As we wrap up the first quarter of 2025, the Tri-Cities condo market is showing some interesting developments. Condominiums remain a go-to option for buyers looking for affordability, low maintenance, or investment opportunities. This report focuses exclusively on existing construction condos sold across Kennewick, Richland, Pasco, and West Richland from January through March 2025, highlighting trends in inventory, pricing, sales activity, and buyer-seller dynamics.
Year to Date (January 1 – March 31, 2025)
- Total Homes on Market per Day: 27 condos listed, averaging 1 new listing every 3.4 days
- Homes Sold per Day: 11 condos sold, averaging 1 sale every 8.3 days
- Average and Median Prices:
- Original Listing Price: Average of $379,037, median of $325,000
- Final Sold Price: Average of $390,222, median of $365,000
- Buyer’s Score: 2.9
- Seller’s Score: 7.1
This performance suggests a market that still leans in favor of sellers, though at a slower pace than in 2024.
Market Highlights and Trends
Inventory and Market Activity
With just 27 condos listed and 11 sold in the first quarter, activity is on the lower end, especially compared to single-family home trends. Still, the listing-to-sale ratio of ~41% is solid for a niche market like condos. This tells us that buyer demand remains present, even if more selective than in prior months.
Pricing Strength and Affordability
- The average sold price of $390,222 actually exceeded the average listing price—an unusual trend that may reflect sales of upgraded or turnkey properties where buyers were willing to pay close to, or above, asking price.
- The median sold price of $365,000 also shows an increase over the median list price, signaling strength in the mid-tier market.
These price dynamics suggest that well-presented condos are commanding strong offers, while buyers are still willing to compete for the right unit.
Days on Market (DOM)
- Average DOM (Sold Listings): 84 days
- Median DOM: 20 days
While the average time on market was longer due to some lingering listings, the median DOM of just 20 days tells a more optimistic story. Over half of the sold condos went under contract within three weeks, showing that move-in-ready units priced right are moving quickly.
Price per Square Foot and Size
- Average Price per Sq. Ft. (Sold): $245.67
- Median Price per Sq. Ft. (Sold): $218.23
- Average Condo Size: 1,606 sq. ft.
- Median Size: 1,532 sq. ft.
Condo sizes remained relatively spacious, and pricing per square foot stayed in line with the previous year’s trends. Buyers continue to pay a premium for smaller, efficient housing—especially in central locations.
Year Built Range
- Oldest condo sold: Built in 1966
- Newest: Built in 2006
- Median Year Built: 1999
The bulk of condo inventory sold so far in 2025 is between 20–40 years old, providing a mix of older charm and modern updates. There is limited new construction in this segment, so buyers seeking new finishes may be drawn to recently renovated listings.
Buyer and Seller Conditions
- Buyer Score: 2.9 – Buyers continue to have limited leverage, particularly for well-priced or recently updated units.
- Seller Score: 7.1 – Sellers are still in control of negotiations, supported by steady demand and constrained inventory.
The seller-friendly dynamics of 2024 appear to have carried into early 2025, though buyers are showing more selectivity.
Summary of Key Insights
- Listing activity is steady but limited, with new listings coming to market roughly every three days.
- Sales velocity is moderate, with most sold condos moving quickly if priced right.
- Prices are strong, with many units selling at or above list price—especially those in good condition or attractive locations.
- Seller conditions remain favorable, but buyers are showing more caution, especially with older or overpriced units.
Final Thoughts
The first quarter of 2025 has confirmed that condos in the Tri-Cities remain a sought-after choice, especially among downsizers, investors, and those entering the market. Sellers are still enjoying pricing power and quick closings for desirable units. Buyers can succeed too—but they should expect competition for quality listings and prepare to move quickly when the right property appears.
To explore current listings, get help with pricing, or plan your next move, contact ryan@kenmoreteam.com or call 509.987.4544. Whether you’re buying or selling, we’re here to help you make confident decisions in the Tri-Cities market.
Let me know if you’d like this adapted into a quarterly report or a visual version for email or social media marketing!