Understanding the nuances of the Tri-Cities real estate market requires examining how existing construction homes have performed across its key cities. Here’s a breakdown based on market speed (listings going active and sold) of the last 12 months for Kennewick, Pasco, Richland, and West Richland to highlight market activity, pricing trends, and buyer-seller dynamics.
Buyer and Seller Scores
| City | Buyer Score | Seller Score | Conclusion |
|---|---|---|---|
| Kennewick | 3.7 | 6.3 | Most favorable for buyers among the cities analyzed. |
| Pasco | 3.3 | 6.7 | Balanced market but slightly more favorable for sellers. |
| Richland | 2.7 | 7.3 | Strong seller’s market with limited buyer leverage. |
| West Richland | 2.4 | 7.6 | Strongest seller’s market; buyers face tough competition. |
Price Comparison: Lowest to Highest
| City | Average Listing Price | Median Listing Price | Average Final Price | Median Final Price |
|---|---|---|---|---|
| Pasco | $488,520 | $439,500 | $477,262 | $430,000 |
| Kennewick | $504,437 | $445,000 | $490,441 | $437,500 |
| Richland | $520,073 | $475,000 | $506,827 | $466,000 |
| West Richland | $554,981 | $499,900 | $545,074 | $490,000 |
Conclusion: Pasco had the most affordable prices overall, while West Richland commanded the highest prices, reflecting its premium market status.
Days on Market (DOM): Fastest to Slowest
| City | Average DOM | Median DOM | Conclusion |
|---|---|---|---|
| West Richland | 49 days | 17 days | Fastest-moving market with the shortest DOM. |
| Richland | 50 days | 26 days | Quick sales reflecting strong demand. |
| Pasco | 50 days | 30 days | Slightly slower than West Richland and Richland. |
| Kennewick | 55 days | 31 days | Slowest among the four cities, but still quick. |
Summary of Findings
| Category | Best City | Reason |
|---|---|---|
| Best for Buyers | Kennewick | Highest buyer score and relatively competitive prices. |
| Best for Sellers | West Richland | Highest seller score and the fastest-moving inventory. |
| Most Affordable | Pasco | Lowest median and average listing and sold prices. |
| Fastest Sales | West Richland | Shortest median and average Days on Market, reflecting strong demand. |
For personalized insights into any of these cities, or if you’re planning to buy or sell in the Tri-Cities, reach out to ryan@kenmoreteam.com or call 509.987.4544. Understanding these city-level dynamics ensures you make the right decisions!