April 2025 Housing Market Update: Spring is springing!

It sure looks like the spring market is doing its thing:

• A lot of green and just a little red? Check.
• Active listings are up? Check.
• Homes sold are up? Check.

Let’s dive right into this month’s Tri-Cities real estate market update!

Active Listings in the Tri-Cities

After five consecutive months of declining inventory, active listings (aka, the number of homes for sale) finally reversed this month. There were 846 homes available when we took our market snapshot on April 4. That’s up 8% from last month and gives us a healthy 3.2 months of inventory.

Our current inventory is 24% higher than a year ago, when we had 684 homes on the market.

We started to see more buyers coming into the market last month, so it’s good to see sellers getting active this month. We had 447 new listings hit the market in March, up 44% from February. We also saw a nice gain in new construction priced under $500,000 — the number of available homes that fit that description is up 23% this month.

This is all good news for home buyers — you have more to choose from right now.

Home Sales

Sales activity continued the momentum that began last month: 267 homes closed in March, a 6% gain over February. (And that’s 36% more sales than we saw two months ago.)

The city of Richland is driving those gains. Home sales in Richland were up 26% last month and are up 53% over the past two months.

Sales are also happening a bit more quickly. Our median days on market for March’s sales was 35, faster than the 44 median DOM for February’s sales. But…a year ago, our DOM was 28 days, so we’re slower than this time in 2024.

Home Prices

While inventory and sales activity are both up, home prices are flat. The median sales price across the whole area last month was $433,850, which is down less than 1% from February.

Prices rose the most in Richland, where they’re at their highest since November, and West Richland, where they’re at their highest since October.

But for the whole area, prices are steady. We’re on a run of 15 consecutive months with median prices staying between $400,000 and $440,000.

To sum up: The spring real estate market is blooming. Sellers are getting active, as evidenced by the 44% spike in new listings last month. Buyers are active, too, as evidenced by the 36% rise in sales over the past two months. I’m seeing homes that are priced well and in good condition selling in a reasonable time frame, while homes that aren’t priced right — or aren’t in good shape — are taking longer to sell.

As always, please get in touch if you have questions about what’s happening around town or in your specific neighborhood. Use the TEXT US tool below to send a text, call us at (509) 392-4705, or contact us via email — whatever’s best for you!

(*Remember that days on market can sometimes be skewed by how new construction homes are processed in the MLS.)