Median Home Price Skyrockets to $773,000
We get it. Depending on your position in the local real estate market, when you see that the median home price is now $773,000—a 13% increase over January 2022, and a 30% increase over February 2021—it can be startling and raise questions about how and where you will live.
For example, we’re frequently asked if it’s a good time to sell. The answer is that it depends on many factors. For one, if you sell your home, are you prepared to compete as a buyer for limited inventory, especially if you are planning to stay in Central Oregon? Particularly in lower and mid-price ranges, the selection of homes for sale is lean. Although still limited, inventory for higher priced homes—including new construction—offers more choices to buyers who can afford them.
Sales in higher price ranges are one factor affecting the median home price in Bend. Last month, homes valued at $725,100 or more accounted for 55% of all 132 homes sold in Bend. In January, homes in that price range accounted for 44% of all home sales that month, and in February, it was 42%. More activity in higher price ranges, in combination with less inventory of lower and mid-priced homes, is raising the median sales price, at least for now.
It’s important to keep in mind that following data trends over many months provides a clearer and more balanced view of the real estate market in Bend than month-to-month fluctuations, and sometimes spikes are simply the product of timing.
Want more information about what your home is worth? Contact us for a discussion about a data-driven strategy that achieves your goals on your timeline.
–Jason
Median Home Price
• The median sales price of a home in Bend rose 13% in one month to $773,000 in February, up from $686,000 in January.
• Year-over-year, the median sales price is up 30% compared with February 2021, when it was $595,000.
• Homes priced at $725,100 and over accounted for 55% of all home sales in Bend last month.
Active Listings and Available Inventory
• There were 99 active listings in Bend last month, a 10% decrease from January.
• Active listings are up 32% year-over-year; in February 2021, there were 75 active listings in Bend.
• The available inventory of homes for sale in Bend held steady at 0.8-months’ worth in February compared to January.
• Available inventory is up 33% compared with February 2021.
New Listings
• New listings in Bend were up 42% in February, from 147 in January to 209 last month.
• Compared with February 2021, new listings are up 15%.
Pending Sales and Homes Sold
• Pending sales were up 20% in Bend last month, with 213 homes going from active to pending status.
• Year-over-year, pending sales were up 28% in February.
• Home sales in Bend were steady month-to-month, with 132 transactions closed in February.
• Compared with February 2021, home sales were up 12% last month.
• Homes valued at more than $725,000 accounted for 55% of all homes sold in February, and 24% of all homes sold were valued at more than $925,000.
Days on Market and Price Reductions
• It takes an average of 28 days to sell a home in Bend based on the data from last month.
• The average days on market was 23 in February 2021.
• Price reductions—although up slightly last week based on our data—remain rare.
• The asking prices on 9 homes in Bend were reduced last week compared with an average of 32 weekly price reductions in Spring 2020.
