Condominiums in the Tri-Cities offer an attractive alternative to single-family homes—whether for first-time buyers, downsizers, or investors. Over the past 12 months, the existing construction condo market has shown clear signs of strength, especially for sellers. This review breaks down market performance across Kennewick, Richland, Pasco, and West Richland, highlighting key pricing trends, sales activity, and buyer/seller dynamics.
Past 12 Months
- Total Homes on Market per Day: There were 97 condos listed, averaging 1 new listing every 3.8 days.
- Homes Sold per Day: A total of 68 condos sold, or 1 sale every 5.4 days.
- Average and Median Prices:
- Original Listing Price: Average of $368,708, median of $320,000
- Final Sold Price: Average of $359,068, median of $328,450
- Buyer’s Score: 2.6
- Seller’s Score: 7.4
These numbers point to a strong seller’s market, with homes selling at or near asking prices and a relatively low number of active buyers per listing.
Market Highlights and Trends
Inventory and Activity Levels
The condo market saw modest but consistent inventory, with listings arriving roughly twice a week and sales closing just under six times a month. This healthy turnover suggests steady demand but a limited supply, which typically supports stronger pricing for sellers.
Pricing Patterns and Affordability
- The average final sale price of $359,068 was just 2.6% below the average listing price, showing that sellers had strong control in negotiations.
- The median sold price of $328,450 also tracked closely with median listing values, confirming that buyers had little room to bargain.
These pricing patterns reflect tight competition for well-priced condos, especially in move-in-ready condition.
Days on Market (DOM)
- Average DOM for sold condos: 70 days
- Median DOM: 44 days
While the average suggests that some listings stayed on the market for extended periods, the median tells a more optimistic story, with over half of all condos selling in under a month and a half. This shows good momentum for well-priced or desirable listings, and that longer DOMs were likely outliers.
Price per Square Foot and Size
- Average Price per Sq. Ft. (Sold): $240.23
- Median Price per Sq. Ft. (Sold): $239.89
- Average Condo Size: 1,478 sq. ft., ranging from 704 sq. ft. to 3,350 sq. ft.
These numbers show strong consistency in condo values and suggest that buyers are paying a premium price per square foot for the lower-maintenance lifestyle and amenities typically found in condo communities.
Year Built Range
- Oldest condo sold: Built in 1966
- Newest: Built in 2021
- Median Year Built: 1980
This broad age range reflects the variety of available condos in the Tri-Cities, offering opportunities for budget-conscious buyers as well as those looking for modern, recently built units.
Buyer and Seller Conditions
- Buyer Score: 2.6 – Low buyer leverage, meaning fewer concessions and strong competition for listings.
- Seller Score: 7.4 – High seller leverage, indicating a favorable market for sellers who priced correctly and marketed well.
With limited inventory and quick movement for desirable properties, the past year clearly leaned in favor of sellers.
Summary of Key Insights
- Sales Velocity: Condos sold at a modest but steady pace, with a median DOM of just 44 days.
- Pricing Strength: Minimal discounting between list and sold prices shows strong buyer interest and seller pricing power.
- Market Balance: Seller-favorable conditions with few buyer advantages—reflected in strong seller scores and low buyer leverage.
- Affordability: Condos remained a premium but attainable option, especially for those seeking lower-maintenance housing or smaller square footage.
Final Thoughts
The Tri-Cities condo market has remained healthy and seller-driven over the past year. While the pace of activity is slower than single-family homes, sellers have enjoyed strong pricing, relatively quick sales, and consistent demand. For buyers, the market has been competitive, especially for move-in-ready condos in desirable locations.
As the market shifts into 2025, staying on top of inventory and acting quickly may continue to be the key for buyers. Sellers, meanwhile, should feel confident if they price strategically and prepare their properties to stand out.
For guidance in buying or selling a condo in the Tri-Cities, contact ryan@kenmoreteam.com or call 509.987.4544. Whether you’re entering the market or looking to invest, we’re here to help you make informed, confident decisions.