Central Oregon Market Report

Fall Real Estate Update

Shorter days and cool mornings are the hallmarks of fall in Central Oregon, with some sunshine thrown in for good measure! The above have been abundant lately as home buyers and sellers navigate the fourth quarter of 2021 real estate. This morning in Deschutes County, there are 642 homes listed for sale at a median price of 782k, with 320 price reductions. Additionally, sales last week look more typical for fall with 123 sold homes compared with 181 this week last year. The additional inventory and modest price reductions have stretched the median days on the market to nine. Nine days on the market is still swift but more reasonable than early in the year, when many homes sold immediately. One headwind to ever-increasing prices will be mortgage interest rates, and this week saw the national average for a 30-year fixed-rate mortgage jump to 3.01%, the first time above the three-percent mark since June. Multiple offer scenarios are decreasing, but not entirely. While the market may have moderated this fall, well-priced homes in many neighborhoods are still moving quickly.

In Crook County this morning, there are 98 homes listed for sale between $189,500 and $65,000,000. Something for everyone! The median price for the active inventory is 590k, and thirty-four days on the market. Last week nine homes sold at a median price of $564,155 and a median price change of -11.09%.

This morning in La Pine, there are 121 homes for sale at a median list price of $419,900 and 55 median days on the market. Twelve houses sold last week at a median of 405k and twenty-one days on the market. The average price reduction for the sold houses was -10.89%, a sign that La Pine has reached peak pricing for the season.