October 2023 Bend Real Estate Market Report

Last Updated November 8, 2023

Prices and inventory levels have both stabilized in Bend, at least for the time being. In October, homes sold for a median of $740,000, just slightly lower than August and September’s sale prices.

Meanwhile, inventory has hovered at close to 3 months. While buyer activity is down a fair amount year-over-year, new listing activity is down even further. Expect that trend to continue into the winter months. Homes that have sat on the market may continue to sit on the market as we experience a slower winter than we’ve seen the past few years, when things stayed relatively hot even as temperatures dropped.

October’s market data shows that sellers have come around to the new reality of Bend’s market, with median list prices down to a median of $750,000. Median days on the market continue to hover around 20, and that number should increase as we head into the cold season. If you’re trying to sell your home, it’s important to be patient.

Even if buyers demand steep concessions right out of the gate, we are still far from a high inventory market, and sellers may have more leverage than they realize. At the same time, you may not want to keep your home on the market through the winter. Again, we can expect a relative slowdown over the colder months. So, buyers may be able to find some relative bargains as the season turns.