December 2022 Bend Real Estate Market Report

Last Updated January 3, 2023

December marked the first year-over-year sale price decline that we’ve seen in Bend since the first half of 2020. Prices are also down 5% month-over-month. Time on the market is up significantly to a median of 37 days.

Last month, we suggested that at least part of the equation is a decline in activity at the upper end of Bend’s market. A year ago, million-dollar-plus homes were still flying off the market. That isn’t the case now, so prices look much lower in comparison.

One of the more interesting tidbits from December’s numbers is the extraordinarily low amount of new listing activity. 80 listings is the lowest number that we have on record. It isn’t just a matter of Bend’s normal seasonal dynamics: people just aren’t putting their homes on the market.

Bend’s inventory is especially flush in the $500-650k range. It may only be a matter of time, though, before we see another inventory crunch, especially in the $650k to $1 million range.