Home Prices Drop | The Source Weekly - Bend, Oregon

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Home Prices Drop

October saw a drop in prices, number of sales and a growth of days on the market

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Median home prices dropped in Bend by $45,000 in October, falling to the lowest level since the beginning of 2022, according to the Beacon Report. Median sales have been raising with some dips and plateaus since November 2019, when the median home price was $431,000 — in October it was $680,000.

Housing prices dipped slightly, though a home in Bend is still much more expensive than they were pre-pandemic. - COURTESY BEACON REPORT
  • Courtesy Beacon Report
  • Housing prices dipped slightly, though a home in Bend is still much more expensive than they were pre-pandemic.

Real estate in Bend is showing some signs of cooling off after a surge during the COVID-19 pandemic that saw higher prices, fewer days on the market and a higher number of sales. Median sale prices reached a peak in March, when the average home sold for $773,000. July 2020 was the peak for home sales, when 318 homes were sold. In October that number was at 160, following trends of tampered sales during the winter.

Before COVID-19 homes were typically on the market for over three months before making a sale. The first year of widespread COVID, between April 2020 and April 2021, the average amount of time a home spent on the market was fewer than five days. The time spent on the market has been steadily increasing since May, and now homes typically are on the market for 28 days.

The market in Redmond is trending in the same direction, with median home sales down to $478,000 after a peak of $542,000 in August. Pre-pandemic in late 2019 and early 2020 the median home price in Redmond was in the low $300,000 range. Redmond also had a very low average day on the market over the past two years, with the average being between 4-10 days for most of 2020 and 2021. Last month the average amount of time on the market was 24 days.

Building permits in both Bend and Redmond were relatively low in October. Bend issued 37, while Redmond issued 16. Both Bend and Redmond permits peaked in April of 2021 with 90 permits issued in Bend and 62 issued in Redmond.

About The Author

Jack Harvel

Jack is originally from Kansas City, Missouri and has been making his way west since graduating from the University of Missouri, working a year and a half in Northeast Colorado before moving to Bend in the Spring of 2021. When not reporting he’s either playing folk songs (poorly) or grand strategy video games,...

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