When comparing new construction to existing homes, one of the most useful metrics is price per square foot. This figure helps buyers and sellers understand how much value they’re getting for their money and whether trends are favoring newer builds or resale homes.
This analysis breaks down price per square foot trends for existing homes across West Richland, Richland, Pasco, and Kennewick, while also examining how new construction typically compares in the Tri-Cities market.
How Does Price Per Square Foot Compare?
Existing Homes – Price Per Square Foot Trends (Past 12 Months)
West Richland
- Average Price Per Square Foot: $251.71
- Median Price Per Square Foot: $245.65
Richland
- Average Price Per Square Foot: $242.03
- Median Price Per Square Foot: $237.70
Pasco
- Average Price Per Square Foot: $248.25
- Median Price Per Square Foot: $248.76
Kennewick
- Average Price Per Square Foot: $238.29
- Median Price Per Square Foot: $235.30
New Construction Price Per Square Foot Trends
Although specific new construction data is not included in this dataset, industry trends indicate that new homes in the Tri-Cities area typically sell for 10-20% more per square foot than existing homes. This is due to:
- Modern materials and energy-efficient features that increase overall home costs.
- Customization options that allow buyers to upgrade finishes and layouts.
- Premium lot placement in new developments, often with higher land costs.
Based on this, new construction homes in the Tri-Cities are estimated to average between $270 and $300 per square foot, depending on location, features, and builder pricing.
Key Takeaways
- West Richland has the highest price per square foot among existing homes at $251.71, indicating strong demand and limited inventory.
- Richland, Pasco, and Kennewick all have similar price per square foot trends in the $238–$248 range, making them more competitive markets for buyers.
- New construction homes typically command a premium price per square foot, often 10-20% higher than existing homes.
- Buyers looking for affordability may find better deals in existing homes, while those wanting modern amenities and energy efficiency should expect to pay more per square foot for new construction.
What This Means for Buyers and Sellers
For buyers:
- If you prioritize affordability and more space for your money, existing homes offer better value per square foot.
- If you want newer designs and lower maintenance costs, new construction will cost more per square foot but may save on repairs and utilities in the long run.
For sellers:
- If you’re selling an existing home, price it competitively against new construction homes. Buyers are often willing to pay a premium for newer features, so older homes should emphasize upgrades and move-in readiness.
- West Richland sellers can capitalize on high price per square foot trends, while Pasco and Kennewick sellers may need to price competitively to attract buyers.
Final Thoughts
Price per square foot trends show that West Richland commands the highest values for existing homes, while new construction homes are typically priced higher than resale properties across the board. Buyers should weigh the benefits of modern construction vs. affordability, while sellers should adjust pricing strategies accordingly.
For expert guidance on buying or selling, reach out to ryan@kenmoreteam.com or call 509.987.4544.