August 2022 Bend Real Estate Market Report

Last Updated October 18, 2022

The data that’s come in over the past several months has suggested price drops on the horizon for Bend’s market, but now they’ve finally materialized. August’s median sale price of $703,000 represents a 5% month-over-month decline and about a 12% drop from Bend’s record high.

Those numbers place Bend’s market in “correction” but not “crash” territory. The important question to ask, though, is – will property values will slide further from here?

The answer at this stage appears to be no. Homes are spending much longer on the market, but they’re still going for 96% of list price on average. Homes that went pending in August had a median list price of $747,000, meaning September’s sale prices will almost certainly be higher than August’s.

Meanwhile, buyer activity is down year-over-year, but new listing activity is down even futher. Housing supply basically stayed flat between July and August, meaning Bend’s inventory has likely peaked for this year at least.

There’s no selloff on the horizon. Still, sellers were significantly less ambitious in August, listing their homes for a median of $697,000. There are definitely more “deals” to be had then there were earlier this year, but prices are still up 11% year-over-year.