Pricing trends for existing construction 1-story homes in Kennewick, Richland, Pasco, and West Richland reveal important differences in listing prices and final sale prices across the Tri-Cities. Analyzing this data helps identify which cities are experiencing price increases, where buyers are negotiating more, and how prices are shifting in early 2025.
Price Trends by City
Kennewick
- November 2024: Listed at $449,141, sold at $413,999
- December 2024: Listed at $525,716, sold at $384,125
- January 2025: Listed at $425,308, sold at $428,385
- February 2025 (First 10 Days): Listed at $421,990, sold at $379,000
Richland
- November 2024: Listed at $469,489, sold at $488,719
- December 2024: Listed at $418,808, sold at $426,150
- January 2025: Listed at $485,886, sold at $464,857
- February 2025 (First 10 Days): Listed at $389,950, sold at $494,750
Pasco
- November 2024: Listed at $448,486, sold at $419,298
- December 2024: Listed at $423,425, sold at $419,942
- January 2025: Listed at $469,721, sold at $414,627
- February 2025 (First 10 Days): Listed at $662,386, sold at $500,000
West Richland
- November 2024: Listed at $478,725, sold at $515,000
- December 2024: Listed at $523,389, sold at $424,942
- January 2025: Listed at $540,617, sold at $438,817
- February 2025 (First 10 Days): Listed at $427,450, sold at $547,608
Key Takeaways: How Are Prices Changing?
1. Pasco’s February Listing Prices Have Surged
- Pasco’s February listing prices ($662,386) are significantly higher than previous months, but final sale prices remain lower ($500,000).
- This suggests sellers are pricing higher, but buyers are pushing back with negotiations.
2. Richland Is the Only City Where Sale Prices Exceeded Listing Prices in February
- Richland’s February sales prices ($494,750) exceeded listing prices ($389,950), indicating strong demand and multiple competitive offers.
- This trend is unique to Richland, where homes have recently sold above asking price in multiple months.
3. Kennewick and West Richland See Listing Prices Dropping
- Kennewick’s listing prices have stabilized at around $421,990 after a major jump in December. However, February’s final sale prices are lower ($379,000), suggesting buyers are negotiating lower deals.
- West Richland had the lowest February listing price ($427,450) in months, yet final sales prices were the highest recorded ($547,608). This indicates high demand for properties in West Richland despite fewer listings.
4. The Gap Between Listing and Selling Prices Varies by City
- Pasco and Kennewick saw the largest gaps in February, meaning buyers have more negotiating power in these markets.
- Richland and West Richland, however, saw final sale prices exceed listing prices, meaning sellers have stronger leverage.
What This Means for Buyers and Sellers
📌 For Sellers:
- Richland and West Richland are seller-friendly markets, where homes are selling for higher than the list price.
- Pasco and Kennewick sellers may need to adjust pricing strategies, as buyers in these areas are negotiating lower final sale prices.
📌 For Buyers:
- There may be room for negotiation in Pasco and Kennewick, where listing prices have been higher than final sale prices.
- Richland and West Richland buyers should expect competitive offers, as homes are selling for more than the asking price.
Final Thoughts
The Tri-Cities existing construction 1-story home market is experiencing major pricing shifts. While Pasco and Kennewick are seeing buyers negotiate lower prices, West Richland and Richland have become highly competitive, with homes selling for more than the asking price.