This morning in Deschutes County, there are 304 single-family homes for sale, up from 293 last week. While still a historically low volume of homes for sale, the increase in inventory is a welcome sight for buyers. With a median list price of 850k and nineteen days on the market, homes are still selling quickly. Those of you following the Market Trends know that the rise in available homes has not softened prices as demand continues for Central Oregon real estate. One component of strong buyer demand is cheap money. With the national average for a 30 year fixed rate mortgage dropping below 3%, expect qualified buyers to continue purchasing everything in sight.
Buyer demand and cheap money are recipes for increasing home prices, with Redmond, Oregon leading the charge. The median list price for the bottom quartile of homes in Redmond today is $410,363, a 27.6% increase from June 2020! While many factors could soften enthusiasm for home buyers, our dearth of available homes won't be resolved anytime soon. Rapidly increasing home prices can be scary, but with so many factors driving Central Oregon's growth, the trend is likely to continue.