While a limited inventory of homes for sale in Bend has been a long-time, pre-pandemic issue for both locals and new residents wanting to invest in Central Oregon real estate, it became especially acute over the last five years. However, last month—for the first time since July 2019—there were over 500 active listings of Bend homes.
Active listings were up 31% month-to-month in July, from 413 in June to 539 last month. The last time there were more than 500 Bend homes on the market was July 2019, when there were 560 active listings. The five-year low of active listings was in February 2021, when there were only 75 homes in Bend for sale.
New listings and home sales held steady in July. There were 229 new listings of Bend homes last month, compared with 228 in June. The number of homes sold went from 147 in June to 146 in July. Pending sales of homes in Bend were up 20% last month, from 151 in June to 181 in July.
At $749,950, the median sales price of a home in Bend is down 3% from $775,000 in June. A year ago, the median sales price hit a record-setting $799,950 in July 2023, and then decreased by 8% in August to $738,389. Based on our weekly data, price reductions are on the increase. On average, there were 64 price reductions weekly over the last six weeks, compared with an average of 41 each week for the six-week period prior.
With inventory increasing and home sales remaining steady, it can feel like the market has slowed, however the current data isn’t reflecting that. It could start to slow, but we’ll have to wait for more data before we can identify any slowdown. For now, this is the time for sellers to react. Buyers have more homes to choose from, so there is more competition.
Have questions about the local real estate market? We’re here to help you make data-driven decisions that are also informed by deep knowledge of Central Oregon real estate. Please contact us for a chat!
—Jason
Median Sales Price
- The median sales price of a home in Bend is $749,450, down 3% from June, when the median price was $775,000.
- In July 2023, the median sales price was at an all-time high of 799,950.
New Listings
- There were 229 new listings of homes for sale in Bend in July.
- In June, there were 228 new listings.
- Year-over-year, new listings in July were up 40%.
Home Sold and Pending Sales
- Home sales held steady, with 146 Bend homes sold in July.
- In June, there were 147 home sales in Bend.
- Year-over-year, home sales were up 4% and pending sales were down 7% compared with July 2023.
Active Listings and Months of Inventory
- Active listings in Bend were up 31% last month, from 413 in June to 539 in July.
- Last year, there were 44% fewer active listings in July 2023, with 374 homes on the market.
- There is 3.7-months’ worth of inventory in Bend, up 31% month-to-month, and 37% year-over-year.
Days on Market and Price Reductions
- Bend homes sold in an average of 33 days last month, 18% slower than in June when the average days on market was 28.
- In July 2023, the average days on market was 24.
- Over the last six weeks, there were an average of 64 price reductions each week on homes for sale in Bend.
