Understanding real estate trends helps buyers and sellers make informed decisions. Over the past year, the Tri-Cities housing market has seen shifts in inventory, pricing, and demand, leading to changing dynamics in Kennewick, Richland, Pasco, and West Richland.
How Have Total Listings Changed Over the Past 12 Months?
Over the past 12 months, the number of new and existing 1-story home listings in the Tri-Cities market has shown fluctuations based on seasonality and demand.
- Past 12 Months: 1,092 total listings (averaging 2.98 listings per day).
- January 2025: 100 new listings (3.23 per day).
- February 2025 (to date): 21 new listings (0.75 per day).
What This Means:
- Listings are decreasing: The market had higher inventory in early months but is now seeing fewer new listings each month.
- February shows a sharp decline: With only 21 new listings so far, February 2025 is significantly lower than the 12-month average.
- Buyers may face more competition due to tighter inventory.
Market Trends & Key Insights
1. Homes Are Selling Faster
- Past 12 Months: Average days on market (DOM) was 40 days (median 19 days).
- January 2025: Average 47 DOM (median 31 days).
- February 2025 (to date): Average 38 DOM (median 34 days).
Insight: Homes are selling faster than before, despite reduced inventory. Buyers need to move quickly.
2. Prices Are Holding Steady
- Past 12 Months:
- Average listing price: $446,557
- Average final sale price: $436,861
- January 2025:
- Average listing price: $461,793
- Average final sale price: $447,019
- February 2025 (to date):
- Average listing price: $499,590
- Average final sale price: $478,075
Insight: Prices continue to rise, with February’s final sale price up nearly 9% from the 12-month average.
3. Buyer & Seller Market Shifts
- Past 12 Months:
- Buyer Score: 2.3 (favoring sellers)
- Seller Score: 7.7 (strong seller’s market)
- February 2025 (to date):
- Buyer Score: 3.7
- Seller Score: 6.3
Insight: While still a seller’s market, buyers now have slightly more leverage than earlier months.
What This Means for Buyers & Sellers
Sellers:
- Limited inventory favors you – fewer listings mean less competition.
- Pricing power remains strong, with buyers paying closer to asking price.
Buyers:
- Expect fewer options – act quickly when you find the right home.
- Prices are climbing – waiting could mean paying more in a few months.
Final Thoughts
The Tri-Cities real estate market for existing 1-story homes continues to favor sellers, but buyers are gaining more power as we move into 2025.
- Fewer new listings = higher demand
- Homes are selling quickly
- Prices are holding strong
If you’re buying or selling, staying ahead of market trends is key. Work with a local expert to navigate this competitive market and make the right move at the right time.