By looking at the past 12 months of existing construction market data for Richland and comparing it to the Tri-Cities region, we gain insight into how local trends differ from regional patterns. Since Richland is a subset of the Tri-Cities, its performance often reflects overall market movements but with distinct characteristics. Below is a detailed comparison of key metrics, including listings, pricing, and buyer-seller dynamics.
Richland Market Activity
1. Listings per Day
- Tri-Cities: Over the past 12 months, the Tri-Cities recorded an average of 6.9 new listings per day, resulting in 2,524 total listings.
- Richland: Richland had an average of 1.83 new listings per day, totaling 669 listings.
- Conclusion: Richland accounted for about 26.5% of the total listings in the Tri-Cities. While it represents a smaller portion of the regional market, it remains a significant contributor to overall activity.
2. Days on Market (DOM)
- Tri-Cities:
- Average DOM: 52 days
- Median DOM: 29 days
- Richland:
- Average DOM: 50 days
- Median DOM: 27 days
- Conclusion: Homes in Richland sold slightly faster than the Tri-Cities average. This suggests that the Richland market is relatively more competitive, with buyers acting more quickly.
Pricing Trends
1. Listing Prices
- Tri-Cities:
- Average Listing Price: $507,832
- Median Listing Price: $450,000
- Richland:
- Average Listing Price: $519,548
- Median Listing Price: $475,000
- Conclusion: Richland’s average and median listing prices were higher than the overall Tri-Cities market, reflecting a tendency toward higher-end properties in this area.
2. Sold Prices
- Tri-Cities:
- Average Sold Price: $478,361
- Median Sold Price: $435,000
- Richland:
- Average Sold Price: $505,932
- Median Sold Price: $466,750
- Conclusion: Richland’s sold prices were consistently higher than the Tri-Cities average, indicating stronger demand or a higher quality of available homes.
3. Price per Square Foot
- Tri-Cities:
- Average Price per Square Foot: $242.90
- Median Price per Square Foot: $240.44
- Richland:
- Average Price per Square Foot: $240.33
- Median Price per Square Foot: $236.55
- Conclusion: Despite higher listing and sold prices, Richland offered slightly lower price per square foot values compared to the Tri-Cities average. This indicates that buyers in Richland are getting more space for their money.
Buyer and Seller Dynamics
Buyer and Seller Scores
- Tri-Cities:
- Buyer Score: 3.5
- Seller Score: 6.5
- Richland:
- Buyer Score: 2.5
- Seller Score: 7.5
- Conclusion: Both markets leaned toward a seller’s market, but Richland was more favorable to sellers, as indicated by its lower buyer score and higher seller score. Buyers faced greater competition in Richland, making it a tougher market to negotiate.
Summary of Insights
- Inventory and Market Activity: Richland contributed approximately 26.5% of total listings in the Tri-Cities over the past 12 months. Although smaller in scale, it remains a key player in the regional market.
- Sales Speed: Richland homes sold faster than the Tri-Cities average, reflecting strong buyer interest and a competitive environment.
- Pricing Trends: Richland had higher listing and sold prices compared to the Tri-Cities, positioning it as a premium market within the region. However, its slightly lower price per square foot suggests buyers are getting more value in terms of home size.
- Buyer-Seller Balance: The seller-friendly conditions in Richland were more pronounced than in the overall Tri-Cities market, making it more challenging for buyers.
Final Thoughts
Richland’s existing construction market offers excellent opportunities for sellers, given the strong demand and higher price points. Buyers should be prepared to face a competitive market, with fewer chances for negotiation and higher overall costs.
For personalized guidance in navigating the Richland real estate market, contact ryan@kenmoreteam.com or call 509.987.4544. Staying informed on market trends ensures smarter decisions, whether you’re buying your dream home or selling your current property.