For those targeting a home in Kennewick priced at $325,000 or less, understanding the current real estate trends is crucial. Kennewick, as part of the Tri-Cities area, offers a dynamic market with unique characteristics. Let’s explore the key metrics to help you make confident decisions.
What Does the Market Look Like for Homes Under $325,000 in Kennewick?
Over the past 12 months, Kennewick saw 136 total listings in this price range, averaging 1 new listing every 2.7 days. With demand outweighing supply in this price segment, competition among buyers has been strong.
In the last full month (December 2024), the market experienced 6 new listings, equating to 1.55 new listings per day. This slight dip compared to the 12-month average underscores a tightening inventory.
How Fast Are Homes Coming to the Market?
New listings in Kennewick have slowed recently:
- Past 12 Months: Homes entered the market steadily at 1 new listing every 2.7 days.
- December 2024: The rate dropped slightly, with 1 listing every 5.2 days.
- January 2025: Activity rebounded with 7 new listings, averaging 1 every 3.9 days.
The reduction in new listings during the last full month suggests heightened competition for available homes, making this a tight market.
How Fast Are Homes Being Sold?
The speed at which homes are selling highlights strong buyer interest:
- Past 12 Months: Kennewick saw 114 homes sold, averaging 1 sale every 3.2 days. The average days on market (DOM) was 36 days, with a median of 14 days.
- December 2024: Homes sold slightly faster, with 7 total sales and an average DOM of 16 days.
- January 2025: Sales activity held steady, with 4 homes sold at an average DOM of 31 days, reflecting seasonal trends and a still-active market.
Are These Rates Increasing or Decreasing?
Market activity has fluctuated over the past year:
- New Listings: While the 12-month average was steady, December 2024 saw a decrease in new listings, followed by a slight rebound in January 2025.
- Sales Activity: The number of sold homes dropped from 7 in December 2024 to 4 in January 2025, reflecting a seasonal slowdown.
- Days on Market: DOM increased slightly from 16 days in December 2024 to 31 days in January 2025, indicating homes are taking longer to sell in the new year.
What Was the Average Sales Price for Kennewick?
For homes sold under $325,000:
- Past 12 Months: The average final sale price was $280,774, with a median of $296,500.
- December 2024: The average price remained stable at $281,929, with a slight increase in median price to $295,000.
- January 2025: Prices rose slightly, with an average sale price of $303,725 and a median of $305,000, highlighting increased competition.
What Was the Average Days on Market for Kennewick?
Days on market trends for sold listings:
- Past 12 Months: Homes averaged 36 days on the market, with a median of 14 days.
- December 2024: The average DOM dropped to 16 days, showcasing fast sales during the holiday season.
- January 2025: DOM increased to 31 days, likely due to seasonal shifts, but homes are still moving relatively quickly.
Final Takeaways
- Inventory Challenges: The number of new listings in Kennewick has tightened, especially in the $325,000 price range, making it a competitive market for buyers.
- Strong Demand: Homes are selling faster than in many parts of the Tri-Cities, with DOM remaining low compared to broader regional trends.
- Rising Prices: The average sale price has increased, signaling strong buyer demand and limited inventory.
- Seller’s Advantage: With fewer options for buyers, sellers hold the upper hand, as homes in this price range are highly sought after.
For buyers, preparation is key. Get pre-approved, and be ready to act quickly when a home that meets your needs comes to market. For sellers, now is an excellent time to list your property, as demand remains strong, and buyers are paying closer to asking prices.
Looking to buy or sell in Kennewick? Reach out to our team for expert advice and personalized guidance. Let’s make your real estate goals a reality!