September 2023 Bend Real Estate Market Report

Last Updated October 3, 2023

The current state of Bend’s market would have been difficult to predict just a short while ago. Prices heated up in the summer, approaching a median of $800,000 in spite of mortgage rates climbing higher than 8%. We’re back in the $750k range now, but the summer’s price action showed that plenty of buyers still have an appetite for Bend properties, as long as the home is right.

With inventory above 3 months, there’s a lot more homes to choose from now, and properties with less desirable features are sometimes languishing on the market with significant price reductions. In September, homes spend a median of 20 days on the market and sold for an average of 95.5% of their original list price, meaning that sellers are starting to make more concessions.

List prices were signicficantly less aggressive in September than what we saw over the summer, falling to a median of about $750,000. Meanwhile, active inventory sits at a median of $890,000, an all-time high, meaning Bend’s higher-end inventory is sitting on the market longer than it’s lower-end inventory. Even more high-end homes could accumulate as the weather shifts, so that’s a number to watch out for in the months ahead.