The $800,000 – $1,000,000 price range represents the luxury home market in the Tri-Cities, catering to buyers looking for premium properties, custom-built homes, and high-end finishes. This price range has a smaller buyer pool, meaning trends in listings, pricing, buyer-seller dynamics, and days on market differ from lower price brackets.
Here’s an in-depth analysis of the existing construction market for homes priced between $800,000 and $1,000,000 in the Tri-Cities.
1. Market Activity: Changes in Total Listings Over the Past 12 Months
The number of high-end listings in the Tri-Cities has remained relatively stable but continues to be one of the smallest segments of the market.
- Past 12 Months: The total number of listings in this price range has remained low but steady, with some fluctuations based on seasonality.
- Year to Date (2025): The number of new listings has slightly declined, meaning fewer luxury homes are coming onto the market compared to the same time last year.
- Last Full Month (January 2025): There was a small increase in listings, but homes in this range take longer to sell than lower-priced homes.
- Current Month (February 2025): The number of listings has remained steady, with selective buyer demand keeping sales volume lower.
Key Insight:
✔️ Inventory in this price range is limited, but buyer demand is lower than in mid-range price brackets.
✔️ Sellers should expect longer listing periods and strategic marketing to attract the right buyers.
✔️ Buyers have more options and less competition, allowing for more careful selection and negotiation.
2. Pricing Trends: Listing Prices vs. Final Sales Prices
Homes in the $800,000 – $1,000,000 range tend to have greater price flexibility, with more room for negotiation compared to lower price brackets.
- Past 12 Months: The average and median final sales prices were lower than the listing prices, indicating consistent price reductions or seller concessions.
- Year to Date (2025): The gap between listing and final sales prices has remained steady, suggesting that luxury home buyers continue to negotiate.
- Last Full Month (January 2025): Homes in this price range sold below asking price more frequently, reinforcing the buyer’s ability to negotiate pricing.
- Current Month (February 2025): Early data suggests that sellers continue to accept lower-than-list price offers, indicating buyers have strong leverage.
Key Insight:
✔️ Luxury home buyers have strong negotiation power, as sellers are more likely to offer concessions.
✔️ Sellers should price their homes competitively to avoid long periods on the market.
✔️ Buyers can negotiate not only price but also incentives such as closing costs, upgrades, or additional features.
3. Buyer and Seller Scores: Who Holds the Advantage?
Buyer and seller scores reflect who has more power in negotiations.
- Past 12 Months: The buyer score was higher than in mid-range price brackets, meaning buyers had more leverage.
- Year to Date (2025): The buyer score has increased slightly, while the seller score has decreased, indicating that buyers are gaining even more control.
- Last Full Month (January 2025): Buyers continued to maintain negotiating power, as homes in this price range took longer to sell.
- Current Month (February 2025): The buyer score remains strong, with sellers needing to adjust their pricing or offer incentives to close deals.
Key Insight:
✔️ This price range is more favorable to buyers, with more flexibility in pricing and negotiations.
✔️ Sellers must be prepared for longer listing times and possible price adjustments.
✔️ Buyers can take advantage of price reductions and negotiate favorable terms.
4. Days on Market: How Fast Are Homes Selling?
The days on market for homes in this price range highlights how long it takes to find the right buyer.
- Past 12 Months: Homes in this range had the longest time on market compared to all other price brackets.
- Year to Date (2025): The average days on market has remained steady, showing that luxury homes take time to sell.
- Last Full Month (January 2025): Homes in this price range took significantly longer to sell, reinforcing the importance of competitive pricing.
- Current Month (February 2025): The days on market have remained stable, with some sellers adjusting their prices to attract buyers.
Key Insight:
✔️ Luxury homes take significantly longer to sell compared to lower-priced homes.
✔️ Sellers should be patient and ensure their home is well-marketed to attract the right buyers.
✔️ Buyers have time to explore options and negotiate deals, as homes do not move quickly in this range.
5. Analysis & Key Takeaways for Buyers & Sellers
For Buyers:
✅ More Negotiation Power Than in Lower Price Ranges: Buyers have the ability to negotiate pricing, incentives, and contract terms.
✅ Take Your Time to Find the Right Home: Unlike lower price ranges, buyers have more time to evaluate and negotiate properties.
✅ Expect Price Reductions or Concessions: Many sellers are willing to offer incentives, so buyers should negotiate aggressively.
For Sellers:
✅ The Market is More Buyer-Friendly in This Price Range: Sellers must be realistic with pricing and prepared for extended listing periods.
✅ Price Competitively to Avoid Sitting on the Market: Overpriced homes may stay on the market for months, while competitive pricing can attract serious buyers faster.
✅ Consider Offering Incentives: Seller-paid closing costs, upgrades, or other incentives can make a listing more attractive to buyers in this price range.
6. Final Thoughts: A Buyer’s Market with Strong Negotiation Opportunities
The $800,000 – $1,000,000 price range remains more buyer-friendly, with negotiation flexibility, longer days on market, and price reductions common.
🏡 For Buyers – You have time to explore options, negotiate price reductions, and request seller incentives. Use this market to your advantage.
🏡 For Sellers – Be prepared for longer listing times and pricing adjustments. Offering incentives and marketing your home effectively can help attract buyers faster.
If you’re looking to buy or sell a home in the $800,000 – $1,000,000 range, these market insights will help you make informed decisions. Now is the time to strategize for the best outcome! 🚀