If you’re a first-time homebuyer in the Tri-Cities, you’re probably asking yourself one of the most common questions:
Should I buy a condo or an existing single-family home?
Both property types offer unique benefits—and trade-offs. To help you decide, we’ve compared existing construction homes and condominiums using the latest market data through March 2025, covering Kennewick, Richland, Pasco, and West Richland.
Here’s what the numbers—and real-world pros and cons—have to say.
🏡 Option 1: Existing Construction Single-Family Homes
The Market at a Glance (YTD 2025)
- Listings: 611 homes listed
- Sales: 455 homes sold
- Median Final Price: $443,000
- Median Price per Sq. Ft.: $243.96
- Median Days on Market: 38 days
- Buyer/Seller Score: Buyer 3.3 | Seller 6.7
Pros for First-Time Buyers:
- More space and privacy: Most homes average over 2,100 sq. ft., ideal for families or those needing a yard.
- Faster equity growth: Higher appreciation potential in detached housing.
- Greater flexibility: No HOA restrictions, plus potential to add value through renovations or additions.
Cons:
- Higher cost: Median prices hover above $440,000—making upfront costs and mortgage payments steeper.
- More maintenance: You’re responsible for roof, lawn, systems, and exterior upkeep.
- Competitive market: With a seller score of 6.7, buyers face tight inventory and quick turnaround times.
🏢 Option 2: Existing Construction Condominiums
The Market at a Glance (YTD 2025)
- Listings: 27 condos listed
- Sales: 11 condos sold
- Median Final Price: $365,000
- Median Price per Sq. Ft.: $218.23
- Median Days on Market: 20 days
- Buyer/Seller Score: Buyer 2.9 | Seller 7.1
Pros for First-Time Buyers:
- More affordable: Median condo prices are around $78,000 lower than single-family homes.
- Lower maintenance: HOA typically covers exterior upkeep, roof, landscaping, and sometimes insurance.
- Urban locations: Often closer to shopping, work, and public transit—great for convenience-focused lifestyles.
Cons:
- HOA fees: Monthly dues can add up and must be factored into affordability.
- Limited control: You’ll need HOA approval for most modifications, and pet/rental policies may be strict.
- Less appreciation: Condos generally increase in value slower than detached homes.
📊 What the Data Tells Us
| Feature | Existing Homes | Condos |
|---|---|---|
| Median Sale Price | $443,000 | $365,000 |
| Price per Sq. Ft. | $243.96 | $218.23 |
| Median Days on Market | 38 days | 20 days |
| Buyer Leverage (Score) | 3.3 | 2.9 |
| Seller Advantage (Score) | 6.7 | 7.1 |
| Avg. Size (Sq. Ft.) | ~2,125 sq. ft. | ~1,532 sq. ft. |
Key Takeaways:
- Condos are more affordable upfront and move faster—but offer less control and slower appreciation.
- Single-family homes cost more, but come with greater independence, larger space, and long-term growth potential.
🧭 Which Is Right for You?
Choose a Condo if:
- You prioritize affordability and convenience
- You’re not ready for home maintenance or yardwork
- You want to live closer to town and reduce your commute
Choose a House if:
- You need more space or outdoor room
- You plan to stay for 5+ years and want long-term appreciation
- You’re ready to take on the responsibilities of ownership
Final Thoughts
There’s no one-size-fits-all answer. But with prices and demand shifting in both markets, now is a great time to evaluate your goals and budget. The Tri-Cities market offers diverse options for first-time buyers, whether you’re looking for a cozy condo or a family-ready home.
Need help finding the right fit for your lifestyle and budget? Reach out to ryan@kenmoreteam.com or call 509.987.4544. We’ll walk you through your options and help you buy with confidence.