If you’re thinking about buying or selling a home in the Tri-Cities—Kennewick, Richland, Pasco, and West Richland—it’s important to understand the differences between new construction and existing homes. Let’s break it down and see what’s happening with prices, market speed, and buyer-seller trends!
Which Market Has More Homes Available?
- In the past 12 months, there were 934 new construction homes listed, while 2,542 existing homes hit the market. That means more options in the existing home market.
- In January 2025, new construction had 79 listings, while existing homes had 187. By February, new construction dropped to just 23 listings, while existing homes had 58.
- What this means: New homes are becoming harder to find, making them a hot commodity!
How Do Prices Compare?
- Over the past year, the average listing price for new construction was $577,190, while existing homes averaged $508,770.
- The final sales price followed a similar pattern: new construction homes sold for $571,723 on average, while existing homes averaged $496,186.
- In January 2025, new homes listed for $603,845, while existing homes listed for $539,164.
- What this means: New homes cost more, and sellers aren’t budging much on price. If you’re buying, be ready to pay close to asking price!
Who Has the Advantage: Buyers or Sellers?
- Over the past year, new homes had a buyer score of 5.99 and a seller score of 4.0, meaning buyers had a bit more power.
- Existing homes were different, with a buyer score of 3.5 and a seller score of 6.5, meaning sellers had the upper hand.
- In February 2025, the buyer score for new homes fell to 3.1, while the seller score jumped to 6.9, shifting the advantage to sellers.
- What this means: If you’re selling a new home, now’s a great time! If you’re buying, be prepared for competition.
How Fast Are Homes Selling?
- Over the past year, new construction homes spent an average of 130 days on the market, while existing homes averaged 52 days.
- In January 2025, new homes took 79 days to sell, while existing homes took 30 days.
- By February 2025, new homes dropped to 20 days, while existing homes averaged 10 days.
- What this means: Existing homes are selling super fast, and new homes are picking up speed, too!
Key Takeaways for Buyers & Sellers
For Buyers:
- Act quickly! Homes—especially existing ones—aren’t staying on the market long.
- New construction is getting more competitive, so expect fewer options and higher prices.
- Be ready to pay close to asking price, especially for new homes.
For Sellers:
- If you’re selling a new home, now is your time to shine! Limited inventory means buyers are eager.
- Existing home sellers should price competitively to attract fast offers.
- Buyers are willing to pay more, so expect fewer negotiations.
Final Thoughts
The Tri-Cities real estate market is moving fast! Existing homes sell quicker, but new homes are becoming more competitive. If you’re buying, be ready to act fast and expect higher prices. If you’re selling, especially a new home, you’ve got the upper hand!
Staying informed helps you make the best decision, whether you’re buying or selling. The market is always changing, so keep an eye on trends and be ready to make your move!