May 2022 Bend Real Estate Market Report

Last Updated October 18, 2022

It’s all over the news that real estate markets are cooling down nationwide. That’s true of Bend’s market, and the mood among buyers, sellers, and their agents is undeniably shifting. But it’s important that we qualify exactly what we mean by a “cooldown.”

Bend’s sale prices peaked in February 2022 at a median of $787,500. May’s numbers show a median sale price of $750,000, a 5% drop.

That doesn’t mean Bend’s market is in free fall. The homes that went pending in May were listed at a median of $750,000, and homes in Bend are still selling at an average of 0.6% over list price, indicating that sale prices are unlikely to drop further in June.

The numbers we saw in the late winter were simply unsustainable, caused by historically low inventory at all price points. Now, instead of “historically low,” Bend’s inventory is just “super low.” Yes, 1.4 months is a big jump, but Bend is still very much a sellers’ market.

Inventory should continue to increase through the summer, but buyers will continue to get excited about properties with the most desirable features in the most desirable locations. Interest rates peaked in the middle of May but have dropped a bit since.

As a seller, you may have the kind of property that is almost certain to attract a bidding war, or you may have the kind of property that doesn’t stand out so much from the competition. But in either case, it’s as important as ever to price your home correctly.

Properties are still going off the market in a median of just 5 days, and sitting on the market for too long will still cause you to lose a lot of leverage. Your home needs to be listed at a price that attracts the maximum interest out of the gate, and potentially multiple offers. Buyers are still anxious after losing out over the past few very competitive months and are still willing to put quite a bit on the table.

While we don’t see the bottom-line shifting too much from here in terms of sale prices, it could very well be easier to sell your home now than it will be in a few months, when inventory should be higher.