My Weekly Central Oregon Real Estate Blog

This week, the Federal Reserve raised the overnight rate by 25 basis points, with expectations of another hike at the next meeting. It is tedious to read all the housing proponents pointing out that the overnight rate isn’t directly correlated with mortgage rates, and while that is true, you would have to have your head in the sand not to see that mortgage rates will be affected. The 10-year Treasury closed above 5% for the first time since 2007 and now sits at 4.998%, while the 30-year Jumbo national average is 7.36% and the 30-year Conventional average is 7.20%. Since conventional rates reached a low of 5.99% in February, rates and inflation have been trending upward. Kevin Warsh, the new Chairman of the Fed, is determined to get a handle on inflation, which has been above the mandated 2% target for over five years. Whether inflation is managed remains to be seen, but we are already seeing the impact of higher rates in the housing market. All but one segment of the luxury market saw week-over-week inventory growth, as activity slows.

Quoting Graham Summers of Phoenix Capital Research, “To be clear, 3.4% inflation is a long way from 2022. The economy is growing, payrolls are solid, and a Fed hiking into strength behaves very differently from a Fed hiking into a recession. I am not calling for a crisis.” The Fed may be hiking into strength, and Central Oregon shows continued growth, but in the foreseeable future, housing will look quite a bit different than it has in the recent past.

Deschutes County single-family home inventory between $1 million and $1,999,999 increased by 4 this week to 368, with 218 (59.24%) reducing the asking price by an average of 7.93%. Pending sales are down 3 from last week to 12, with 5 of those listings reducing the asking price by an average of 11.53% before securing a contract. Six closed transactions this week are down from 13 last week, with a sold-to-original-list-price ratio of 92.03%.

Single-family listings between $2 million and $2,999,999 are up by 3 from last week to 72, with 27 (37.5%) showing an average price reduction of 8.94%. Two pending sales match last week’s total, with one listing reducing the asking price by 1.41% before securing a contract. Two closed transactions double last week’s total, with no price reductions before securing a buyer, and a sold-to-original-list-price ratio of 96.15%. Throughout this cycle, higher-priced homes have maintained a higher sold-price ratio.

Desirable homes are still selling and maintaining strong sold-to-list price ratios, but accurate pricing is more important than ever. TD Securities expected three rate hikes in the cycle before the Fed raised rates by 25 basis points. That leaves at least two more hikes on the table, assuming that is enough to calm inflation at a time when the Treasury is buying back Bonds and increasing the M2 Money Supply. There is no question the housing market has moved into a new cycle, and tracking the weekly data will show exactly how much of an impact economic conditions will have. Stay tuned!

 

Sign Up for the Central Oregon Market Report

 

Sign Up for the Central Oregon Luxury Market Report

 

Click here for the full report.

Your Bend Real Estate Agent is here to help

Reed Melton serves Bend and surrounding areas

Whether you are searching in Bend or any of the close by areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.

Ask a QuestionI need to sell my homeCall Me

l instagram l instagram

Central Oregon housing prices are holding up remarkably well, but there is no question the market is shifting. How big a shift remains to be seen, and so far the data signals are small. The first is elevated inventory at a time of year when it typically declines steadily. The second indicator is a growing number of price reductions in the active inventory. Both factors mean increased competition for sellers.

Another major factor affecting our housing market is economic conditions that are increasingly weighing on buyer sentiment—inflation, with the most recent CPI print at 3.4% and Core CPI at 2.4%. Inflation is pressuring bonds, with the 10-year Treasury at 5.05%, the first time it has broken 5% since 2007. Mortgage rates are closely tied to the 10-year Treasury, and the national average for a 30-year fixed-rate conventional mortgage is 7.19% today, up from 6.89% last week. Lest you think the rise in mortgage rates is short-lived, Kevin Warsh of the Federal Reserve announced today a 25-basis-point hike in the overnight rate. Graham Summers, Chief Market Strategist for Phoenix Capital Research, believes bond investors expect three more 25-basis-point rate increases (linked above). Given that inflation was last below 2% in 2021, it is clear the Fed has not met its inflation mandate in years. All of this considered, expect more changes in the housing market over the coming months.

