Bend, Oregon Real Estate Market Reports

Over the past number of months, home prices in Bend have trended downward. September marked a reversal, with sale prices up 3% month-over-month. Still, the past month’s pending sale data indicates that October’s numbers will likely come in closer to $700k again. We expect prices to hover right around there for the time being. If you’re hoping to sell your home, that isn’t terrible news at least. Still, average time on the market is climbing significantly, which is leading some sellers to start panicking. How much you’ll need to compromise will depend entirely on the location of your home, overall…

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.…

In July, inventory rose significantly in Bend while overall activity dropped significantly both for buyers and sellers. But after a surge of new listings in May and June, we’re seeing indications of a reversal. New listings were down 21% month-over-month, so Bend’s inventory is likely to increase at a slower pace through the rest of the summer. However, buyer activity is down 35% year-over-year for closed sales and 33% year-over-year for pending sales. Higher interest rates have made Bend’s market basically unaffordable for many buyers. Prices have barely budged, down just 0.4% month-over-month. That’s about 6% lower than the record…

Inventory continues to creep upward in Bend, rising to 1.86 months in June. Meanwhile, prices have dropped only slightly, and the median time spent on the market is still less than a week. So how should we make sense of the conflicting signals? By and large, sellers haven’t gotten less aggressive even as Bend’s market has cooled down. The median listing price in June was $799,000, a record high. June sales went for an average of 99.7% of list price, indicating that perhaps this isn’t the wrong approach. But what’s shifted in Bend’s market is that now, buyers can be…

It’s all over the news that real estate markets are cooling down nationwide. That’s true of Bend’s market, and the mood among buyers, sellers, and their agents is undeniably shifting. But it’s important that we qualify exactly what we mean by a “cooldown.” Bend’s sale prices peaked in February 2022 at a median of $787,500. May’s numbers show a median sale price of $750,000, a 5% drop. That doesn’t mean Bend’s market is in free fall. The homes that went pending in May were listed at a median of $750,000, and homes in Bend are still selling at an average…

April’s numbers show a clear shift starting to take place in Bend’s market. Pending sales are down 11% month-over-month, while new listings are up 13%. As a result, Bend’s inventory shot up from 0.67 months in March 2022 to 1 month at the end of April. One month of inventory is still very low, and most properties are still going off the market as fast as ever. But March and April’s numbers indicate that Bend’s market is starting to depressurize. Anecdotally, at the end of April, we started to see properties sit on the market longer, and we predict that…