The median sales price of a home in Bend was $706,075 in August, a 6% drop from $749,450 in July. While that can seem like a big decrease month-to-month, it’s helpful to look at the median sales price trended over a longer span of time. Over the last 13 months, the median sales price in Bend has ranged from $680,000 in February of this year to an all-time high of $775,000 in June. Year-over-year, the median sales price is down 4% when compared to $738,389 in August 2023.
Meanwhile sales activity was up in August, with home sales up 7% and pending sales up 5% over July. Last month, 156 Bend homes sold and 190 went to pending status. Year-over-year, home sales were down 4% last month when compared to August 2023, but pending sales were up 30%.
New listings of Bend homes were down 17% last month, from 229 in July to 190 in August, but up 23% compared to August 2023. Active listings were up 2%, from 539 Bend homes on the market in July to 552 last month. There is currently 3.5 months’ worth of inventory in Bend.
It’s currently taking an average of 42 days to sell a home in Bend, longer than the average of 33 days in July, and much longer than 18 days in August 2023. The current Days On Market is consistent with pre-pandemic years; in August 2017, the average was 51 days; in August 2018, the average was 45 days; and, in August 2019, the average was 48 days. As for price reductions, they have averaged at 57 reductions each week over the last six weeks.
One of the problems the pandemic presented for our local real estate market was that if a homeowner wanted to sell their home in Central Oregon with the goal of buying another home locally, the inventory was so limited that many sellers chose to wait. Now, with more active listings, sellers have more agility and buyers have more homes to choose from. Additionally, mortgage rates were at their lowest on Wednesday since February 2023.
Wondering what your home is worth? We combine data with our deep knowledge of the local market to help you set a price and a timeline for listing your home. Contact us to chat!
—Jason
Median Sales Price
- The median sales price of a home in Bend was $706,075 last month, down 6% from $749,450 in July.
- The median sales price was $738,389 in August 2023..
New Listings
- New listings of Bend homes were down 17% last month, from 229 in July to 190 in August.
- Compared to a year ago, there were 23% more new listings last month than in August 2023, where there were 155 new listings in Bend.
Home Sold and Pending Sales
- Home sales were up 7% in August, from 146 transactions in July to 156 last month.
- Pending sales were up 5%, from 181 in July to 190 in August.
- Year-over-year, sales of Bend homes were down 4% last month compared to August 2023, and pending sales were up 30%.
Active Listings and Months of Inventory
- In August, active listings of homes in Bend were up 2% month-to-month and 56% year-over-year.
- There were 552 active listings in August, up from 539 in July.
- In August 2023, there were 354 active listings.
- The Months of Inventory was at 3.5-months’ worth in August, down 3% from 3.6-months in July.
- In August 2023, there was 2.2 months of inventory.
Days on Market and Price Reductions
- Bend homes sold in an average of 42 days last month, an increase from 33 days in July.
- A year ago, it took an average of 18 days to sell a home in Bend.
- Over the last six weeks, there were an average of 57 price reductions weekly.
