March brought fresh momentum to the Tri-Cities condominium market, offering insights into how 2025 might shape up for buyers and sellers. Condos continue to attract interest from those seeking efficient living, lower maintenance, and affordability compared to single-family homes. This post highlights market performance for existing construction condos across Kennewick, Richland, Pasco, and West Richland during March 2025, focusing on key metrics such as inventory, pricing, days on market, and buyer/seller leverage.
Last Full Month (March 2025)
- Total Homes on Market per Day: 11 new condo listings, averaging 1 new listing every 2.8 days
- Homes Sold per Day: 3 condos sold, averaging 1 sale every 10.3 days
- Average and Median Prices:
- Original Listing Price: Average of $412,345, median of $320,000
- Final Sold Price: Average of $366,514, median of $334,541
- Buyer’s Score: 4.3
- Seller’s Score: 5.7
This data reveals a balanced market environment, with slightly more negotiating room for buyers but continued strength on the seller side.
Market Highlights and Trends
Listings and Sales Activity
March saw moderate new listing activity with 11 condos hitting the market. However, only three sales closed, suggesting either buyer hesitation or inventory mismatch. The gap between listings and sales could signal that buyers are becoming more selective, especially with pricing and condition.
Pricing Trends
- While the average list price reached $412,345, the average sold price came in lower at $366,514—a difference of roughly 11%.
- The median sold price ($334,541) was actually higher than the median list price ($320,000), indicating that some well-positioned properties sold near or above asking, while others likely required price reductions to attract offers.
This contrast suggests a market of two speeds: strong competition for desirable condos, but softer demand for less updated or overpriced properties.
Days on Market (DOM)
- Average DOM (Sold Condos): 87 days
- Median DOM: 20 days
These figures tell two very different stories:
- The average DOM was pulled up by one or more long-listed properties.
- The median DOM of just 20 days shows that most condos still sold quickly—typically within three weeks.
Well-priced, move-in-ready condos are clearly still moving fast.
Price per Square Foot and Unit Size
- Average Price per Sq. Ft. (Sold): $265.16
- Median Price per Sq. Ft. (Sold): $218.23
- Average Size of Sold Units: 1,366 sq. ft.
- Median Size: 1,417 sq. ft.
Condos sold in March were generally mid-sized and priced at a premium per square foot, reflecting strong demand for smaller, low-maintenance housing in attractive areas.
Buyer and Seller Dynamics
- Buyer Score: 4.3 – Buyers had some leverage, with slightly more time to shop and opportunities for negotiation.
- Seller Score: 5.7 – Sellers still held an edge, especially when listings were well-prepared and competitively priced.
The market in March showed balanced conditions, where quality listings moved quickly, but buyers had the confidence to negotiate and shop carefully.
Summary of Key Insights
- Listing activity is steady, but sales volume was low—suggesting buyer selectivity.
- Most condos sold quickly, with a median of just 20 days on market.
- Pricing remains strong, but discounts were common for listings not aligned with market expectations.
- Buyer-seller balance is beginning to level out, with each side having a reasonable position at the table.
Final Thoughts
The Tri-Cities condo market in March 2025 demonstrated moderate activity, solid pricing, and quick movement for in-demand properties. Sellers should remain confident but also realistic—presentation and pricing are key. Buyers may find more flexibility in certain listings but should be prepared to move quickly when the right unit hits the market.
For help navigating current listings or preparing your condo for sale, contact ryan@kenmoreteam.com or call 509.987.4544. We’re here to help you succeed in the evolving Tri-Cities real estate market.