As we analyze the Pasco real estate market based on Year-to-Date (YTD) data, we gain valuable insights into which price points have been the most competitive for buyers and sellers. This analysis focuses solely on YTD listing prices, final sale prices, and negotiation trends to assess how the market is shaping up in 2024.
Overall Market Performance
- Homes under $450K continue to favor sellers, with minimal price reductions and high competition.
- The $750K-$850K range remains the most buyer-friendly, as sellers have had to accept notable price reductions.
- Luxury homes ($1M+) have maintained high final sale prices, showing resilience despite longer days on market.
Price Range Performance Year-to-Date
$0 – $350,000
- Average Listing Price: $290,350
- Average Sold Price: $290,643
- Final Price vs. Asking Price: Homes continue to sell at or above listing price.
✅ Insight: This remains the most competitive price range, where buyers frequently offer full price or more to secure a home.
$350,000 – $450,000
- Average Listing Price: $396,417
- Average Sold Price: $396,619
- Final Price vs. Asking Price: Homes are selling with very minimal reductions.
✅ Insight: Sellers are still in control in this range, though buyers have slightly more room to negotiate than in lower price points.
$450,000 – $550,000
- Average Listing Price: $487,811
- Average Sold Price: $485,139
- Final Price vs. Asking Price: Small price reductions suggest steady demand.
⚖️ Insight: This segment remains relatively balanced, with sellers maintaining leverage but buyers starting to see more flexibility.
$550,000 – $650,000
- Average Listing Price: $599,849
- Average Sold Price: $588,188
- Final Price vs. Asking Price: Moderate reductions indicate increasing buyer leverage.
⚠️ Insight: Sellers in this range are seeing more negotiation pressure, making it a growing opportunity for buyers.
$650,000 – $750,000
- Average Listing Price: $712,983
- Average Sold Price: $705,150
- Final Price vs. Asking Price: Larger price reductions compared to mid-tier homes.
🔍 Insight: Buyers are gaining an advantage in this range as sellers have had to adjust pricing expectations.
$750,000 – $850,000
- Average Listing Price: $841,125
- Average Sold Price: $819,573
- Final Price vs. Asking Price: Some of the highest price reductions occurred in this range.
🚨 Insight: This remains the best price point for buyers, as sellers continue to adjust expectations and accept lower offers.
$850,000 – $1,000,000
- Average Listing Price: $804,871
- Average Sold Price: $801,371
- Final Price vs. Asking Price: Small reductions suggest stable demand.
🏡 Insight: The market has remained fairly balanced, with minimal price cuts and consistent buyer interest.
$1,000,000 and Higher
- Average Listing Price: $1,125,500
- Average Sold Price: $1,215,000
- Final Price vs. Asking Price: Luxury homes often sell above asking price, reflecting strong demand.
💰 Insight: The high-end market has remained resilient, with premium properties maintaining value despite longer market times.
Key Takeaways from Year-to-Date Data
- Most Competitive Markets for Buyers: The $0-$450K price range remains the toughest for buyers, with homes selling at or above list price.
- Best Negotiation Opportunities: The $750K-$850K range continues to show the largest price reductions, giving buyers the best opportunity for deals.
- Luxury Market Resilience: Homes over $1M have retained strong demand, often selling above listing price despite extended time on the market.
For expert guidance on buying or selling in Pasco, reach out to ryan@kenmoreteam.com or call 509.987.4544. Keeping up with the latest market trends ensures you make the best real estate decisions!