Central Oregon Real Estate Market Report from June 2022

Available inventory surged heading into the 4th of July holiday weekend, leading to a record increase of homes for sale across most of the country.

Bend detached homes throttled up to 2 months of supply, after bottoming out at ⅓ of a month this past January, resulting in the largest selection of houses since the pandemic began.

Bend prices cooled just slightly this month, while Redmond saw a slight increase in June.

Mortgage rates spiked in June, but have cooled in recent weeks giving buyers incentive to find something now. Rates this week are at 5.30% on 30-year fixed loans according to Freddie Mac.

“Over the last two weeks, the 30-year fixed-rate mortgage dropped by half a percent, as concerns about a potential recession continue to rise. While the drop provides minor relief to buyers, the housing market will continue to normalize if home price growth materially slows due to the combination of low housing affordability and an expected economic slowdown.”

Price reductions increased again in June, now up to 30.4% of the market nationally, said Mike Simonsen of Altos Research. “Expect 40% with price reductions by September,” he said.

Homes in La Pine are selling quickly this summer after needing several months for homes to sell through much of the winter. Sunriver ended the quarter with million dollar median prices.

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BEND AREA
$722,000
Median Price
6 Days on Market

REDMOND AREA
$530,000
Median Price
6 Days on Market

JEFFERSON COUNTY
$403,000
Median Price
6 Days on Market

SUNRIVER
$1,065,000
Median Price
4 Days on Market

LA PINE
$460,000
Median Price
11 Days on Market

SISTERS
$690,000
Median Price
4 Days on Market

CROOK COUNTY
$400,000
Median Price
11 Days on Market

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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.