Overview: February 12 2025
This blog post reviews existing construction homes sold in the Tri-Cities. We compare two time frames. The past 30 days shows the newest shift. The past 90 days shows the broader pattern. Smaller segments, like condos and townhomes, can swing fast because there are fewer sales.
Entire Market (All Existing Construction Homes)
| Time | Count | Per Day | Orig $ (Avg/Med) | Final $ (Avg/Med) | DOM (Avg/Med) | SqFt (Avg/Med) | $/SqFt (Avg/Med) | Yr (Avg/Med) |
|---|---|---|---|---|---|---|---|---|
| Past 30 Days | 155 | 5.17 Closings Per Day | $467,156 / $425,000 | $443,404 / $420,000 | 60 / 40 | 1,923 / 1,814 | $241 / $237 | 1986 / 1996 |
| Past 90 Days | 475 | 5.28 Closings Per Day | $487,566 / $434,900 | $463,640 / $420,000 | 57 / 40 | 1,996 / 1,884 | $242 / $237 | 1989 / 1997 |
- Sales pace is a touch slower in the newest window (5.17/day vs. 5.28/day). That is a small cool-down.
- Average pricing is softer in the past 30 days. Average final price is $443,404 vs. $463,640 in the past 90 days.
- The median final price stayed at $420,000 in both time frames. That suggests the “typical” sale is holding steady.
- Homes are not selling faster. Median days on market stayed at 40. Average days on market rose to 60 from 57.
- Price per square foot is basically flat. Median $/sf is $237 in both windows.
- Homes sold in the past 30 days were smaller on average (1,923 sf vs. 1,996 sf). That can pull the average price down even if the market is stable.
Existing Construction Single Family (Site Built – Owned Lot)
| Time | Count | Per Day | Orig $ (Avg/Med) | Final $ (Avg/Med) | DOM (Avg/Med) | SqFt (Avg/Med) | $/SqFt (Avg/Med) | Yr (Avg/Med) |
|---|---|---|---|---|---|---|---|---|
| Past 30 Days | 147 | 4.90 Closings Per Day | $475,404 / $430,000 | $451,192 / $422,500 | 59 / 40 | 1,952 / 1,872 | $242 / $238 | 1986 / 1996 |
| Past 90 Days | 448 | 4.98 Closings Per Day | $495,347 / $435,000 | $470,859 / $427,000 | 55 / 40 | 2,025 / 1,914 | $243 / $237 | 1988 / 1996 |
- This is the biggest part of the market. It often sets the tone.
- Sales pace is slightly slower (4.90/day vs. 4.98/day). That is not a big drop, but it points to a calmer market.
- Prices look a bit softer. Average final price fell to $451,192 from $470,859. Median final price slipped to $422,500 from $427,000.
- Homes are taking longer on average. Average DOM rose to 59 from 55. Median DOM stayed at 40, so many homes still sell in a similar time frame.
- $ per square foot is steady. Median $/sf is $238 vs. $237. That is basically flat.
- Average and median square footage dipped. That can also help explain why average prices eased.
Existing Construction Condo / Townhome Market
| Type / Time | Count | Per Day | Orig $ (Avg/Med) | Final $ (Avg/Med) | DOM (Avg/Med) | SqFt (Avg/Med) | $/SqFt (Avg/Med) | Yr (Avg/Med) |
|---|---|---|---|---|---|---|---|---|
| Condo – Past 30 Days | 3 | 1 Closing Every 10 Days | $208,333 / $225,000 | $184,333 / $200,000 | 86 / 74 | 1,079 / 898 | $179 / $167 | 1976 / 1976 |
| Condo – Past 90 Days | 13 | 1 Closing Every 7 Days | $341,046 / $315,000 | $321,115 / $310,000 | 102 / 50 | 1,438 / 1,366 | $227 / $231 | 1988 / 1979 |
| Townhome – Past 30 Days | 5 | 1 Closing Every 6 Days | $379,960 / $389,900 | $369,880 / $385,000 | 72 / 11 | 1,576 / 1,803 | $238 / $221 | 2006 / 2008 |
| Townhome – Past 90 Days | 14 | 1 Closing Every 6 Days | $374,621 / $382,500 | $364,957 / $369,500 | 61 / 34 | 1,568 / 1,589 | $236 / $225 | 2009 / 2011 |
- Condos: only 3 sales in the past 30 days. One sale can change the averages a lot.
- Condo pricing is much lower in the newest window (median final $200,000 vs. $310,000). Recent condo sales were also smaller (median 898 sf vs. 1,366 sf) and older (median year 1976 vs. 1979). That mix can drive the drop.
- Condos are taking longer for the typical unit. Median DOM is 74 in the past 30 days vs. 50 in the past 90 days.
- Townhomes show firmer pricing in the newest window (median final $385,000 vs. $369,500).
- Townhome speed is mixed. Median DOM dropped to 11 from 34, but average DOM rose to 72 from 61. That often means some are selling fast while others sit.
What This Means for Buyers and Sellers
- Look at median price for the “typical” home. It held steady in the whole market ($420,000), even as average prices eased.
- Look at days on market to see leverage. Average DOM rose in the whole market (60 vs. 57) and in single family (59 vs. 55). That can help buyers negotiate, especially on homes that have been listed longer.
- Watch the difference between average and median. When the average drops but the median holds, it can mean fewer high-end sales, smaller homes selling, or more price cuts at the top.
- Condos and townhomes have small sample sizes. Treat those numbers as a signal, not a guarantee.
- If you are buying, focus on listings with longer DOM, weaker showing activity, or recent price drops. Those sellers may be more flexible.
- If you are selling, price close to recent sold homes. The market is still moving, but buyers appear more patient than they were in the broader 90-day window.
Buyer signals: sales pace is slightly slower, average prices are lower in the past 30 days, and average days on market is higher. That combination can support stronger negotiations.
Seller signals: median prices and median $/sf are steady in the full market. Well-priced homes can still sell in a normal time frame.
Bottom line: the Tri-Cities existing construction market looks stable, with a mild cool-down in the most recent 30 days. It feels closer to balanced than strongly seller-driven.