Bend, Oregon Real Estate Market Reports

Prices and inventory levels have both stabilized in Bend, at least for the time being. In October, homes sold for a median of $740,000, just slightly lower than August’ and September’s sale prices. Meanwhile, inventory has hovered at close to 3 months. While buyer activity is down a fair amount year-over-year, new listing activity is down even further. Expect that trend to continue into the winter months. Homes that have sat on the market may continue to sit on the market as we experience a slower winter than we’ve seen the past few years, when things stayed relatively hot even…

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 7%. 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,…

Bend’s sale prices took a huge leap in July, rising 8% month-over-month to a median of $799,000, an all-time high even as inventory climbed to over 3 months for the first time since before the pandemic. So what drove that price surge? The answer is a little bit nuanced. The number of sales in the sub-$700k price range dropped from 116 in June to just 74 in July, a 36% month-over-month decline. Clearly, buyers at price points below Bend’s median are feeling the squeeze from high mortgage rates. Meanwhile, with the onset of the summer buying season, Bend’s luxury market…

Home prices in Bend continued their late-spring resurgance in June, rising 1% month-over-month to a median of $737,000. Realistically, this number seems to be a ceiling, at least for the time being. List prices were down 4% month-over-month in June, while days on the market increased from 8 to 13. Homes also sold for a median of 97.4% of their original list price, down from 98% in May. All of this fits with our prediction of a surge of activity in the spring followed by a flattening in the summer. Inventory is now up to 2.8 months in Bend, which…

The market data in Bend is finally reflecting the real onset of the spring and sumer buying season. Time on the market is down to a median of 8 days, while prices are up significantly month-over-month. April’s median sale price was only $669,000. In May, Bend’s median rose to $730,000, higher than any point since July last year. While higher mortgage rates have undoubtably impacted real estate markets all over, it’s also worth recognizing the seasonal nature of Bend’s market. The winters of 2020/21 and 2021/22 were exceptions to the norm, in which activity and prices decline significantly over the…

Sale prices in Bend are continuing to zigzag, with April’s sales hitting a median of $669,000, down 3% month-over-month. One thing to note is that we’re dealing with a pretty small sample size – only 173 sales, down 39% year-over-year. It’s hard to extrapolate a trend from these kinds of numbers, but if we zoom out a bit, sale prices have basically been flat over the past few months. We had predicted a surge of activity in the spring months, and so far it hasn’t materialized in Bend. In particular, new listings were actually down 13% month-over-month. Homes are selling…