How Have Total Listings Changed Over the Past 12 Months?
- Past 12 Months: 261 total listings, averaging 1.4 new listings per day.
- January 2025: 22 new listings, averaging 1.4 per day.
- February 2025 (to date): 2 new listings, averaging 0.1 per day.
Inventory has dropped significantly, with February showing a sharp decline in new listings. This trend suggests a tightening market where buyers may face more competition for available homes.
Market Trends
Homes Are Selling Faster
- Past 12 Months: Average days on market was 38, with a median of 19.
- January 2025: Average of 48 days, median of 30.
- February 2025 (to date): Average of 29 days, median of 24.
Homes are selling more quickly than in previous months, indicating strong demand. Buyers need to be prepared to act fast when making offers.
Pricing Trends
- Past 12 Months:
- Average listing price: $458,579
- Average final sale price: $447,455
- January 2025:
- Average listing price: $487,477
- Average final sale price: $464,857
- February 2025 (to date):
- Average listing price: $389,950
- Average final sale price: $494,750
Final sale prices remain strong, with February’s average exceeding the past 12-month and January averages. However, the drop in average listing price suggests more competitively priced properties entering the market.
Buyer and Seller Market Shifts
- Past 12 Months: Buyer score: 2.1, seller score: 7.9.
- February 2025 (to date): Buyer score: 0, seller score: 10.
Richland remains a strong seller’s market. The current conditions indicate that sellers hold significant leverage, with fewer new listings creating a highly competitive environment.
What This Means for Buyers and Sellers
For Sellers:
- Low inventory gives an advantage, making well-priced homes likely to sell quickly.
- Offers may be strong, with buyers having limited options.
For Buyers:
- Competition is high, with fewer homes available.
- Acting quickly and making competitive offers will be key in securing a home.
Final Thoughts
Richland’s real estate market continues to favor sellers, with fewer new listings and homes selling faster than before. While final sale prices remain strong, fewer options mean buyers will need to move quickly in this competitive market.