The Impact of Rising Interest Rates
While the inventory of single-family homes in Deschutes County has begun to accumulate, prices have remained strong, with the median list price in Deschutes County at $807,450 and 23 days on the market. The median price change for listed properties has declined -2.94%, with 67 properties decreasing their asking price. There are currently 268 single-family homes for sale in Deschutes County and 246 vacant lots. These changes do not reflect a buyers market, although any move toward normalcy is appreciated! In Deschutes County since April 1, 163 homes have sold or went under contract at a median sale price of $537,000.

Jefferson County has 37 single-family homes for sale with a median list price of $335,000 and 35 days on the market. The median list price in Jefferson County has decreased -2.23%, with 15 sellers lowering their asking price. Nine homes have sold or went pending in Jefferson County in the last week at a median sale price of $426,500.

Crook County had 19 sold or pending homes in the last week with a median sale price of $442,500 and only nine days on the market! Six of the sold or pended properties lowered their price for a median sales price decrease overall of -4.23%. There are 37 single-family homes listed for sale in Crook County, with a median list price of $650,000 and 28 days on the market. 

Central Oregon is still in a strong seller's market, despite prices that are moderating slightly. The current wave of price reductions appears to be adjustments to over-priced listings, although rising interest rates impact many buyers. With more homes listed for sale every day, it will be interesting to see if our inventory of homes continues to increase. Keep an eye on mortgage interest rates, as an increase will equate to more homes for sale and fewer buyers able to purchase.
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