Listing inventory remains at record low levels as prices increase across most of Central Oregon. Mortgage rates have remained flat for several weeks, but saw noticeable increases towards the end of last year and will likely resume.
Redmond median home prices reach the half-million mark for the first time ever as Bend area median home prices approach $700,000 to kick off the year where inventory of homes for sale are near the lowest levels ever. La Pine has a healthier number of listings + well above $400,000.
30-year mortgage rates are still hovering around 3.5% this week. According to Freddie Mac, “As economic recovery continues going into the spring and summer, mortgage rates are expected to resume their upward trajectory. In the meantime, recent data suggests that homebuyer demand continues to be elevated as supply remains low, driving higher home prices.”
Rising mortgage rates haven’t deterred buyers yet. “We’re seeing many new listings get dozens of showings and selling within the first few days on the market,” said Greg Fischer, Managing Partner at West + Main Homes Oregon. “There is a massive shortage of homes to pick from.”
BEND AREA
$683,000
Median Price
9 Days on Market
REDMOND AREA
$500,000
Median Price
14 Days on Market
JEFFERSON COUNTY
$364,000
Median Price
37 Days on Market
LA PINE
$435,000
Median Price
82 Days on Market
SISTERS
$730,000
Median Price
3 Days on Market
CROOK COUNTY
$433,000
Median Price
27 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.
