Understanding the Area as You Search for Homes for Sale in Richland, WA
For many people, achieving their dream of homeownership is mostly a matter of affordability. Can you find a property with the features you want, in an area that you can enjoy, and all at a price that’s achievable within your budget? Those are the tough questions. To the average person, the Pacific Northwest can seem like an area that has priced itself out of your range. However, that is only true if you only consider the big cities that continue to gentrify and grow, such as Portland or Seattle. In the Tri-Cities area, homes for sale in Richland, WA offer an alternative to that expensive reality.
Like its neighbors that sprung up around the nearby rivers, Richland occupies in a beautiful part of the state that offers a diverse landscape and pleasant weather. More than that, though, it has opportunities for potential newcomers as well as families looking for a place to settle. Here’s a quick rundown of the current state of Richland’s affordability and its prospects for those who choose to live within its city limits.
Trends in homes for sale in Richland, WA mimic the Tri-Cities area
Overall, Richland offers excellent value for homebuyers wanting to settle in one of its quaint neighborhoods. With the median home price hovering around $270,000, this places the average detached family home well within the range of many potential buyers. Homes in the area show a modest trend of increasing in value, though, with Zillow estimating the area sees a roughly 6% growth in value annually. That means the market is currently in an advantageous position for buyers, especially as more buyers in nearby markets begin to consider homes in this area.
Richland offers a quiet place to settle
Originally built to support a United States government-backed nuclear site, Richland today is no longer home to any active production reactors. Instead, a sizable portion of the populace works in jobs related to cleanup activities at the Hanford site; others partake in jobs offered by the many large food and agricultural companies based in the Tri-Cities area. The ease of commuting between Richland, Pasco, and Kennewick means that the three cities often share economic opportunities. Meanwhile, attractive leisure opportunities such as golf and hiking add to the appeal of the area.
The presence of available employment opportunities dovetails nicely with the now quieter community living in the area. Inventory is a bit more robust and durable than in some of the surrounding areas, with homes for sale in Richland, WA remaining on the market somewhat longer than in nearby areas. With slow but steady growth, the city avoids stagnation while continuing to offer much to its residents.
Looking to the future of this market
Stability is a definite feature of Richland. Between 2000 and 2010, the city’s population grew by about ten thousand people and seems to be on trend to add another ten thousand by 2020. This steady, regular pace of growth reflects the fact that Richland continues to strengthen and come into its own. Leaving behind its history as a “company town” for the Hanford site, the city now looks to the future as a viable, desirable place to live in the Tri-Cities zone.
https://www.tridec.org/major-employers/
https://www.movoto.com/richland-wa/market-trends/
https://www.trulia.com/real_estate/Richland-Washington/