Downtown Kennewick Real Estate Market Analysis (2024 YTD)
As of 2024 Year to Date (YTD), the downtown Kennewick real estate market (a one mile radius from Downtown) for existing single-family homes has some interesting trends for both buyers and sellers. This analysis breaks down the key metrics, including listing and sales data, price trends, and home characteristics, and I give a market score for both buyers and sellers to guide their decisions.
Market Summary
| Metric | Total Listings | Sold Listings |
|---|---|---|
| Total Count | 103 | 81 |
| Average Price | $353,646 | $340,674 |
| Median Price | $330,000 | $327,500 |
| Average Days on Market | 41 | 37 |
| Average Price/Sq. Ft. | $220.27 | $221.01 |
Key Insights
- Market Movement: Listings are selling quickly, with an average of 37 days on the market for sold homes, indicating strong buyer demand.
- Inventory Trends: Inventory is shrinking slightly as sold listings (81) trail new listings (103), suggesting increased competition.
- Price Trends: Average and median prices for sold listings are close to their original listing prices, showing pricing stability and realistic seller expectations.
- Home Sizes: Sold homes are slightly smaller on average (1,699 sq. ft.) compared to total listings (1,730 sq. ft.), indicating demand for mid-sized homes.
- Price Per Square Foot: The average price per square foot for sold homes ($221.01) is marginally higher than for all listings ($220.27), highlighting buyer willingness to pay premiums for desirable properties.
Buyer and Seller Scores
Buyer Score: 6.5/10
This score reflects a competitive market for buyers looking in Downtown Kennewick. While inventory supports flexibility for buyers, shrinking inventory and quick sales add challenges. Adjusted pricing offers negotiation opportunities but still requires timely decisions.
Seller Score: 7.8/10
Sellers benefit from stable pricing, quick sales, and strong demand. The slightly reduced inventory and faster sales provide an advantageous market environment for selling.
Conclusion
The downtown Kennewick real estate market in 2024 is a dynamic environment for both buyers and sellers. Buyers face a moderately competitive market with shrinking inventory, while sellers enjoy favorable conditions with quick sales and stable prices.
For help with navigating the Tri-Cities real estate market, reach out to the Kenmore Team. Explore our custom programs such as the Instant Offer or Guaranteed Sale Program to achieve your goals.