be stabilizing, with more inventory available compared to past months.
Pricing Trends: Are Home Values Increasing?
Listing Prices:
- Over the past year, the average original listing price was $656,286, with a median of $599,000.
- February 2025 saw an average listing price of $697,800, higher than the yearly trend.
- March listings are averaging $713,500, continuing the upward pricing trend.
Final Sale Prices:
- The average final sale price over the past year was $590,704, with a median of $565,500.
- In February 2025, the average sale price was $631,600, reflecting stronger closing prices.
- March sales data is still developing, but early trends indicate that homes are selling closer to asking prices.
Price Per Square Foot:
- Over the past year, the average price per square foot was $252.86.
- February 2025 recorded a higher figure of $271.09 per square foot, indicating increased demand.
- If current trends continue, price-per-square-foot values could remain strong into the spring season.
Buyer & Seller Market Conditions
One of the best indicators of market strength is the Buyer and Seller Scores:
- Over the past 12 months, the Buyer Score was 4.4, while the Seller Score was 5.6, suggesting moderate seller advantage.
- Year-to-date in 2025, the Buyer Score has dipped to 3.8, while the Seller Score has risen to 6.2, meaning the market has become even more favorable for sellers.
- February 2025 showed extreme seller dominance, with a Buyer Score of 0.5 and a Seller Score of 9.5.
- March 2025 shows a shift back toward balance, with a Buyer Score of 4.9 and a Seller Score of 5.1.
What does this mean? While sellers had a strong advantage in early 2025, buyers are beginning to gain more negotiating power as the market stabilizes.
Key Takeaways for Buyers & Sellers
For Buyers:
- More listings are coming onto the market, which means more choices.
- Homes are selling closer to listing price, meaning stronger competition.
- Prices per square foot are rising, so locking in a home sooner rather than later may be a wise move.
For Sellers:
- Pricing is trending upward, meaning you can potentially sell for more if your home is well-prepared.
- Sellers still have an edge, but buyers are gaining confidence and negotiating more aggressively.
- Well-priced homes are moving faster, so strategic pricing is key.
Final Thoughts
The Canyon Lakes real estate market has shifted from an extreme seller’s market in early 2025 to a more balanced market in March. Pricing trends continue to favor sellers, but buyers are starting to gain ground with increased inventory and longer selling times. Whether you’re looking to buy or sell, understanding these trends will help you stay ahead of the market.
For expert guidance, contact Ryan Rose at Kenmore Team for personalized market insights and real estate assistance.