As of 2024 Year to Date, the Tri-Cities real estate market (new construction single-family homes) presents balanced conditions for both buyers and sellers. This analysis provides an overview of current trends in inventory, pricing, demand, and market speed for new construction homes. Whether you’re looking to buy or sell in this area, this guide will help you understand the best opportunities in this dynamic market.
The table below summarizes my scoring for buyers and sellers in the Tri-Cities area, rating the buyer and seller advantages on a scale from 1 to 10.
| Market Segment | Buyer Score | Seller Score |
|---|---|---|
| Tri-Cities Area (New Construction) | 6.1 | 7.5 |
Key Market Insights by Category
1. Inventory and Market Speed
Total Listings in 2024: 1,045 homes have entered the market Year to Date, averaging 3.27 new listings daily.
Sold Listings: With 624 sales closing, an average of 1.95 listings sell daily. The sell rate proportion is 59.6%, indicating balanced activity between buyers and sellers.
Conclusion: Moderate daily listings and sell rates indicate a stable market with opportunities for both buyers and sellers.
2. Pricing Trends and Price Reductions
Average Original Listing Price: $559,210 across all listings, with a median price of $504,850.
Sold Price Adjustments: Closed transactions averaged $540,580, marking an average reduction of 0.6% from the original list price.
Conclusion: Minimal price reductions offer sellers strong pricing control while giving buyers limited negotiation leverage.
3. Days on Market (DOM)
Total Listings: Average DOM is 125 days, with a median DOM of 75 days.
Sold Listings: Sold listings have slightly faster turnaround, with an average DOM of 120 days and a median DOM of 72 days.
Conclusion: The faster DOM for closed listings reflects steady demand and a balanced pace favoring neither buyers nor sellers exclusively.
4. Price per Square Foot Trends
Total Listings: Average price per square foot is $281.86.
Sold Listings: The average price per square foot for sold homes is slightly lower at $277.60, showing minimal price concessions.
Conclusion: Minimal variation in price per square foot between total and sold listings supports overall pricing stability, benefiting sellers.
5. Home Size and Square Footage
Total Listings: Average home size is 1,996 sq. ft., with a median of 1,872 sq. ft.
Sold Listings: Sold homes average 1,974 sq. ft., with a median of 1,853 sq. ft.
Conclusion: Home sizes remain consistent, meeting buyer expectations while giving sellers confidence in market preferences.
Buyer and Seller Scores
For Buyers (New Construction, Single-Family Homes, Tri-Cities Area)
* Buyer Score: 6.1/10
Rationale: Moderate inventory and sell rates offer options, but price stability limits negotiation advantages.
Calculation: Base score of 6.0 + 0.5 for inventory + (-0.5 for limited price reductions) + 0.1 for stable DOM.
For Sellers (New Construction, Single-Family Homes, Tri-Cities Area)
* Seller Score: 7.5/10
Rationale: Strong price retention, efficient sales, and consistent demand favor sellers.
Calculation: Base score of 7.0 + 0.5 for price stability + 0.5 for competitive sell rate + (-0.5 for inventory buildup).
My Conclusion
The Tri-Cities market for 2024 YTD is pretty balanced. Buyers benefit from moderate inventory and consistent home sizes, while builders enjoy strong price retention and steady demand. Builders still hold a slight advantage in this stable market, but buyers who act decisively can still secure good deals.