Inventory of homes for sale increased slightly last month while prices continue to do the same. Mortgage rates climbed sharply through March, making a noticeable change for monthly payments for active buyers.
Moving into the busy spring market Central Oregon median home prices rose across the board, from Redmond to La Pine and beyond, with Bend landing at a new record high of $773,000 for the month of March.
Days on Market dropped locally, signaling increasing competition for upcoming new listings.
Mortgage rates rose to 4.72% at the end of March, nearly one point since the end of February.
Freddie Mac reports that “Mortgage rates continued moving upward in the face of rising inflation as well as the prospect of strong demand for goods and ongoing supply disruptions.”
From the Freddie Mac Primary Mortgage Market Survey, “Mortgage rates have increased 1.5 percentage points over the last three months alone, the fastest three-month rise since May of 1994. The increase in mortgage rates has softened purchase activity such that the monthly payment for those looking to buy a home has risen by at least 20 percent from a year ago.”
BEND AREA
$773,000
Median Price
4 Days on Market
REDMOND AREA
$520,000
Median Price
4 Days on Market
JEFFERSON COUNTY
$382,000
Median Price
6 Days on Market
LA PINE
$455,000
Median Price
73 Days on Market
SISTERS
$695,000
Median Price
2 Days on Market
CROOK COUNTY
$431,000
Median Price
7 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.
