Richland’s real estate market is vibrant, providing great opportunities for both buyers and sellers. By analyzing data from the past 12 months, year to date (YTD), the last full month, and the current month, we can identify key trends and changes. This analysis focuses on single-family homes in Richland priced between $400,000 and $500,000.
Past 12 Months
- Total Homes on Market per Day: An average of 1 new listing every 2.1 days, with 177 total listings recorded.
- Homes Sold per Day: On average, 1 home sold every 2.5 days, totaling 146 homes sold.
- Average and Median Prices:
- Average original listing price: $460,403
- Median original listing price: $457,900
- Average final sold price: $449,649
- Median final sold price: $449,900
- Buyer’s Score: 2.1 – Buyers faced significant competition in the market.
- Seller’s Score: 7.9 – Strong conditions for sellers.
The past year in Richland shows a robust seller’s market. The average days on market (DOM) was 44 days, with a median of 21 days, indicating that most homes sold quickly.
Year to Date (YTD)
- Total Homes on Market per Day: So far in 2025, 1 new listing every 4.8 days, with 5 total listings recorded.
- Homes Sold per Day: 1 home sold every 3.4 days, with 7 homes sold to date.
- Average and Median Prices:
- Average original listing price: $449,360
- Median original listing price: $429,900
- Average final sold price: $447,429
- Median final sold price: $446,000
- Buyer’s Score: 0.3 – A highly competitive market for buyers.
- Seller’s Score: 9.7 – Sellers are in an extremely favorable position.
So far this year, homes have been moving even faster, with an average DOM of 15 days and a median DOM of 14 days.
Last Full Month (December 2024)
- Total Homes on Market per Day: 1 new listing every 3.9 days, with 8 total listings recorded.
- Homes Sold per Day: 1 home sold every 3.4 days, totaling 9 homes sold.
- Average and Median Prices:
- Average original listing price: $440,163
- Median original listing price: $442,500
- Average final sold price: $445,889
- Median final sold price: $445,000
- Buyer’s Score: 1.9 – Buyers faced a tough market.
- Seller’s Score: 8.1 – The market was favorable for sellers.
December was a strong month for sellers, with homes selling in an average of 42 days and a median of 32 days.
Current Month (January 2025)
- Total Homes on Market per Day: So far in January, 1 new listing every 4.8 days, with 5 total listings recorded.
- Homes Sold per Day: 1 home sold every 4.4 days, with 7 homes sold to date.
- Average and Median Prices:
- Average original listing price: $449,360
- Median original listing price: $429,900
- Average final sold price: $447,429
- Median final sold price: $446,000
- Buyer’s Score: 0.3 – The market remains challenging for buyers.
- Seller’s Score: 9.7 – Sellers continue to have a strong advantage.
January is off to a fast start, with homes selling in an average of 15 days, reflecting a high-demand market.
Conclusion
Richland’s real estate market has been exceptionally strong for sellers over the past year, and it remains highly competitive as we move into 2025. Here are the key takeaways:
- Market Speed: Homes are selling faster, with the average DOM dropping from 44 days last year to just 15 days in January 2025.
- Price Trends: Listing and sold prices remain stable, with homes selling close to their original listing prices, indicating strong buyer demand.
- Buyer and Seller Dynamics: The market heavily favors sellers, with buyer scores remaining low and seller scores at an all-time high of 9.7.
If you’re planning to sell, this is the perfect time to list your home, as demand is high and homes are moving quickly. Buyers, on the other hand, should be prepared to act fast and make competitive offers in this tight market.
For personalized advice or assistance in buying or selling in Richland, contact ryan@kenmoreteam.com or call 509.987.4544. With expert help, you can make the most of this dynamic real estate market!