The new construction market in the Tri-Cities area shows varying levels of buyer and seller activity depending on price range. By examining sales trends, we can see where demand is strongest, which price points are moving quickly, and where buyers may have more negotiating power.
This analysis breaks down the new construction market by price range, highlighting sales activity, average and median prices, and days on market to give buyers and sellers a clear understanding of market conditions.
Market Overview
New construction homes in the Tri-Cities are selling at different paces across various price ranges. Here are the key trends:
- Homes under $450,000 are selling at a steady pace with relatively low days on market.
- The $550,000 – $650,000 and $650,000 – $750,000 price ranges show strong buyer demand, though homes take longer to sell.
- Luxury new construction above $750,000 takes significantly longer to sell, with price reductions more common.
Sales Summary by Price Range
$0 – $350,000: Minimal Activity, Limited Inventory
- Total Sales (Last 12 Months): 1
- Median Final Price: $344,990
- Median Days on Market: 112
- Buyer-Seller Score: Buyer: 5.4 | Seller: 4.6
Market Insight:
New construction homes in this price range are rare, with very few listings. The one home sold took over three months to sell, indicating low supply but also low buyer activity.
$350,000 – $450,000: Steady Demand, Fast-Moving Homes
- Total Sales (Last 12 Months): 189
- Median Final Price: $411,999
- Median Days on Market: 43
- Buyer-Seller Score: Buyer: 3.9 | Seller: 6.1
Market Insight:
This price range has one of the fastest-selling new construction markets. Homes sell close to asking price and within about one and a half months on average, making it a strong seller’s market.
$550,000 – $650,000: Balanced Market with Strong Sales
- Total Sales (Last 12 Months): 83
- Median Final Price: $595,000
- Median Days on Market: 144
- Buyer-Seller Score: Buyer: 6.1 | Seller: 3.9
Market Insight:
New homes in this range sell steadily but take longer than lower-priced homes. Price reductions are more common, making it a more balanced market for buyers and sellers.
$650,000 – $750,000: Longer Sales Cycle, But Solid Demand
- Total Sales (Last 12 Months): 35
- Median Final Price: $675,000
- Median Days on Market: 106
- Buyer-Seller Score: Buyer: 5.9 | Seller: 4.1
Market Insight:
This price range is still selling well, but homes are staying on the market for about three months on average. Buyers have more negotiating power than in lower price tiers.
$750,000 – $850,000: High-End Homes Moving Slowly
- Total Sales (Last 12 Months): 23
- Median Final Price: $789,280
- Median Days on Market: 191
- Buyer-Seller Score: Buyer: 3.3 | Seller: 6.7
Market Insight:
Luxury new construction homes in this range take significantly longer to sell. With a six-month median sales timeline, sellers must be patient and competitive on price.
$850,000 – $1,000,000: Limited Sales, High Days on Market
- Total Sales (Last 12 Months): 18
- Median Final Price: $905,950
- Median Days on Market: 166
- Buyer-Seller Score: Buyer: 7.3 | Seller: 2.7
Market Insight:
High-end new construction homes are selling, but the buyer advantage is growing. Homes stay on the market for five to six months on average, making price flexibility important for sellers.
$1,000,000 – $2,000,000: Luxury Market Facing Challenges
- Total Sales (Last 12 Months): 22
- Median Final Price: $1,194,697
- Median Days on Market: 42
- Buyer-Seller Score: Buyer: 4.5 | Seller: 5.5
Market Insight:
Homes in this range are moving faster than expected for high-end properties. Buyers still have some negotiating power, but overall demand remains relatively strong.
$2,000,000 – $10,000,000: Ultra-Luxury Homes Have Limited Demand
- Total Sales (Last 12 Months): 1
- Median Final Price: $2,000,000
- Median Days on Market: 45
- Buyer-Seller Score: Buyer: 3.7 | Seller: 6.3
Market Insight:
The ultra-luxury segment sees very limited sales activity, with only one home sold in the past year. The market is highly specialized, and buyers have significant negotiating power.
Key Market Insights for Buyers and Sellers
Best Price Ranges for Sellers
- $350,000 – $450,000: Homes sell quickly, often close to asking price.
- $1,000,000 – $2,000,000: Luxury homes are moving faster than expected.
Best Price Ranges for Buyers
- Homes above $850,000: These homes take longer to sell, giving buyers more negotiation power.
- $550,000 – $750,000: Buyers have more time to shop and can expect some price reductions.
Final Thoughts
The Tri-Cities new construction market offers a range of opportunities for both buyers and sellers.
- Sellers in the $350,000 – $450,000 range are in a strong position, with homes selling quickly and at competitive prices.
- Buyers in the $750,000 and higher range have more negotiation power, as homes in these tiers tend to stay on the market longer.
If you are looking to buy or sell a new construction home, understanding market trends by price range can help you make the right move. Reach out today for a personalized market analysis.