The Tri-Cities market for existing 1-story homes is experiencing notable shifts as we move further into 2025. By comparing the first 10 days of February to the full month of January, we can see how inventory, pricing, and sales activity have changed. These insights are crucial for buyers and sellers looking to navigate the evolving market.
How Does February Compare to January?
Market Activity (January 2025 vs. February 2025 First 10 Days)
| Metric | January 2025 | February 2025 (First 10 Days) |
|---|---|---|
| New Listings | 100 | 21 |
| Sold Listings | 74 | 11 |
| Average Listing Price | $460,654 | $499,590 |
| Median Listing Price | $414,900 | $419,900 |
| Average Sold Price | $447,019 | $478,075 |
| Median Sold Price | $420,500 | $435,000 |
| Average Days on Market | 29 | 7 |
| Median Days on Market | 17 | 4 |
Key Takeaways: What’s Changing in the Market?
1. New Listings Have Dropped Significantly
- January saw 100 new listings, while only 21 homes have been listed in the first 10 days of February.
- This suggests that inventory is tightening, potentially making the market more competitive for buyers.
2. Home Sales Are Slower So Far in February
- 74 homes sold in January, while only 11 have closed so far in February.
- While it’s still early in the month, this could indicate a slower sales pace or fewer buyers actively purchasing homes.
3. Home Prices Are Trending Upward
- The average listing price has increased from $460,654 in January to $499,590 in February.
- The average sold price has also risen, from $447,019 in January to $478,075 in February.
- This increase suggests stronger seller confidence, with buyers paying closer to listing prices.
4. Homes Are Selling Much Faster
- The average days on market dropped from 29 days in January to just 7 days in early February.
- The median days on market fell from 17 days to just 4 days, meaning half of all homes are selling in less than a week.
- This indicates high demand and quicker transactions, requiring buyers to act fast when new homes hit the market.
What This Means for Buyers and Sellers
📌 For Sellers:
- With fewer new listings, competition among buyers may increase, making this a strong time to sell.
- Homes are selling faster than last month, meaning well-priced listings may receive offers quickly.
📌 For Buyers:
- Inventory is dropping, so expect fewer available options compared to January.
- Homes are selling faster, so be prepared to move quickly and make competitive offers.
Final Thoughts
The Tri-Cities market for existing 1-story homes is shifting toward lower inventory, rising prices, and faster sales. As February progresses, buyers may face increased competition, while sellers can take advantage of higher demand and quicker offers.