The Kennewick real estate market shows interesting trends based on various metrics, such as the speed of the market, price changes, and average days on market. This summary analyzes data from four time periods: the past 12 months, the current year to date (YTD), the last full month, and the current month. It also highlights buyer and seller dynamics in the single-family residence market for existing construction. Let’s dive into the data!
Past 12 Months
- Total Homes on Market per Day: Over the past 12 months, 2.64 new listings hit the market daily, with a total of 966 homes listed.
- Homes Sold per Day: On average, 2.06 homes sold per day, totaling 753 sold properties.
- Average and Median Prices:
- Average original listing price: $503,298
- Median original listing price: $445,000
- Average final sold price: $489,405
- Median final sold price: $438,000
- Buyer’s Score: 3.5 – A moderately challenging market for buyers.
- Seller’s Score: 6.5 – A market leaning in favor of sellers.
This data reveals that inventory moved steadily over the year, with slightly more homes listed than sold. Prices remained consistent, with minimal differences between the original and sold prices, indicating a healthy level of demand.
Year to Date (YTD)
- Total Homes on Market per Day: So far in 2025, 2.21 homes have come to market daily, with 53 listings in total.
- Homes Sold per Day: 1.13 homes have sold daily, with 27 properties sold.
- Average and Median Prices:
- Average original listing price: $526,178
- Median original listing price: $449,900
- Average final sold price: $504,359
- Median final sold price: $437,000
- Buyer’s Score: 4.3 – Buyer conditions have slightly improved.
- Seller’s Score: 5.7 – Sellers still hold an edge, but the balance is closer.
Although activity is lower than the previous year, pricing trends indicate steady demand. Days on market have also dropped, showing a quicker-moving market as we enter the new year.
Last Full Month (December 2024)
- Total Homes on Market per Day: In December, 1.52 new listings came to market daily, with 47 total listings.
- Homes Sold per Day: 2.13 homes sold daily, with 66 properties sold.
- Average and Median Prices:
- Average original listing price: $543,667
- Median original listing price: $480,000
- Average final sold price: $468,535
- Median final sold price: $435,000
- Buyer’s Score: 2.7 – A tough market for buyers with reduced inventory.
- Seller’s Score: 7.3 – Sellers had a strong advantage.
December saw a reduction in new listings, which created tighter competition among buyers. Homes sold faster, often closer to the original listing price, giving sellers more leverage.
Current Month (January 2025)
- Total Homes on Market per Day: So far in January, 1.71 homes have come to market daily, with 53 total listings.
- Homes Sold per Day: 1 listing sold every 1.1 days, with 27 total sold properties.
- Average and Median Prices:
- Average original listing price: $526,178
- Median original listing price: $449,900
- Average final sold price: $504,359
- Median final sold price: $437,000
- Buyer’s Score: 4.3 – A slightly better environment for buyers.
- Seller’s Score: 5.7 – A market still favoring sellers.
January has seen a slight uptick in activity compared to December, but the market remains competitive for buyers. Days on market are low, and prices are stable, reinforcing the seller’s advantage.
Conclusion
The Kennewick real estate market has shown the following trends over these time periods:
- Speed of Market: The market has steadily accelerated, with homes spending fewer days on the market in recent months compared to the past year.
- Price Trends: Prices have remained stable, with average and median prices increasing slightly over time. Final sold prices are close to the original listing prices, signaling strong demand.
- Buyer and Seller Dynamics: Seller scores have consistently outperformed buyer scores, demonstrating a market that generally favors sellers. However, January shows a slight improvement for buyers compared to December.
For sellers, now is an excellent time to list your home, as demand is strong, and properties are selling quickly at competitive prices. Buyers should be prepared to act fast and make attractive offers, given the low inventory and quick-moving market.
If you’re considering buying or selling in Kennewick, contact ryan@kenmoreteam.com or call 509.987.4544 for personalized advice and expert guidance in navigating this dynamic market!