Record Highs to Stable Endings in Most of Central Oregon
In Bend, the year began on a promising note with a median sale price of $685,000. By July, a record high was set at $800,000, demonstrating some robust growth. However, this peak gradually stabilized, and by December, the median sale price had adjusted to $725,000. This price represents a 5.8% increase compared to December 2022's $678,000, underscoring a year of consistent appreciation. Interestingly, Bend's inventory levels saw a modest rise, concluding the year at approximately a 2-month supply, a slight increase from the early months of 2023.
Redmond's market mirrored Bend's trajectory to some extent. The year started with a median sale price of $420,000, and experienced a steady climb, peaking at $520,000 in October. The final months of 2023 saw the prices slightly retract, settling at $510,000 in December. These numbers, while showing a dip from the October peak, still appear to reflect a healthy market in Redmond where inventory hovered around a 3-month supply.
“Between late October and mid-December, the 30-year fixed-rate mortgage plummeted more than a percentage point. However, since then rates have moved sideways as the market digests incoming economic data. Given the expectation of rate cuts this year from the Federal Reserve, as well as receding inflationary pressures, mortgage rates will likely continue to drift downward as the year unfolds. While lower mortgage rates are welcome news, potential homebuyers are still dealing with the dual challenges of low inventory and high home prices that continue to rise.” reported Freddie Mac.
Mike Simonsen of Altos Research said, “The US real estate market data keeps turning in strong results. If you’ve not been paying close attention, you might be surprised at the strong real estate market this spring. 1. Home sales are increasing every week. 2. Inventory is inching up. 3. Home price signals are increasing too.”
BEND AREA
$725,000
Median Price
29 Days on Market
REDMOND AREA
$510,000
Median Price
33 Days on Market
JEFFERSON COUNTY
$339,000
Median Price
60 Days on Market
SUNRIVER
$1,165,000
Median Price
117 Days on Market
LA PINE
$388,000
Median Price
74 Days on Market
SISTERS
$755,000
Median Price
26 Days on Market
CROOK COUNTY
$501,000
Median Price
67 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.
