Median Home Price Hits Another Record High
The median home price in Bend climbed to another new high of $595,000 last month. That’s 68% higher than the current median home price of $353,000 nationally. Year-over-year, the median price of a home in Bend is up 28%, compared with 14% nationally.
Although there were more homes listed in February compared to January, demand continues to dramatically outpace supply, and inventory remains at historic lows. There is currently 0.64 months’ worth of inventory of homes for sale in Bend, a dramatic, 76% decline compared to 2.7 months of inventory in February 2020.
Various factors are affecting demand right now and the subsequent record-high median home price. Many Pacific Northwest towns are experiencing an “influx greater than the exodus” including Portland, where the median home price is up to $542,000.
Many middle- and high-income households and a wave of young families have accelerated their real estate plans during the pandemic because of flexibility offered by remote work and distance learning, low interest rates, and the opportunity to swap expensive metropolitan rents for mortgages in suburban areas and smaller cities like Bend. Additionally, for many of the same reasons, a lot of families are buying bigger, more expensive homes, which is driving the median home price up.
We recently published our 2020 Annual Market Report on the Bend real estate market, and it clearly illustrates the surge in demand that has created a market with high value and extremely limited inventory. We are helping buyers navigate this super competitive market through the strong relationships we’ve established over the years. We’re also helping sellers determine the value of their homes as well as the timing of their transition from one home to another. Please reach out to us if you’d like to talk about your real estate plans.
Median Home Price
- The median price of a Bend home in February was $595,000, an all-time high.
- This is up 3% from $577,500 in January.
- Last February, the median home price in Bend was $460,000.
- There were 181 Bend homes listed in February, an increase of 31% over January.
- Year-over-year, there were 13% fewer new listings last month.
- So far, there are 100 new listings in Bend since the beginning of March.
Homes Sold and Pending Sales
- Home sales in Bend were down 23% last month compared with January.
- Compared with 154 sales in January, 118 Bend homes sold in February.
- Pending sales were steady in February, with offers accepted on 166 homes.
- Year-over-year, home sales were down 9% and pending sales were down 28%, more than likely due to low inventory.
- Based on the data we have through March 14, there have been 68 sales so far this month, and 130 sales are pending.
Active Listings and Available Inventory
- There were 75 active listings last month, down 18% from January.
- Available inventory of homes for sale in Bend remains at historic lows, with only 0.64 months’ worth of listings.
- Based on the data we have through March 22, there are an average of 68 active listings each week (over the last seven weeks).
Days on Market and Price Reductions
- Homes in Bend continue to sell quickly, with an average of only 23 days on the market.
- Compared with January 2020, the length of time it takes to sell a home is down 76%.
- Price reductions remain rare, with an average of only 4.8 reductions each week over the last six weeks.