The West Richland real estate market offers exciting opportunities, especially for homes priced between $400,000 and $500,000. By analyzing data from the past 12 months, year to date (YTD), the last full month, and the current month, we can uncover key market trends in home listings, sales, and prices. This analysis focuses on single-family residences in the city of West Richland.
Past 12 Months
- Total Homes on Market per Day: An average of 1 new listing every 4.6 days, with 79 total listings recorded.
- Homes Sold per Day: On average, 1 listing sold every 5.6 days, totaling 65 homes sold.
- Average and Median Prices:
- Average original listing price: $455,217
- Median original listing price: $452,500
- Average final sold price: $447,288
- Median final sold price: $445,000
- Buyer’s Score: 1.7 – Buyers faced significant competition in the market.
- Seller’s Score: 8.3 – A highly favorable market for sellers.
The past year reflects a strong seller’s market in West Richland. The average days on market (DOM) was 32 days, with a median of just 14 days, showing that homes sold quickly once listed.
Year to Date (YTD)
- Total Homes on Market per Day: So far in 2025, 1 new listing every 6 days, with 4 listings recorded.
- Homes Sold per Day: 1 home sold every 8 days, with 3 homes sold to date.
- Average and Median Prices:
- Average original listing price: $488,675
- Median original listing price: $489,950
- Average final sold price: $442,833
- Median final sold price: $438,500
- Buyer’s Score: 2.4 – A slight improvement for buyers compared to the past year.
- Seller’s Score: 7.6 – Sellers continue to hold the upper hand.
So far this year, homes are selling even faster, with an average DOM of 8 days, demonstrating continued strong demand.
Last Full Month (December 2024)
- Total Homes on Market per Day: 1 new listing every 6.2 days, with 5 total listings recorded.
- Homes Sold per Day: 1 home sold every 10.3 days, totaling 3 homes sold.
- Average and Median Prices:
- Average original listing price: $441,940
- Median original listing price: $435,000
- Average final sold price: $434,967
- Median final sold price: $420,000
- Buyer’s Score: 3.7 – Buyers found slightly better conditions.
- Seller’s Score: 6.3 – Still favorable for sellers, but less competitive than earlier months.
December saw a slight slowdown in sales activity, with homes taking an average of 34 days to sell, though many moved faster with a median DOM of 10 days.
Current Month (January 2025)
- Total Homes on Market per Day: So far in January, 1 new listing every 6 days, with 4 listings recorded.
- Homes Sold per Day: 1 home sold every 10.3 days, with 3 homes sold to date.
- Average and Median Prices:
- Average original listing price: $488,675
- Median original listing price: $489,950
- Average final sold price: $442,833
- Median final sold price: $438,500
- Buyer’s Score: 2.4 – Conditions remain competitive for buyers.
- Seller’s Score: 7.6 – Sellers maintain a strong position.
January continues the trends from December, with homes selling in an average of 8 days, indicating that properties in this price range are still highly desirable.
Conclusion
West Richland’s real estate market remains a strong seller’s market as we move into 2025. Here are the key takeaways:
- Market Speed: Homes are selling faster, with the average DOM dropping to just 8 days so far in January 2025, down from 32 days last year.
- Price Trends: Listing and sold prices remain stable, with homes consistently selling close to their original listing price.
- Buyer and Seller Dynamics: While sellers continue to enjoy favorable market conditions, the slight improvements in buyer scores suggest a small shift toward balance.
If you’re planning to sell, now is an excellent time to list your home, as demand remains strong and homes are selling quickly. Buyers should be prepared to act fast and make competitive offers to secure a property in this market.
For personalized assistance or expert advice on buying or selling your home in West Richland, contact ryan@kenmoreteam.com or call 509.987.4544. Working with experienced professionals will help you navigate this dynamic market with confidence.