Today in Deschutes County, there are 1,429 single-family listings, down 12 from last week. There are 858 price reductions in the active inventory, or 60.04% of the active market, averaging 6.61%. The average days on market are 104. Seventy-six pending sales match last week, with 42 (55.26%) reducing the asking price by an average of 8.6% before securing a contract. Seventy closed transactions are up by 18 from last week, with 40 (57.14%) reducing their asking price by an average of 5.27% before securing a buyer. The sold-to-original-list-price ratio was 94.77%, with the average price per square foot at $395.

In Crook County, inventory is up by 5 to 269 single-family listings, with 153 price reductions (56.88%) and an average reduction of 6.96%. The average days on the market in Crook County is 134. Pending sales are up 4 from last week to 10, and 3 (30%) changed the asking price. Two of those changes were new construction, where the price went up slightly, with one listing dropping from $724,900 to $719,000 before securing a contract. Seven closed transactions are down by 1 from last week, with all seven reducing the asking price by an average of 10.44% before securing a buyer. The sold-to-original-list-price ratio was 83.28%, and the average price per square foot was $869. The week's largest sale was an extensive equestrian facility that closed at $6,800,000, skewing the price per square foot. Removing that large sale drops the average price per square foot to $316.

Jefferson County inventory dropped from 154 to 153, with 86 price reductions (56.21%) averaging 6.18%. The average days listed for single-family homes in the county is 141. Pending sales increased from 3 to 4 this week, with one price reduction of 2.56% before going under contract. Five transactions closed this week, up from 2 last week, with 3 reducing the asking price by an average of 2.06% before securing a buyer. The sold-to-original-list-price ratio was 96.68%, with the average price per square foot at $330.

With rising mortgage rates and increased inventory this fall, sellers need to price accordingly. While our market might not be falling right now, increased competition in the active inventory is creating many opportunities for buyers. Looking back to February 2026, mortgage rates hit a low of 5.99%, with many believing that marked the start of a downward trend for borrowers. From today’s vantage point, it looks like the days of the 7% mortgage are back, and likely to continue.

Quoting Graham Summers, “To be clear, 3.4% inflation is a long way from 2022. The economy is growing, payrolls are solid, and a Fed hiking into strength behaves very differently from a Fed hiking into a recession. I am not calling for a crisis.”

While higher borrowing costs are a headwind for buyers, that doesn’t change Central Oregon's desirability or the growth our region has experienced for several years. It does force sellers to be in tune with pricing, and as always, I am happy to provide a market analysis for your specific needs.

 

Sign Up for the Central Oregon Market Report

 

Sign Up for the Central Oregon Luxury Market Report

 

Click here for the full report.

Your Bend Real Estate Agent is here to help

Reed Melton serves Bend and surrounding areas

Whether you are searching in Bend or any of the nearby areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.

Ask a QuestionI need to sell my homeCall Me

l instagram l instagram

As mortgage rates continue to climb, the peak of the summer season is winding down. Current economic conditions have not affected all price tranches covered in this report equally, so I will provide year-over-year comparisons to show how today’s market compares. Broadly speaking, the high-water mark was in 2022, but at the highest price points, sale prices are exceeding values from a few years ago. Desirable locations and exceptional homes are attracting discerning buyers.

-----

Deschutes County single-family homes listed between $1 million and $1,999,999 are at 364 this week, down by 4 from last week. This week in 2025, there were a nearly identical number of listings at 369. Fifteen pending sales this week are up by 7 from last week, with 6 of those listings reducing the asking price by an average of 7.78% before securing a contract. Thirteen closed transactions are 1 fewer than last week, with 5 of those listings reducing their asking price by an average of 12.76%. The sold-to-original-list-price ratio this week was 92.42%.

