Rankings/Kennewick-Richland, WA

Kennewick-Richland, WA

NeutralTier 1CBSA 28420Compare

Risk Rank: #122 of 274Month: 2026-06Score change (12m):↑ +5

52score

Composite risk percentile vs 274 metros (higher = higher risk)

Executive Summary

Kennewick's housing market shows average risk, ranking 122nd of 274 metros. The market recently entered Recovery. Current conditions are balanced with stable liquidity. Early signs of stabilization — conditions may favor patient buyers.

Kennewick experienced a market correction from mid-2025 through late 2025. The market is currently recovering.

Inventory is roughly flat (+1% YoY) with homes selling at a normal pace — a balanced market.

Rent growth is roughly keeping pace with price appreciation, suggesting valuations are not stretched.

Cycle Phase

RecoveryExpansionHypersupplyRecession

2 months in current phase·from Recovery

Market conditions are rebuilding after a correction period

Key Dynamics

Risk is primarily driven by permits per capita and permit growth, while price momentum provides the most support.

Top Drivers

Permits per Capitap83

Permits per 1,000 residents

Permit Growthp76

YoY permit change

Employmentp70

12-month employment change (risk inverted)

Market Signals

Inventory is roughly flat (+1% YoY) with homes selling at a normal pace — a balanced market.

Liquidity

Stable↓

Active Listings YoY

+0.8%p49

Days on Market YoY

+6.1%p60

Months in status2

Data through Jun 2026

Valuation

Balanced—

Rent vs. Price Growth

+1.2%p79

Months in status2

Data through Jun 2026Rent growth vs price growth (rent support). Note: Affordability and Valuation measure different structural dimensions and can diverge.

Factor Details

Lower riskHigher risk

Low RiskBelow AvgNeutralElevatedHigh Risk

Price MomentumBelow Avg

+0.6%p23

12-month HPI change — higher = overheating

Permit GrowthElevated

+18.3%p76

YoY permit change — higher = supply pressure

Permits per CapitaHigh Risk

8.00p83

Permits per 1,000 residents — higher = overbuilding risk

AffordabilityBelow Avg

0.26p25

Mortgage payment / income — higher = more burdened

EmploymentElevated

+0.0%p70

12-month employment change (risk inverted)

MigrationBelow Avg

+$45Kp34

Net AGI migration (risk inverted)

National Context

Credit Conditions

Credit Regime

Stable—

Healthy recovery. Credit is flowing normally and transactions are steady — conditions favor continued rebuilding.

Bank Lending Standards

N/ANormal

Rate Change (YoY)

-5 bpsNormal

Mortgage Risk Premium

+194 bpsElevated

Stable for 10 quartersData through 2026-Q3

Supply Pipeline

Supply Regime

Accumulating—

Supply pipeline is building up while credit remains available. New units are accumulating in the system — watch for delivery pressure in coming quarters.

Pipeline Ratio

0.90Elevated

Completion-Permit Divergence

-3.1 ppNormal

Accumulating for 5 quartersData through 2026-Q2

Local Signals

Metro Permit Activity

Permit Activity

Normal

YoY Permit Growth

+18.3%Within norm

Raw signal — not the composite percentile

Relative to 2016–2019 norms for this metro

Supply and demand are in equilibrium. No unusual activity on either side of the market.

Employment Concentration

Employment

Moderate

Largest SectorGovernment 16.9%

QCEW 2024 annual averages

Internal Structure

County-level structural analysis.

County-level structural analysis is not available for this metro due to fewer than 3 qualifying counties.

Score History

Month	Phase	Score	Price	Permits	Afford	Employ	Migr
2026-05	Rec	44	32	76	25	13	34
2025-12	Hyp	51	58	45	27	70	34
2025-10	Hyp	57	55	75	24	73	36
2025-08	Ress	51	44	75	24	44	36
2025-06	Ress	47	38	75	26	25	36
2025-05	Hyp	43	29	75	26	13	36
2025-03	Exp	40	17	75	26	3	36
2025-01	Exp	40	18	75	26	3	36
2024-12	Rec	37	6	75	23	1	36
2024-10	Rec	37	7	75	23	1	36
2024-08	Hyp	41	22	75	26	6	36
2024-06	Rec	43	29	75	29	10	36
2024-04	Hyp	45	20	75	29	28	36
2024-02	Hyp	46	23	75	30	28	36
2023-11	Ress	52	13	75	38	66	36
2023-09	Ress	50	4	75	37	69	36
2023-08	Hyp	52	4	75	37	80	36
2023-07	Ress	50	6	75	37	62	36
2023-05	Ress	48	22	75	41	30	36
2023-04	Hyp	52	25	75	41	53	36
2023-02	Ress	58	22	75	43	91	36
2022-12	Ress	51	36	75	38	41	36
2022-10	Hyp	54	46	75	38	48	36
2022-08	Hyp	54	63	75	40	31	36
2022-07	Ress	58	67	75	40	47	36
2022-05	Ress	60	60	75	38	67	36
2022-02	Rec	53	78	75	41	6	36
2022-01	Exp	53	76	75	41	11	36
2021-11	Exp	52	71	75	36	15	32
2021-08	Exp	54	73	75	34	26	32
2021-07	Rec	51	73	75	34	10	32
2021-05	Rec	54	64	75	31	38	32
2021-04	Exp	59	64	75	31	72	32
2021-02	Exp	57	70	75	30	53	32
2021-01	Rec	58	71	75	30	56	32
2020-11	Rec	61	85	75	49	47	30
2020-08	Rec	61	89	75	48	44	30
2020-07	Exp	64	90	75	48	60	30
2020-05	Exp	62	95	75	48	41	30
2020-04	Rec	58	93	75	48	19	30
2020-02	Rec	56	97	75	47	3	30
2020-01	Exp	59	96	75	47	26	30
2019-11	Exp	58	96	75	47	15	31
2019-08	Exp	57	97	75	44	15	31
2019-06	Rec	56	97	75	44	5	31
2019-04	Rec	57	98	75	44	11	31
2019-03	Exp	64	96	75	41	61	31
2019-01	Exp	57	96	75	41	17	31

Data Vintages

Price (HPI)2026-Q1

Permits2026-06

Income2024

Employment2026-06

Migration2023