As of November 12, 2024, the Tri-Cities real estate market for existing single-family homes in Kennewick, Richland, Pasco, and West Richland is looking very good and has options for both buyers and sellers. Based on metrics such as inventory levels, demand, price flexibility, and days on market, here’s an in-depth look at how each city ranks for buyers and sellers.
The table below summarizes my scoring for each city, highlighting buyer and seller friendliness on a scale from 1 to 10.
| City | Buyer Score | Seller Score |
|---|---|---|
| Kennewick | 6.8 | 7.4 |
| Richland | 6.5 | 7.2 |
| Pasco | 6.6 | 7.1 |
| West Richland | 6.4 | 7.3 |
Here’s a closer look at what makes each city more favorable for buyers or sellers in 2024:
Kennewick – Top Choice for Both Buyers and Sellers
Kennewick stands out with a balanced, competitive market. The city’s inventory levels, along with some price flexibility, provide buyers with options while allowing sellers to close sales quickly. The market’s high demand—shown by a 70.5% sell rate proportion—keeps properties moving, making Kennewick a solid bet for both buyers and sellers.
For Buyers: Kennewick’s inventory and slight price reductions (around 8% on average) make it slightly easier to negotiate. With steady competition but enough inventory, buyers have room to find favorable deals.
For Sellers: Sellers benefit from quick sales with an average DOM of 45 days, minimal price reductions, and consistent demand. The steady market keeps pricing competitive, supporting seller confidence in listing values.
West Richland – Favorable for Sellers, More Challenging for Buyers
West Richland ranks second for sellers due to strong demand, a low average DOM of 38 days, and minimal price reductions. The high sell rate of 73.8% means that listings don’t sit long, allowing sellers to maintain pricing with fewer adjustments.
For Buyers: With fewer listings entering the market (0.65/day), buyers face a competitive market. Though prices remain stable, West Richland’s high demand and limited inventory make it less favorable for buyers compared to other Tri-Cities areas.
For Sellers: Sellers in West Richland enjoy quick sales and strong demand. Minimal price adjustments and high interest levels mean sellers can maintain asking prices and expect fast-moving transactions.
Richland – Balanced for Both Buyers and Sellers
Richland provides a balanced market with strong demand and a 74.3% sell rate, benefiting both parties. The market here is competitive, with moderate price flexibility (around 7% on average) and a reasonable DOM, reflecting a healthy pace for home sales.
For Buyers: Richland’s stable inventory and some negotiation space make it manageable for buyers, though competition remains. Price reductions allow for modest negotiation opportunities, making Richland a good middle-ground choice for buyers.
For Sellers: Sellers enjoy a competitive market, with high demand and limited need for price cuts. The average DOM is slightly longer than in Kennewick and West Richland but still supports a favorable selling environment.
Pasco – Moderate Market, Slight Edge for Sellers
Pasco’s market shows moderate conditions for both buyers and sellers. With a 74.9% sell rate proportion and a balanced inventory, Pasco provides a stable, consistent market. While Pasco ranks lowest for sellers, it remains favorable overall due to its reasonable DOM and demand levels.
For Buyers: The balanced market offers buyers moderate room for negotiation. A lower DOM and consistent demand may create competition, but manageable price adjustments (around 8%) give buyers opportunities for deals.
For Sellers: Pasco’s steady demand, minimal price cuts, and healthy inventory support a favorable market for sellers. Though not as high as Kennewick or West Richland, seller confidence remains strong in Pasco.
In Summary
Kennewick ranks as your best bet in the Tri-Cities market for both buyers and sellers in 2024 for all existing construction homes in all price ranges, thanks to its balanced inventory, price flexibility, and strong demand. West Richland’s high demand and limited inventory make it a seller’s market but more challenging for buyers. Richland offers a competitive yet balanced market, suitable for both sides. Pasco’s steady demand and inventory make it slightly better for sellers but generally favorable for all parties.
My analysis highlights the landscape for the Tri-Cities real estate market (Year to Date for 2024), providing buyers and sellers with a clear view of the best options based on their goals. If you’re thinking buying a home soon, reach out soon. If you’re thinking of selling soon, keep in mind we have our Guaranteed Listing Program, Guaranteed Sale Program, and our Instant Offer Program which offers our seller different degrees of flexibility while getting the highest price for your home.