January 2022 Bend Real Estate Market Report

Last Updated October 18, 2022

Here we go again: Bend’s inventory is back at record lows as we open the New Year, dropping 25% month-over-month to just 0.6 months in January. Meanwhile, prices tied the record highs that we saw in November, reaching a median of $690,000.

That’s all in spite of the signals we saw in December that buyer activity might be cooling down. Homes were spending longer on the market, going pending in a median of 18 days. In January, though, that figure was down to 11 days.

List prices fell back to a median of $690,00, with a number of new listings between $550k and $700k. Plenty of buyers took advantage, though pending sales did stay flat month-over-month in January. That could indicate some hesitation to purchase at the inflated prices we’re seeing now.

Overall, new listings were up 15% month-over-month. That could turn down the pressure valve a bit, and prices may stay relatively flat until the spring buying season begins in earnest.

That’s a pretty big “maybe” though, especially with homes still going off the market at a rapid clip. Meanwhile, list prices are still hovering around $830,000, with Bend’s $1 million-plus market remaining exceptionally active.