February 2022 Bend Real Estate Market Report

Last Updated October 18, 2022

Hitting record sale prices during the winter is unheard of in Bend, but that’s exactly what happened in February. The median sale price jumped up all the way to $787,500, an astonishing 14% month-over-month and 33% year-over-year increase.

In 2021, exceptionally low inventory in the winter set the stage for prices to increase even further in the spring. Well, inventory is even lower this year, but it remains to be seen whether prices will ramp up from here. February’s pending sales were listed at a median of $750,000, so March’s median sale price will be lower.

List prices are on the up-and-up, however, hitting a median of $859,950. Sellers won’t be eager to make concessions, and buying pressure will increase as temperatures start to climb.

It’s important, though, to put all of these numbers into context. While that $859,950 is a record high, it’s actually only a 12% year-over-year increase. There’s just more activity at the higher end of Bend’s market than there was a year ago, driving the median sale price way higher.

The run on high-end homes should continue for the foreseeable future. But with the lower end of Bend’s market becoming more and more unaffordable and interest rates starting to go up a bit, the competition may not be as frenzied as it was in 2021. That’s pretty much the only silver lining we’re seeing – you’ll still have to pay a lot more, no matter your price point.