Subtle Shifts and Steady Trends in Central Oregon Real Estate
In Central Oregon, the real estate market has shown signs of subtle shifts, with Bend experiencing a slight decrease in median sale price, now at $700,000. This trend of gradual decline has been consistent since October, indicating a market recalibration. Redmond, on the other hand, maintains a steady pace, with the SFR median sale price hovering around $500,000 in recent months. Both cities have seen a minor dip in inventory levels, while median marketing times have extended to around 40 days, suggesting a balanced market dynamic.
Sales volumes in Bend and Redmond have remained consistent with January 2023 figures, pointing to a stable level of market activity. As the market navigates through these adjustments, the overall picture remains one of resilience and steadiness. The coming months will be key in determining whether these trends signify a temporary adjustment or a more sustained shift in Central Oregon's real estate landscape.
“Strong incoming economic and inflation data has caused the market to re-evaluate the path of monetary policy, leading to higher mortgage rates. Historically, the combination of a vibrant economy and modestly higher rates did not meaningfully impact the housing market. The current cycle is different than historical norms, as housing affordability is so low that good economic news equates to bad news for homebuyers, who are sensitive to even minor shifts in affordability,” reported Freddie Mac.
Mike Simonsen of Altos Research commented on the nation's real estate inventory saying, “This is the same trend we’ve been reporting for a few months and a big reversal from last year. While sellers are finally coming back from 2023’s anemic market, it’s still not a lot of sellers.”
BEND AREA
$700,000
Median Price
29 Days on Market
REDMOND AREA
$507,000
Median Price
43 Days on Market
JEFFERSON COUNTY
$444,000
Median Price
30 Days on Market
SUNRIVER
$980,000
Median Price
18 Days on Market
LA PINE
$452,000
Median Price
68 Days on Market
SISTERS
$686,000
Median Price
55 Days on Market
CROOK COUNTY
$403,000
Median Price
56 Days on Market
Thank you to Beacon Appraisal Group for compiling this report. Prepared by Donnie Montagner with information from the MLS of Central Oregon with permission from COAR.
If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
