Median Sales Price Hits All-Time High in Bend

by | Aug 9, 2023 | Market Trends

The median sales price of a home in Bend hit a new high of $799,950 last month, up 4% month-to-month and year-over-year. The median home price was $770,194 in June 2023 and $770,500 in June 2022.

Despite a 35% decrease of new listings in July, the number of active listings of homes for sale in Bend was up 20% month-to-month. There were 374 active listings in July, up from 312 in June. The months of inventory metric showed an increase of 59% last month, from 1.7 months’ worth in June to 2.7 months’ worth in July.

Home sales were down 22% last month, from 180 in June to 140 in July. Pending sales were up 7% month-to-month, with 195 Bend homes in pending status in July.

It’s taking longer to sell a home in Bend after a 2023 low of only 13 days in June. In July, it took an average of 24 days.

Although the median sales price is at an all-time high in Bend, there were an average of 37 price reductions each week over the last six weeks, indicating the importance of pricing strategy. If you’d like to get expert guidance on pricing your home, we rely on decades of experience in this unique real estate market along with in-house research to develop a pricing strategy tailored for you. We look forward to hearing from you soon!

—Jason

Graph showing the median home price in Bend from January 2023 to July 2023. The median sales price is at an all-time high of $799,950.

 

Median Sales Price

  • The median price of a home in Bend is $799,950, up 4% from June when it was $770,194.
  • In June 2022, the median sales price in Bend was $770,500.

New Listings

  • There were 35% fewer new listings in July, from 251 in June to 164 last month.
  • Year-over-year, new listings are down 29% compared with June 2022, when there were 231.

Home Sold and Pending Sales

  • 140 Bend homes sold in July, down 22% from 180 in June.
  • There were 22% fewer home sales year-over-year compared with July 2022.
  • Pending sales were up 7% last month from 182 in June to 195 in July.
  • Year-over-year, pending sales were up 5% compared with July 2022.

Active Listings and Months of Inventory

  • Active listings of homes for sale in Bend were up 20% in July, from 312 in June to 374 last month.
  • There were 19% fewer listings last month compared with July 2022.
  • The months of inventory was up 59% in July, with 2.7 months’ worth of homes for sale.
  • Year-over-year, the months of inventory is up 4%.

Days on Market and Price Reductions

  • After a 2023 low of only 13 days on market in June, the average length of time it takes to sell a home in Bend increased to 24 days.
  • There was an average of 37 price reductions of homes in Bend each week over the last six weeks.
Loading