Kennewick, WA Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Kennewick, WA Housing Market Trends

With a population of 84,347, 29,341 total housing units (homes and apartments), and a median house value of $246,670, Kennewick real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Kennewick, accounting for 60.50% of the city's housing units. Other types of housing that are prevalent in Kennewick include large apartment complexes or high rise apartments ( 21.52%), duplexes, homes converted to apartments or other small apartment buildings ( 8.25%), and a few mobile homes or trailers ( 6.31%).

The most prevalent building size and type in Kennewick are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 62.34% owning and 37.66% renting.

There is a lot of housing in Kennewick built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Kennewick built between 1940-1969 ( 26.68%). A lesser amount of the housing stock also hails from between 2000 and later ( 23.81%). There's also some housing in Kennewick built before 1939 ( 2.25%).

Kennewick Home Appreciation Rates

In the last 10 years, Kennewick has experienced some of the highest home appreciation rates of any community in the nation. Kennewick real estate appreciated 73.06% over the last ten years, which is an average annual home appreciation rate of 5.64%, putting Kennewick in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Kennewick definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Kennewick that despite a nationwide downturn in the housing market, Kennewick real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Kennewick appreciation rates continue to be some of the highest in America, at 7.23%, which is higher than appreciation rates in 89.85% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Kennewick. Kennewick appreciation rates in the latest quarter were at 2.09%, which equates to an annual appreciation rate of 8.62%.

Relative to Washington, our data show that Kennewick's latest annual appreciation rate is lower than 50% of the other cities and towns in Washington.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Kennewick differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Kennewick - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Kennewick real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$246,670

Kennewick, WA HOME PRICES

> $1,334,000
0.4%
0.4%
$1,000,001 - $1,334,000
0.5%
0.5%
$667,001 - $1,000,000
2.1%
2.1%
$534,001 - $667,000
2.4%
2.4%
$400,001 - $534,000
10.3%
10.3%
$267,001 - $400,000
30.3%
30.3%
$134,001 - $267,000
42.2%
42.2%
$67,001 - $134,000
6.4%
6.4%
$0 - $67,000
5.3%
5.3%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Low for WA

Value Relative To Nation

Number Of Homes And Apartments:
29,341

Kennewick Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
WA*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
137.95% 4.21%
7
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,120 / per month

Homeownership Rate

Owners
62.3%
62.3%
Renters
37.7%
37.7%
Vacant
5.6%
5.6%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
23.8%
23.8%
1970 - 1999
47.3%
47.3%
1940 - 1969
26.7%
26.7%
1939 or Older
2.2%
2.2%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
60.5%
60.5%
Townhomes
3.0%
3.0%
Small Apt. Buildings
8.2%
8.2%
Apt. Complexes
21.5%
21.5%
Mobile Homes
6.3%
6.3%
Other
0.4%
0.4%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.0%
3.0%
1 Bedroom
10.3%
10.3%
2 Bedrooms
22.0%
22.0%
3 Bedrooms
41.6%
41.6%
4 Bedrooms
17.1%
17.1%
5 or more bedrooms
6.0%
6.0%
0.0% 100.0%
% OF HOMES