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We track on a monthly basis the real estate single family home sales trends for Bend, and on a quarterly basis those of Redmond. However, there are four other cities in Central Oregon which are important markets to our home buyers and sellers. The small city of Sisters typically has had higher prices than the other Central Oregon municipalities, but the access to the Cascades and other recreational opportunities has been a draw for those who like its quaint, western theme. For many for whom Bend is too expensive, wonderful options are available in La Pine, Madras and Prineville.
For the past three years, all three towns have followed the same market trends for their single family home sales as we have seen in both Bend and Redmond. Lack of inventory with high demand drove home prices up through 2021 into mid 2022, at which time the sharp increase in mortgage interest rates led to a...
We have been tracking Bend home sales for many years. Bend has been in a seller's market since 2012, but the level to which the seller's market changed during Covid was beyond any we had seen before. Home prices skyrocketed with multiple offers driving sales and inventory levels dropping to two weeks at the peak of the pandemic. However, since last summer, the Bend real estate market has been in transition with rising mortgage interest rates the biggest contributor to the change. While high mortgage rates have greatly impacted the buying power of many home buyers, lack of inventory remains an issue. We had seen home price increases level off and even drop yea...
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