Listings in Deschutes County between $2 million and $2,999,999 are down by 4 this week to 69. This week in 2025, there were 94 active listings. Two pending sales this week are down by 1 from last week: one at $2.2M and another at $2.495M, and one reducing the asking price by 16.69% before securing a contract. One transaction closed this week for $2.2M, down 2 from last week. The closed transaction did not reduce the asking price before securing a buyer, but closed at 95.71% of full price.

Forty active listings over $3 million in Deschutes County equals last week’s number, compared to 49 this week in 2025. No sales are pending this week compared with 2 pending sales last week. One transaction closed this week in Tetherow for the full asking price of $3,150,000.

Crook County supply over $1 million increased this week by 3 to 71. This week in 2025, there were 65 active listings. One sale is pending this week in Brasada Ranch at $1,450,000, up from zero pending sales last week. Five transactions closed this week, up from zero last week, with 4 of those listings reducing their asking price by an average of 13.17% before securing a buyer. The notable sale this week was the Kerley Horse Center at $6,800,000, initially listed at $7,500,000. The sold-to-original-list-price ratio for all sales this week was 89.24%.

Continued growth in Central Oregon is maintaining stability in the luxury market, with sales price increases notable for homes listed in Deschutes County over $3 million. Crook County, led by Brasada Ranch and Powell Butte, continues strong sales activity for homes listed over $1 million. Comparable inventory levels to 2025 across the region are creating many opportunities for buyers looking to close by year-end. But steady activity in the late summer and early fall means the best properties are getting a lot of attention.

 

Sign Up for the Central Oregon Market Report

 

Sign Up for the Central Oregon Luxury Market Report

 

Click here for the full report.

Your Bend Real Estate Agent is here to help

Reed Melton serves Bend and surrounding areas

Whether you are searching in Bend or any of the close by areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.

Ask a QuestionI need to sell my homeCall Me

l instagram l instagram

For most of 2026, single-family home inventory in Central Oregon lagged behind 2025 levels, while sales volume had increased. Recently, activity has shifted, largely due to rising mortgage interest rates, with the national average for a 30-year fixed-rate mortgage today at 6.89%. Inventory is growing at a time of year when steady declines toward winter are typically the trend, while sales volume has narrowed compared with last year's totals. This is playing out to different degrees in each of Central Oregon's counties, and I will watch how it develops over the next several weeks.

Deschutes County inventory has been variable rather than peaking and following a smooth decline towards year-end, with today’s level at 1,441, down 5 from last week. The average list price this week is $1,063,072 compared to $1,162,435 this week in 2025. This week in 2025, there were 1,391 listings. Seventy-six pending sales are up by 5 from last week, with 38 of those properties decreasing the asking price by an average of 7.16% before securing a buyer, and an average pending sale price of $866,907. Fifty-two closed transactions this week are down by 36 from last week, with 27 of those listings reducing the asking price by an average of 7.05% before securing a buyer. The sold-to-original-list-price ratio was 94.01%.

In Crook County, this week’s supply is 264, up 7 from last week. The average list price this week is $911,628 compared to $958,152 this week in 2025. This week in 2025, there were 243 listings. Six pending sales are down 4 from last week, with 1 of those properties reducing the asking price by 1.39% before securing a buyer and an average pending sale price of $406,650. Eight closed transactions this week are double last week’s total, with 6 of those listings reducing the asking price by an average of 5.2% before securing a buyer. The sold-to-original-list-price ratio was 93.84%.

This week’s inventory in Jefferson County is down by 1 to 154. The average list price this week is $599,765 compared to $583,326 this week in 2025. This week in 2025, there were 133 listings. Three pending sales are down 1 from last week, with 1 of those properties reducing the asking price by 1.49% before securing a buyer and an average pending sale price of $386,283. Two transactions closed this week, down from 5 last week, with 1 of those listings reducing the asking price by 2.7% before securing a buyer. The sold-to-original-list-price ratio was 97.31%.

