Bend Market Report

Hitting record sale prices during the winter is unheard of in Bend, but that’s exactly what happened in February. The median sale price jumped up all the way to $787,500, an astonishing 14% month-over-month and 33% year-over-year increase.

In 2021, exceptionally low inventory in the winter set the stage for prices to increase even further in the spring. Well, inventory is even lower this year, but it remains to be seen whether prices will ramp up from here. February’s pending sales were listed at a median of $750,000, so March’s median sale price will be lower.

List prices are on the up-and-up, however, hitting a median of $859,950. Sellers won’t be eager to make concessions, and buying pressure will increase as temperatures start to climb.

It’s important, though, to put all of these numbers into context. While that $859,950 is a record high, it’s actually only a 12% year-over-year increase. There’s just more activity at the higher end of Bend’s market than there was a year ago, driving the median sale price way higher.

The run on high-end homes should continue for the foreseeable future. But with the lower end of Bend’s market becoming more and more unaffordable and interest rates starting to go up a bit, the competition may not be as frenzied as it was in 2021. That’s pretty much the only silver lining we’re seeing – you’ll still have to pay a lot more, no matter your price point.

Here we go again: Bend’s inventory is back at record lows as we open the New Year, dropping 25% month-over-month to just 0.6 months in January. Meanwhile, prices tied the record highs that we saw in November, reaching a median of $690,000.

That’s all in spite of the signals we saw in December that buyer activity might be cooling down. Homes were spending longer on the market, going pending in a median of 18 days. In January, though, that figure was down to 11 days.

List prices fell back to a median of $690,00, with a number of new listings between $550k and $700k. Plenty of buyers took advantage, though pending sales did stay flat month-over-month in January. That could indicate some hesitation to purchase at the inflated prices we’re seeing now.

Overall, new listings were up 15% month-over-month. That could turn down the pressure valve a bit, and prices may stay relatively flat until the spring buying season begins in earnest.

That’s a pretty big “maybe” though, especially with homes still going off the market at a rapid clip. Meanwhile, list prices are still hovering around $830,000, with Bend’s $1 million-plus market remaining exceptionally active.