Market speed is a crucial indicator of buyer demand and seller competition. If homes sell quickly, buyers must act fast and be prepared to compete for properties, while sellers benefit from reduced time on market and strong offers. If homes stay on the market longer, buyers have more negotiation power, and sellers may need to adjust their pricing strategies.
This analysis focuses on listings per day and days on market (DOM) to assess how quickly homes are moving in Richland as of January 2025 (last full month) and February 2025 (current month).
Richland Market Speed: January vs. February 2025
New Listings Per Day
- January 2025: 0.87 new listings per day (27 total listings)
- February 2025: 0.86 new listings per day (25 total listings so far)
Key Takeaway: The number of new listings has remained steady, meaning buyers still have some options but should expect competition as demand remains strong.
Homes Sold Per Day
- January 2025: 0.35 homes sold per day (11 total sales)
- February 2025: 0.45 homes sold per day (9 total sales so far)
Key Takeaway: Sales velocity has slightly increased in February, with more homes selling per day compared to January. Despite steady new listings, demand remains high, leading to faster transactions.
Average Days on Market (DOM)
- January 2025: 133 days on market
- February 2025: 9 days on market
Key Takeaway: Homes are selling much faster in February compared to January. The dramatic decrease suggests that well-priced homes are attracting offers immediately.
Median Days on Market (DOM)
- January 2025: 33 days on market
- February 2025: 5 days on market
Key Takeaway: The median DOM has dropped sharply, meaning most homes are going under contract in under a week. Buyers must be prepared to make quick decisions.
What This Means for Buyers and Sellers in Richland
For Buyers:
- Homes are selling extremely fast, meaning buyers must act quickly and make competitive offers.
- Inventory is steady but not increasing, so competition remains high.
- Being pre-approved and working with an agent will be critical to securing a home.
For Sellers:
- Homes are selling significantly faster, allowing sellers to set competitive prices and expect quick offers.
- Steady new listings mean sellers have some competition, but the high demand is keeping the market in their favor.
- Expect multiple offers on well-priced homes, especially in desirable price ranges.
Final Thoughts: Is the Market Speeding Up or Slowing Down?
Richland’s real estate market is moving at a much faster pace in February 2025. With homes selling significantly quicker and buyer demand remaining strong, sellers hold the advantage. Buyers should expect fewer opportunities for negotiation and be prepared to act immediately when they find a home they like.
If you are considering buying, expect less negotiating room and quicker closing times. If you are considering selling, this is an excellent time to list before the market shifts again.
Need Help Navigating the Market?
For expert guidance on buying or selling your home in Richland, reach out to ryan@kenmoreteam.com or call 509.987.4544. Understanding market speed can help you time your move effectively and get the best deal possible.
This analysis provides a data-driven look at how quickly homes are moving in early 2025. Let me know if you need any refinements.