The time it takes to sell a home in Central Oregon has more than tripled over the last year as buyers grapple with affordability due to higher interest rates.
Supply of homes for sale is leveling out while buyer demand is shrinking and new listings are decelerating, according to data from the Central Oregon Association of Realtors.
Median prices in Bend dropped below the $700,000 mark for the first time this year, landing at $680,000 for October. Redmond dipped below $500,000, coming in at $478,000 this month.
Mortgage rates climbed above 7% in October for the first time in over 20 years. Millions of potential homebuyers exited the real estate market in hopes that rates or prices will fall.
“The dynamics of a once-hot housing market have faded considerably. Unsure buyers navigating an unpredictable landscape keeps demand declining while other potential buyers remain sidelined from an affordability standpoint. Yesterday’s interest rate hike by the Federal Reserve will certainly inject additional lead into the heels of the market,” says Freddie Mac.
“The housing market is at a total standstill,” said Mike Simonsen of Altos Research. “There are fewer homes in contract right now than at any time since early pandemic. Anything being listed now is at a steep discount to earlier in the year.”
West Coast metros have seen a massive supply homes for sale over the past few months, but Central Oregon has seen much less. As the area’s remote workforce grapples with layoffs in the technology and financial sectors, we’ll get a clearer picture of the regional market for 2023.
BEND AREA
$680,000
Median Price
28 Days on Market
REDMOND AREA
$478,000
Median Price
24 Days on Market
JEFFERSON COUNTY
$380,000
Median Price
23 Days on Market
SUNRIVER
$828,000
Median Price
45 Days on Market
LA PINE
$445,000
Median Price
36 Days on Market
SISTERS
$654,000
Median Price
46 Days on Market
CROOK COUNTY
$409,000
Median Price
26 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.
