Bend Experiences Modest Dip, Redmond Reports Incremental Growth
Bend's single-family residential market has shown a slight decrease, with the median sale price falling to $735,000. However, the market's vitality is underscored by a healthy 2-month inventory and an expedient average days on market of just two weeks. Redmond's market has experienced a minor increase, with the median sale price now at $520,000. However, properties in Redmond are taking slightly longer to sell, with marketing times averaging just over 30 days.
“As Treasury yields decline, the 30-year fixed-rate mortgage dropped a quarter of a percent, the largest one-week decrease since last November. Incoming data show that household debt continues to rise, primarily due to mortgage, credit card and student loan balances. Many consumers are feeling strained by the high cost of living, so unless mortgage rates decrease significantly, the housing market will remain stagnant.” reported Freddie Mac.
Mike Simonsen of Altos Research said “While home prices in the US held up in 2023, home sales volumes cratered. Consumers care about home prices, the industry cares about transaction volume. ” He added, “If we get lucky with interest rates, we might just be at the bottom of the housing recession right now. Or does continued un-affordability mean are we in for continued decline in the number of people buying homes? ”
BEND AREA
$735,000
Median Price
17 Days on Market
REDMOND AREA
$520,000
Median Price
34 Days on Market
JEFFERSON COUNTY
$363,000
Median Price
37 Days on Market
SUNRIVER
$1,046,000
Median Price
17 Days on Market
LA PINE
$428,000
Median Price
11 Days on Market
SISTERS
$670,000
Median Price
44 Days on Market
CROOK COUNTY
$414,000
Median Price
49 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.
