Keeping up with the latest real estate trends can help both buyers and sellers make informed decisions. By analyzing data from the past 12 months and comparing it with the most recent market activity, we can see how Pheasant Run in Kennewick is performing. If you’re planning to buy or sell in this area, these insights will help you navigate the market confidently.
Market Trends in Pheasant Run
Trend 1: Lower Inventory, Steady Market Activity
- Over the past 12 months, 144 new listings came to market, averaging 1 new listing every 2.5 days.
- In January 2025, 12 new listings hit the market, translating to 1 listing every 2.4 days.
- Compared to December 2024, which had 4 new listings, market activity has increased significantly.
- Conclusion: More listings in recent months suggest better opportunities for buyers, but inventory remains tight.
Trend 2: Faster Sales Activity
- The past 12 months saw an average days on market (DOM) of 53, with a median of 31 days.
- In January 2025, the average DOM dropped to 19, with a median of 11 days.
- Homes are selling significantly faster compared to December 2024, which had an average DOM of 77 days.
- Conclusion: Increased demand is driving faster sales, making it a favorable market for sellers.
Pricing Trends
Trend 3: Stable Listing Prices
- Over the past 12 months, the average original listing price was $459,725, and the median price was $430,000.
- In January 2025, the average listing price was $471,467, with a median of $420,000.
- This is a slight drop from December 2024, where the average listing price was $526,844.
- Conclusion: While listing prices remain strong, slight month-to-month fluctuations suggest seasonal adjustments.
Trend 4: Strong Final Sale Prices
- The past 12 months saw an average final sold price of $445,732, with a median of $424,900.
- In January 2025, the average final sold price increased to $552,980, with a median of $458,450.
- This marks a significant jump from December 2024, where the average final price was $422,881.
- Conclusion: Higher final sale prices indicate strong buyer demand and a competitive market.
Trend 5: Price Per Square Foot Trends Upward
- Over the past 12 months, the average price per square foot was $231.02.
- In January 2025, the average price per square foot increased to $236.63.
- Compared to December 2024, where the average was $229.96 per square foot, this represents a steady upward trend.
- Conclusion: The rising price per square foot suggests continued market strength and buyer willingness to pay more.
Buyer and Seller Market Conditions
Trend 6: A Strong Seller’s Market
- Over the past 12 months, the buyer’s score was 3.2, and the seller’s score was 6.8, indicating a strong seller’s market.
- In January 2025, the buyer’s score was 2.5, while the seller’s score remained at 7.5.
- Compared to December 2024, when the buyer’s score was 3.1, buyers now face slightly tougher conditions.
- Conclusion: The market continues to favor sellers, though buyer interest remains high.
Key Takeaways for Buyers and Sellers
For Sellers:
- Homes in Pheasant Run are selling faster than before, with strong final sale prices.
- Listing competitively and presenting a move-in-ready home will help attract serious buyers quickly.
For Buyers:
- More listings in recent months provide better opportunities, but competition remains strong.
- Be prepared to act fast, as homes are selling quickly and often close to their asking price.
Final Thoughts
The market for the Pheasant Run neighborhood in Kennewick remains a strong seller’s market, with rising prices and fast-moving homes. While more listings are coming to market, demand continues to push prices higher. Sellers are seeing strong final sale prices, and buyers need to be prepared to act quickly.
If you’re looking to buy or sell in Pheasant Run, now is the time to make informed decisions. Working with a local real estate expert can help you navigate the market effectively.
For expert assistance, contact ryan@kenmoreteam.com or call 509.987.4544. Staying informed and working with professionals will ensure you make the best decisions in today’s competitive market.