October 2022 Bend Real Estate Market Report

Last Updated November 2, 2022

October’s numbers represent a continuation of what we saw last month in Bend. Buyer activity is down significantly – 42% year-over-year as measured by pending sales. Meanwhile, properties continue to spend longer on the market, reaching a median of 30 days in October.

Inventory, however, remains flat month-over-month. That’s because new listings are down almost as much as pending sales. Would-be sellers have little incentive to put their homes on the market, especially if they bought when mortgage rates were much lower.

Prices have zig-zagged somewhat in Bend over the past couple months. October’s median sale price of $680,000 represents a month-over-month decline of 6%. A slowdown in luxury home sales – typical for the season – accounts for part of that decline. Still, homes are selling for less in Bend than they have at any point since December 2021.

In October, homes sold for an average of 94.6% of their original list price, a decline of about 1% month-over-month. List prices in Bend are flat, however, indicating that seller expectations are still somewhat inflated.