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Stability in the housing market continues, with mortgage interest rates for a 30-year fixed-rate conventional loan remaining at 6.38%, and inventory levels higher than in several years. Our spectacular weather this fall is likely a contributing factor, yet another aspect helping buyers. At this time of year, homes listed for many weeks, or even months, tend to finally find a buyer, with fewer new listings entering the market. This year continues to outpace 2024 in all aspects: Deschutes County year-to-date sales in 2024 were 2,616, with an average sale price of $852,307, compared to 2,730 and $874,657 so far in 2025. And 2024 was up over 2023, showing steady but modest price appreciation since the peak in 2022. Whether the Fed lowers the overnight rate again this year remains to be seen, but another 25-basis-point decrease is unlikely to alter the trends of 2025.
Deschutes County Listings
There are nine fewer homes listed in Deschutes County this week, bringing the total to 1,322. Sixty homes are pending at an average list price of $896,213, a modest decrease from recent weeks' activity. Fifty-nine transactions closed this week, averaging $799,362, with 34 of those closings reducing the price an average of 7.64%. This week in 2024, there were 1,174 listings in Deschutes County, 11.19% fewer than this year.
Crook County Listings
Crook County listings of single-family homes decreased by four to 228. Nine pending sales averaging $850,553 are consistent with the past several weeks. Ten transactions closed, averaging $494,123, with six of the ten reducing the price an average of just 1.9%. This week in 2024, there were 180 listings in Crook County, 26.7% fewer than this year.
Jefferson County Listings
This morning in Jefferson County, there are 129 single-family listings, only two fewer than last week. Seven pending transactions averaging $460,664 occurred this week, with one closed transaction at $310k, 3.33% above the list price. This week in 2024, there were 118 listings in Jefferson County, 9.3% fewer than this year.
The Ultimate Guide to Bend, Oregon
How low inventory levels drop this winter, along with mortgage interest rates, will be a significant factor in shaping the trends for spring 2026. The low point for Deschutes County inventory last season occurred on February 5, 2025, at 750 listings. Additionally, the lowest inventory levels were reported in Crook County on February 26, 2025, at 143 listings, and in Jefferson County on January 15, 2025, at 89 listings. Based on the trends this fall, inventory levels will remain elevated through winter, providing spring buyers with a greater selection. If mortgage rates this spring dip below 6%, I expect activity to be robust, with buyers quickly absorbing excess inventory. Several factors could shape the trends in our market for next year, but inventory levels and interest rates are the two primary contributing factors to how the market develops in 2026.
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