Understanding real estate trends is crucial for both buyers and sellers. By analyzing the past 12 months of market activity in the Tri-Cities region, we can identify key trends in listings, pricing, and market speed. This report will provide an in-depth look at how existing single-family homes have performed over the last year, helping you make informed decisions.
Key Market Trends
1. Strong Market Activity but Declining Inventory
- Over the past 12 months, the Tri-Cities saw an average of 6.93 new listings per day, totaling 2,538 listings.
- A total of 2,003 homes sold, averaging 5.47 sales per day.
- The number of listings suggests a healthy supply, but the high number of sales indicates strong buyer demand.
- Conclusion: A well-balanced market with an active turnover of inventory.
2. Homes Selling Faster Than Before
- The average days on market (DOM) for all listings was 52 days, with a median of 27 days.
- Sold homes had an even lower average DOM of 44 days and a median of 22 days.
- The longest a home stayed on the market was 728 days, but the majority moved quickly.
- Conclusion: Homes are selling faster than before, meaning buyers must act quickly in this competitive market.
Price Analysis
3. Prices Continue to Rise
- The average original listing price was $508,035, with a median of $450,000.
- The average final sale price was $495,443, with a median of $445,000.
- The highest sale price was $1,855,000, while the lowest was $41,000.
- Conclusion: The Tri-Cities market remains strong, with home values holding steady or increasing.
4. Sellers Are Getting Close to Asking Price
- The average reduction from the original listing price to the final sale price was just 2.5%.
- Buyers are willing to pay close to the asking price, signaling strong demand.
- Conclusion: Minimal negotiation means sellers have strong leverage in this market.
5. Price per Square Foot Remains Stable
- The average price per square foot was $243.13, with a median of $240.85.
- This suggests steady home values, making it easier for buyers to gauge pricing trends.
- Conclusion: Despite rising home prices, the price per square foot remains consistent, indicating a stable market.
Buyer and Seller Dynamics
6. Favorable Market for Sellers
- The buyer score for the past 12 months was 3.5, while the seller score was 6.5.
- A higher seller score means sellers hold more negotiating power.
- Conclusion: This remains a seller’s market, though buyers who act fast and bid competitively can still secure good deals.
Summary of Key Insights
✔ Strong Market Activity – Homes are selling at a steady pace, with new listings meeting demand.
✔ Faster Sales – The average time on market has decreased, showing heightened competition.
✔ Rising Prices – Home values are increasing, with most homes selling close to asking price.
✔ Seller’s Market – High seller scores mean buyers need to act fast and make competitive offers.
Final Thoughts
The Tri-Cities market for existing construction homes has remained competitive over the past 12 months. Sellers are benefiting from strong prices and fast sales, while buyers need to be quick and strategic in making offers.
If you’re considering selling, now is a great time to list your home, as demand remains high. Buyers should be prepared to act fast, with fewer opportunities for negotiation.
For personalized guidance in navigating the Tri-Cities real estate market, reach out to a local expert to make the most of these market conditions.
Let me know if you’d like any adjustments or additional insights! 🚀