While this week's numbers show signs of a slightly shifting market, the average sale price is up year over year across all three counties of Central Oregon. Sales volume is very close to 2025 year-to-date numbers, with lots of time left this year for sales to catch up. The biggest takeaway from this week's numbers is that the market is adjusting to higher mortgage rates, with some buyers pulling back a bit to recalibrate. Our market isn’t falling, but deals are available, and many sellers are motivated to secure a buyer before year-end. A lower sale price could largely offset higher mortgage rates, and the market definitely deserves a close look.

 

Sign Up for the Central Oregon Market Report

 

Sign Up for the Central Oregon Luxury Market Report

 

Click here for the full report.

Your Bend Real Estate Agent is here to help

Reed Melton serves Bend and surrounding areas

Whether you are searching in Bend or any of the nearby areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.

Ask a QuestionI need to sell my homeCall Me

l instagram l instagram

It’s hard to believe it is the Labor Day weekend, which marks the unofficial end of summer in Central Oregon and the beginning of the last busy period for the real estate market before the holiday season. Activity in the luxury market is down slightly this week as people focus on the long weekend, though a few bright spots remain. Mortgage rates are continuing to climb, with the national average for a 30-year Jumbo loan at 7.06%, up from 6.40% this day in 2025. Inventory is down in all tranches over this week in 2025, with the lone exceptions of Deschutes County homes over $3 million and Crook County farm listings over $1 million.

Deschutes County listings between $1 million and $1,999,999 are down 4 to 368 this week. Two hundred fourteen of the active listings have reduced the asking price by an average of 8.14%. Eight listings are pending this week, half of last week’s total, with 3 of those properties reducing the asking price by an average of 10.1% before securing a contract. Closed transactions are down 2 from last week, with 8 of those properties reducing the asking price by an average of 8.36% before securing a buyer. The sold-to-original-list-price ratio was 90.3%, with the average sold price per square foot at $480.

Listings in Deschutes County between $2 million and $2,999,999 are flat this week at 73, with 31 of those properties reducing the asking price by an average of 8.89%. Three pending sales, up from zero last week, show that buyers are still out there. One pending transaction reduced the asking price by 4.01% before securing a contract. Three closed transactions match last week’s volume, with 1 listing reducing the asking price by 3.34% before securing a buyer. The sold-to-original-list-price ratio was 97.09%, with the average sold price per square foot at $796.

Supply of luxury homes in Deschutes County over $3 million increased by 2 this week to 40, with 19 of those listings reducing the asking price by an average of 13.12%. Two pending sales match last week’s activity, with one listing reducing the asking price by 3.82% before securing a buyer. One pending sale was in Caldera Springs, listed at $3,150,000, and the other was on Wild Rye Circle in North Rim. The Wild Rye Circle listing was originally listed for $3,275,000, then $3,150,000, before securing a contract. No transactions closed this week.

Don’t let the lull in activity this week fool you; we are entering the busiest time for Central Oregon housing, particularly for the luxury markets. However, higher and increasing mortgage rates could have an impact. Still, transaction volume is up slightly from 2025, as is the average sale price. The increases are incremental, but this marks the third consecutive year of increases since activity dropped after the market peaked in 2022. Measured against inflation, the increases in the median sale price are not very impressive. But growth in Central Oregon continues, and buyers are moving on desirable properties. Fall is the best time of year for buyers to negotiate a deal and for sellers to sharpen their pencils to secure a year-end closing. No matter which side of a transaction you are on, I am available to help, starting with a comprehensive market analysis. Reach out anytime!

 

Sign Up for the Central Oregon Market Report

 

Sign Up for the Central Oregon Luxury Market Report

 

Click here for the full report.

Your Bend Real Estate Agent is here to help

Reed Melton serves Bend and surrounding areas

Whether you are searching in Bend or any of the close by areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.

Ask a QuestionI need to sell my homeCall Me

l instagram l instagram

Activity in the Central Oregon housing market remains steady this week, despite a surge in mortgage interest rates of 16 basis points since last week. That national average for a 30-year fixed-rate conventional mortgage today is 6.91%. On this day in 2025, rates were 6.53%, and the consensus at the time was that rates in 2026 would be lower. Still, transaction volume is slightly up from 2025, as is the average sale price. After several weeks of fluctuating inventory, Deschutes and Crook County supplies are down this week, while Jefferson County supply is up by one. With rain in the forecast over the next few days, the weather and the real estate market are beginning to feel like fall.

