Richland continues to be a competitive real estate market in the Tri-Cities, with home prices shifting as buyer and seller activity fluctuates. Whether you’re considering buying or selling, understanding the latest pricing trends can help you make informed decisions.
This analysis compares January 2025 (last full month) and February 2025 (current month) data to provide insights into listing prices, final sales prices, and price per square foot trends in Richland.
Richland Pricing Trends: January vs. February 2025
Average Listing Price
- January 2025: $534,216
- February 2025: $519,818
Key Takeaway: The average listing price dropped by 2.7%, indicating that sellers may be pricing more competitively to attract buyers.
Median Listing Price
- January 2025: $505,000
- February 2025: $484,847
Key Takeaway: The median listing price decreased by 4%, suggesting that sellers in the mid-range market are adjusting prices slightly downward to meet buyer demand.
Final Sold Price (Average)
- January 2025: $538,410
- February 2025: $591,602
Key Takeaway: The average final sold price increased by 9.9%, meaning buyers are paying more for homes despite slightly lower listing prices, possibly due to increased competition.
Final Sold Price (Median)
- January 2025: $559,900
- February 2025: $589,900
Key Takeaway: The median final sold price rose by 5.4%, showing that buyers are still willing to pay near or above asking price for desirable homes.
Price Per Square Foot Trends
Average Price Per Square Foot
- January 2025: $299.98
- February 2025: $298.12
Key Takeaway: The average price per square foot decreased slightly by 0.6%, indicating that prices are holding steady and not experiencing major fluctuations.
Median Price Per Square Foot
- January 2025: $301.33
- February 2025: $304.48
Key Takeaway: The median price per square foot increased by 1%, reinforcing stable demand for homes in the mid-range market.
What This Means for Buyers and Sellers
For Buyers:
- Slightly lower listing prices mean more opportunities to negotiate.
- Final sale prices are increasing, so expect to pay close to asking price or above for high-demand properties.
- The price per square foot is stable, meaning buyers are still getting solid value in Richland.
For Sellers:
- Homes are selling at higher final prices, showing that buyer demand remains strong.
- Pricing competitively is essential—homes listed too high may sit longer, while well-priced homes are moving quickly.
- Smaller price adjustments can still attract serious buyers, as final sales prices are trending upward.
Final Thoughts: Are Prices Going Up or Down?
Richland’s market is showing stability. While listing prices have dropped slightly, final sales prices are increasing, meaning buyers are still actively purchasing homes at strong prices.
If you are looking to buy, this could be a good time to make an offer while sellers are adjusting prices. If you are looking to sell, setting a competitive listing price can still result in a strong final sale price.
Need Help Navigating the Market?
For expert guidance on buying or selling in Richland, reach out to ryan@kenmoreteam.com or call 509.987.4544. Having the right strategy in a stable yet competitive market can make all the difference.
This analysis provides a data-driven perspective on Richland’s pricing trends in early 2025. Let me know if you need any refinements.