Tuesday, November 16, 2010

Realty Times - Richland, Washington Real Estate Market Conditions from Marchell Mascheck


Current Market Rating: 3

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Buyer's
Seller's
Current Price Trend: 3

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Falling
Rising

Tri-Cities is currently experiencing a generally balanced market in many price ranges and locations. Consumers should fight the urge to follow the national news and trends since it is quite different here. Some price ranges are very much a 'sellers market' while others may be the opposite.

Because the city of Richland is close to the Hanford Nuclear Facility (one of the areas largest employers), some incoming residents tend to prefer this area over others. Tourism, entertainment and commercial/retail activity is increasing along the rivers. Richland has the small town flavor as a community and is limited by space for growth. These factors tend to keep the prices slightly higher than other communities in the area.

Richland is known for its resident scientists, engineers and technicians working in one of the country's most important nuclear research laboratories, which is also the headquarters for the cleanup efforts at the Hanford Reservation. This city also has a large cultural center, is home to a four-year Washington State University campus and has a growing medical center serving the entire region. Nearby is the Red Mountain area known for its wineries and scenic drive.

Types of housing include golf course neighborhoods, planned neighborhoods, large older home areas, small older home areas, new neighborhoods, mature neighborhoods and country living.

New residential construction continues and commercial construction is ongoing as well. Availability of homes is strong and sales are steady.

ZIP Codes: 99352, 99354

Location Characteristics: Richland (central) has generally more mature and well established neighborhoods. The south part of town (south of the river) is predominately newer homes and neighborhoods. This city is one of the communities making up the region known as Tri-Cities.

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