Deschutes County inventory fell by 6 this week to 1,446, with 853 active listings reducing their asking prices by an average of 6.44%. Seventy-one pending sales match last week's total, with 42 (43 last week) of those listings reducing the asking price by an average of 5.83%. Eighty-eight closed transactions are up 22 from last week, with 45 of those listings reducing the asking price an average of 5.7% before securing a buyer. The sold-to-original-list-price ratio was 95.4%, and the average sold price per square foot was $392.

Crook County inventory fell by 11 this week to 257, with 145 active listings reducing their asking prices by an average of 7.04%. Ten pending sales this week are up 3 from last week, with 6 of those listings reducing their asking prices by an average of 5.94% before securing a contract. Four closed transactions match last week’s total, and all of those listings reduced their asking price by an average of 3.786% before securing a contract. The sold-to-original-list-price ratio was 94.31%, and the average sold price per square foot was $312.

Jefferson County supply is up 1 from last week to 155, with 78 of those listings decreasing the asking price by an average of 6.04%. Pending transactions are up 1 from last week to 4, with 2 of those listings reducing the asking price by an average of 9.15% before securing a contract. Five closed transactions are down by 2 from last week, with 1 of those transactions reducing the asking price an aggressive 18.33% before securing a buyer. The sold-to-original-list-price ratio was 92.19%, and the average sold price per square foot was $262.

Rising mortgage interest rates are putting pressure on buyers at a time when the overall market was beginning to move slightly in buyers' favor. The data shows sellers are doing what they can to draw in buyers and secure sales before year-end, and I expect that trend to continue. Whether mortgage interest rates remain elevated is anyone’s guess, but some relief from rising rates could create a surge in activity with plenty of time left in the season. I encourage buyers to stay in contact with their lender, or reach out if you need a referral. Locking in if rates dip might be a wise decision if buying this fall is part of your plan.

 

Sign Up for the Central Oregon Market Report

 

Sign Up for the Central Oregon Luxury Market Report

 

Click here for the full report.

Your Bend Real Estate Agent is here to help

Reed Melton serves Bend and surrounding areas

Whether you are searching in Bend or any of the nearby areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.

Ask a QuestionI need to sell my homeCall Me

l instagram l instagram

Mortgage rates inched higher today, with the national average for a 30-year fixed-rate Jumbo loan at 6.90%. All but one segment of the Luxury market saw modest inventory declines, and activity was steady but somewhat underwhelming. However, activity was notable at higher price points, showing that buyers are still looking and acting when the right property comes along. This week I saw a sensationalized video talking about the high volume of price reductions in Bend, which have been hovering around 50%. While I report on the number of price reductions weekly, I have purposely avoided using the percentage of price decreases because I feel that number doesn’t tell the whole story. Sure, a lot of sellers are dropping their asking prices to attract buyers. But the sales volume, and average and median sale prices are stable, if not up ever-so-slightly. While this trend could eventually play out with falling prices, that is not what is happening today. And in the Central Oregon Luxury market, high-priced sales are steady and continuing. I always take the sensationalized click-bait reporting with a grain of salt. A thorough, personalized market analysis will reveal actual conditions without resorting to hyperbole.

Deschutes County listings between $1 million and $1,999,999 are up by 2 from last week to 372. Two hundred thirteen active listings have reduced their asking price by an average of 7.84%. Pending sales are up by 3 this week to 16, with 9 of those listings reducing the asking price by an average of 5.62% before securing a contract. Sixteen transactions closed this week, double last week's total, with 6 of those listings reducing the asking price by an average of 12.18% before securing a buyer. The sold-to-original-list-price ratio was 93.29%.

