June 2022 Bend Real Estate Market Report

Last Updated October 18, 2022

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 much more selective. The properties that are selling in Bend are still selling for top dollar, and they’re going off the market about as fast as they did at the peak.

But plenty of properties aren’t selling. Buyers aren’t willing to pay a premium anymore for properties that involve some kind of compromise. Price reductions are becoming more common, and time spent on the market is definitely increasing – it just isn’t reflected in the numbers quite yet.

Depending on what kind of property you have – and how eager you are to sell it – it may be necessary to go on the market a fair amount lower than you might have a few months ago. Meanwhile, buyers can start to enjoy a bit more leverage – but it depends, of course, on what you’re looking for, and interest rates aren’t exactly going down.