As inventory continues to return to pre-pandemic levels, the real estate market in Bend is reflecting national trends of slowing down due to many factors, including worries of a recession and high interest rates.
There were 389 active listings in Bend last month, down 7% from September, but up 56% year-over-year. Sales activity—including home sales and pending sales—slowed by 17% month-to-month, and 33% annually.
The median price of a home in Bend was down 6% last month, from $724,900 in September to $679,950 in October. Year-over-year, the median sales price is up 5%. There are an average of 58 price reductions each week based on our data from the last six weeks. That’s a 123% increase of price reductions over the same six-week period in 2021.
Pricing strategy is always critical to selling a home on a preferred timeline, but even more so right now. We are here to help you create a strategy for selling your home in as stress-free a way as possible. Please contact our team with your questions.
—Jason
Median Home Price
- The median price of a home in Bend is $679,950.
- Month-to-month, the median sales price was down 6%, from $724,900 in September.
- Year-over-year, the median sales price is up 5%.
Active Listings and Months of Inventory
- There were 7% fewer active listings in Bend last month, from 419 in September to 389 in October.
- Annually, active listings are up 56%.
- There is 2.4 months’ worth of inventory, up from 2.3 in September.
- In October 2021, there was only 1.2 months’ worth of inventory in Bend.
New Listings
- The number of new listings in Bend dropped 30% last month compared with September.
- In October, there were 130 new listings, down from 186 in September.
- Year-over-year, new listings are down 20%.
Home Sold and Pending Sales
- Home sales were down 13% in October, from 182 in September to 159 last month.
- Annually, sales of Bend homes were down 25% compared to October 2021.
- Pending sales dropped 23%, down from 163 in September to 126 in October.
- Year-over-year, pending sales were down 41% last month.
- Combined sales activity was down 33% last month compared to October 2021.
Days on Market and Price Reductions
- It took an average of 38 days for a home in Bend to sell in October.
- In October 2021, it took an average of 32 days.
- There are an average of 58 price reductions each week (based on our data from the last six weeks).
- During the same six-week period in 2021, there were an average of 26 price reductions weekly.