Listings in Deschutes County between $2 million and $2,999,999 are down by 4 from last week to 73. Thirty of the active listings have reduced their list prices by an average of 8.37%. No sales are pending this week. Three transactions closed this week, with all three reducing their asking price by an average of 11.31% before securing a buyer. The sold-to-original-list-price ratio was 81.25%. One sale on Pacific Heights Road off O.B. Riley Road closed at $2.4M, originally listed for $2,597,000; a Sunriver sale on Sparks Lane closed at $2,525,000, initially listed at $2,950,000; and a Tetherow listing on Hosmer Lake Drive closed at $2.6M, initially listed at $3,850,000.

The supply of Deschutes County homes listed over $3 million decreased by 2 to 38. Eighteen of the active listings reduced the asking price by an average of 11.1%. Two pending sales occurred: one in the sought-after North Rim community on Wild Rye at $3,150,000, and the other on Hosmer Lake Drive in Tetherow, also listed at $3,150,000. No transactions closed this week over $3 million.

Crook County inventory over $1 million is flat at 70 this week. Forty of the active listings reduced their asking price by an average of 6.89%. Two sales are pending; one at $1,685,000 in Brasada Ranch, originally listed at $1,849,000; and another on Powell Butte Highway for $15M. The Powell Butte listing is on 435 acres, with 344 acres of water rights, nearly 10,000 square feet of living space, was originally listed at $33,000,000, and has been on the market for 2,582 days. Two Brasada Ranch homes closed this week; the first on Seven Peaks Loop at $1,500,000, initially listed at $1,850,000; and the second on Vaqueros Way at $2,800,000, originally listed at $2,895,000.

Deschutes County farm listings over $1 million are steady at 12, with 6 of those listings reducing the asking price by an average of 13.68%. No transactions went pending or closed this week.

Crook County farm listings over $1 million decreased by 1 to 16, with 11 of those listings reducing the asking price by an average of 4.78%. The pending farm sale was the $15M Powell Butte listing mentioned in the Crook County sales above, which was listed in our MLS under both the residential and farm categories. No transactions closed this week.

Whether you are buying or selling, each property needs its own analysis to determine an asking or offering price. While a high percentage of price reductions in the active market can feel alarming, sales volume and average/median closed prices are a far better metric for determining where the market is today. The broader market is nearly balanced, if not slightly favoring sellers. But the relatively low number of luxury homes in Central Oregon has benefited sellers and kept prices stable. Given the run-up to the 2022 peak, it is a testament to our region's desirability that prices have held at that level, especially considering significantly higher borrowing costs.

 

Sign Up for the Central Oregon Market Report

 

Sign Up for the Central Oregon Luxury Market Report

 

Click here for the full report.

Your Bend Real Estate Agent is here to help

Reed Melton serves Bend and surrounding areas

Whether you are searching in Bend or any of the close by areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.

Ask a QuestionI need to sell my homeCall Me

l instagram l instagram

On February 27, 2026, the national average for a 30-year fixed-rate conventional mortgage was 5.99%, compared with 6.75% today. The peak over the last several weeks was July 23, 2026, at 6.85%. The range of movement since late July has been narrow, but the trend is up, not down. From today’s vantage point, there is no indication rates will decrease anytime soon.

Typically in the Central Oregon housing market, inventory peaks sometime between late July and mid-August, then declines steadily week to week towards winter. While the peaks in 2026 were just short of 2025 levels, this year has had a few false peaks, with inventory up this week and pending sales down. Activity remains reasonably stable, but the weekly variation shows a more balanced market than in several years, with a very small bias towards sellers. However, Deschutes, Crook, and Jefferson Counties all have increased year-to-date sales, and higher average sale prices than in 2025.

Inventory in Deschutes County is up by 22 this week, now at 1,452. This supply level is only 14 fewer than the high point reached in mid-July. Seventy-one pending sales are down 9 from last week, with 43 of those listings reducing the asking price by an average of 5.78% before securing a contract. There were 66 closed transactions this week, down by 5 from last week, with half of those listings reducing the asking price by an average of 6.14% before securing a buyer. The sold-to-original-list-price ratio was 95.19%.

