The Tri-Cities real estate market continues to evolve, with noticeable changes in inventory, pricing, and market speed. Comparing February 2025 (current month to date) with January 2025 (last full month) provides insight into whether the market is heating up or slowing down.
How Does This Month Compare to Last Month?
Looking at key market activity—new listings, homes sold, and pricing trends—across West Richland, Richland, Pasco, and Kennewick, we can see how February’s market is shaping up compared to January.
West Richland
- New Listings: February – 1, January – 13 (92% decrease)
- Homes Sold: February – 3, January – 14 (79% decrease)
- Average Listing Price: February – $729,900, January – $649,708 (12% increase)
- Average Final Price: February – $480,942, January – $542,764 (11% decrease)
Richland
- New Listings: February – 3, January – 46 (93% decrease)
- Homes Sold: February – 4, January – 32 (88% decrease)
- Average Listing Price: February – $620,000, January – $577,333 (7% increase)
- Average Final Price: February – $414,750, January – $477,228 (13% decrease)
Pasco
- New Listings: February – 4, January – 58 (93% decrease)
- Homes Sold: February – 0, January – 34 (no February sales yet)
- Average Listing Price: February – $583,500, January – $531,313 (10% increase)
Kennewick
- New Listings: February – 5, January – 73 (93% decrease)
- Homes Sold: February – 2, January – 48 (96% decrease)
- Average Listing Price: February – $528,800, January – $493,907 (7% increase)
- Average Final Price: February – $341,000, January – $482,844 (29% decrease)
Key Takeaways
- Massive drop in new listings: February has seen over a 90% decrease in new listings across all four cities compared to January, leading to much tighter inventory.
- Sales volume has dropped significantly: Homes sold in February have declined by 79-96% compared to January, with zero recorded sales in Pasco so far.
- Higher listing prices: Across the region, February’s average listing prices have increased by 7-12%, indicating seller confidence despite lower sales activity.
- Final prices are dropping: Although listing prices are higher, sold homes in February are closing at lower prices compared to January, suggesting that buyers who are active may be negotiating better deals.
What This Means for Buyers and Sellers
For sellers:
- The dramatic drop in inventory may create urgency among buyers, but fewer transactions suggest a slowdown in demand.
- If selling in February, price competitively to attract buyers, as final sale prices have decreased.
For buyers:
- With fewer homes hitting the market, competition may increase in March.
- Current data suggests sellers are pricing higher but accepting lower final sale prices, meaning buyers have some negotiating power.
Final Thoughts
The February 2025 market is seeing fewer new listings, lower sales activity, and a mixed pricing trend. Sellers are listing homes at higher prices, but actual sale prices are falling. As we move further into the month, watch for changes in inventory and whether buyer activity picks up.
If you’re considering buying or selling, now is the time to stay informed and act strategically. For expert guidance, reach out to ryan@kenmoreteam.com or call 509.987.4544.