July 2022 Bend Real Estate Market Report

Last Updated October 18, 2022

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 highs we saw in February, but it’s still 9% higher than what we saw last summer.

As a result, Bend’s inventory has reached a point where homes are spending longer and longer on the market. A median of 11 days is still plenty fast, but that’s up from 6 days just a month ago. Sellers will need to adjust their expectations accordingly, and it’s more important than ever before to price your home appropriately.