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With mortgage rates for a 30-year fixed-rate conventional mortgage holding at 6.58%, and inventory in Deschutes County at highs not seen in several years, activity is picking up steam. The pending sales in Deschutes County this week reached a high not seen since August 24, 2022. Increased competition is forcing sellers to sharpen their pencils and negotiate to secure a sale. With Labor Day only a couple of weeks away, this is proving to be the best buying condition in many years. If mortgage rates continue to decline through the winter and into spring 2026, I anticipate fewer listings and increased buyer activity, which inevitably pushes prices up. If you are considering a purchase in Central Oregon, please engage the market and evaluate your options today!
Deschutes County Listings
Deschutes County inventory decreased by twenty this week, now at 1,502, with the average list price at $1,144,092, and the median at $832,236. Ninety-eight pending sales are enormous, and a level not seen since August 2022. The average pending sale price was $832,336, with the average price reduction before securing a buyer at 7.05%. Fifty-eight transactions closed at an average of $1,043,513, and an average price reduction of 5.89%.
Crook County Listings
Crook County activity is steady, but more subdued than Deschutes County, with 247 listings this morning, only one less than last week. The average list price in the county is $985,447, and the median is $679,000. There were eleven pending sales at an average of $750,750 and an average price reduction of 5.32% before finding a buyer. Five transactions closed this week at an average of $1,106,380, with two Brasada Ranch sales dragging up the average price. The remaining three sales ranged from $426,900 to $590,000.
Jefferson County Listings
Jefferson County inventory increased by six to 139 listings at an average price of $601,943, and a median of $499,900. Four pending sales at an average of $350,975, and three closed transactions at an average of $466,666, round out the week.
Ultimate Guide to Bend, Oregon
During the period from 2020 through 2022, prices shot up with extreme buyer demand. In Deschutes County during this time, properties were securing buyers in a matter of days, with multiple-offer scenarios prevalent. Budget-minded buyers looking for homes in Central Oregon began considering the outlying areas, like Prineville and Madras, to combat rising prices in Deschutes County. To be certain, many buyers never considered Deschutes County and preferred the outlying areas. However, with current conditions helping buyers considerably, Deschutes County activity is notably outpacing that of Crook and Jefferson Counties, as buyers are finding deals and can negotiate reasonable prices closer to Bend.
Ultimate Guide to Sisters, Oregon
There are many great reasons to consider the less populated areas of Central Oregon, but I suggest you consider your long-term plans and price carefully. I do not anticipate a housing market collapse, as demand for Central Oregon housing and population growth are consistent and projected to continue. However, with prices mostly flat since 2022, and with increased inventory, many buyers in the recent past are at the break-even point today, or worse. With a long-term focus, everything eventually works out, but for anyone needing to sell in a shorter time window, break-even might be the best case scenario.
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