Every one confronts supply and demand regularly, whether at the grocery store or finding parking at Mt. Bachelor. The unprecedented demand for housing in Central Oregon, combined with ever-increasing prices, has kept many home sellers on the sidelines, reducing supply. Low mortgage interest rates, government stimulus, and pandemic inspired relocations have kept the Bend housing market in uncharted waters. The demand has increased prices while reducing inventory to unprecedented lows. There are currently only 241 single-family residences for sale in Deschutes County, with 41 fractional ownership opportunities. The median list price of the single-family properties is 679k.
Active Listing Statistics
Bend: 124 listings *(-3), median list price 870k (+20K)
Redmond: 59, median list price 561k
Prineville: 40, median list price 393k
Sisters: 31, median list price 730k
Terrebonne: 13, median list price 429k
La Pine: 11, median list price 389k
*(change from previous week)
In the second half of 2020, our housing market's most underpriced segment were homes above $1M. For example, in June, the median list price for Bend homes' top quartile was $1.3M. Today, the median list price of the top quartile Bend homes is $2M! That's a 53.84% increase in six months! Not only does the increase skew the median list price, but the robust activity also brought more high-end home sellers into the market. Click the image below for detailed Bend reports on the active inventory.
