March 2022 Bend Real Estate Market Report

Last Updated October 18, 2022

First, the good news: inventory is up significantly in Bend after plunging to record lows during the late winter. New listings are up 35% month-over-month and 12% year-over-year, while buyer activity is lagging behind last year’s.

The bad news: although sale prices have dropped 2% month-over-month, they’re still really, really high.  Some relief may be in sight, however.

March’s pending sales had a median list price of just $680,000. Granted, homes have been selling for well above list price in Bend, but that should give us a basic sense of what sale prices should look like in April. We could certainly see prices drop 10% month-over-month.

Context is important, though. The winter months of 2021-22 were exceptionally active for properties at the higher end of Bend’s market, but now properties at the lower end are getting bought up, and that’s shifting the numbers. Pending sales are down year-over-year in the $1.3 million-plus range, making it look like sellers are capitulating more than they actually are.

In other words, buyers in the sub-$700k range may not find much relief in spite of Bend’s shifting bottom line. With interest rates rising more quickly than anticipated, even if prices do drop somewhat, financed buyers won’t have any more purchasing power than they did before. On the other hand, more and more people will be pushed out of Bend’s market, and buyers are likely to have more choices earlier on than they did in 2021.