Crook County’s inventory is up 4 this week to 268, matching the 2026 high reached in late July. Seven transactions are pending this week, with 4 of those listings reducing the asking price by an average of 9.21% before securing a contract. Four closed transactions this week are half of last week’s total, with 2 of those listings reducing the asking price by an average of 11.08% before securing a buyer, and a sold-to-original-list-price ratio of 95.12%.

In Jefferson County, supply is up by 5 from last week to 154, just 4 fewer than the 2026 peak reached in mid-July. Three pending sales this week are 2 fewer than last week, and all 3 listings reduced the asking price by an average of 9% before securing a contract. Seven transactions closed this week, up 1 from last week, and 2 reduced the asking price by an average of 3.29% before securing a buyer. The sold-to-original-list-price ratio was 98.46%.

The market is more nuanced this fall than any of the last several years. With such extreme diversity between locations and homes in Central Oregon, exact year-over-year comparisons are always tricky. But with several months of data to draw from, many of those nuances smooth out. Despite the weekly variation, 2026 continues to outpace last year in volume and average sale prices, albeit by a small margin. Because our market is seasonal due to inclement winter weather, fall is always a great opportunity for buyers. That doesn’t mean sellers aren’t maintaining gains reached in 2022, but shooting for the moon with high listing prices is a surefire way to extend marketing time and discourage buyers as we approach fall.

 

Sign Up for the Central Oregon Market Report

 

Sign Up for the Central Oregon Luxury Market Report

 

Click here for the full report.

Your Bend Real Estate Agent is here to help

Reed Melton serves Bend and surrounding areas

Whether you are searching in Bend or any of the nearby areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.

Ask a QuestionI need to sell my homeCall Me

l instagram l instagram

Some atypical trends are emerging in segments of the Central Oregon Luxury market this week, mainly an increase in inventory between $1 million and $1,999,999. While this may be a short-term anomaly, and activity is down, I'll keep an eye on it. Mortgage rates are up a couple of basis points today, with the national average for a 30-year Jumbo loan at 6.88%. However, supply is still down across the board relative to 2025, and a small increase at this time of year isn't unheard of. Activity in other segments of the luxury market is steady, showing that activity isn't always the same across all price points.

Today, Deschutes County homes listed between $1 million and $1,999,999 are up five from last week to 370. In comparison, 403 listings were available this week in 2025. Pending sales are down by 3 to 13, with 7 of those listings reducing the asking price by an average of 13.51%. Eight closed transactions this week are down by 6 from last week, with three of those listings reducing the asking price an average of 8.38% before securing a buyer. The sold-to-original-list-price ratio this week was 94.55%. Based purely on the data, it looks like a good week for buyers.

Deschutes County homes listed between $2 million and $2,999,999 followed a typical seasonal trend, with 77 active listings, down 7 from last week. This week in 2025, there were 101 active listings. Four pending sales this week are up 3 from last week, and 2 of those listings reduced the asking price by an average of 12.85% before securing a contract. Four transactions closed this week, double last week's number, with 2 of those listings reducing the asking price by an average of 3.1% before securing a buyer. The sold-to-original-list-price ratio was 96.54%.

Single-family homes listed for over $3 million in Deschutes County are at 40, the same as last week. On this week in 2025, there were 49 active listings. No sales are pending this week, compared with 1 last week. Three transactions closed this week, up from 1 last week: One at $3,350,000 on Gerking Market Road originally listed at $3,495,000, another in Caldera Springs on Cottontail for the full price of $3,550,000, and a home near Miller’s Landing on Shasta Place, Bend, closed for the full asking price at $4,500,000. While sales in this price tranche are picking up, year-to-date sales are at 25, five fewer than at this point in 2025.

Crook County homes listed over $1 million are down by 2 to 70, nearly the same as last year’s total of 69. Two sales are pending: one in Brasada Ranch on Ranchview Road, listed at $1,200,000, with no price reductions before securing a contract. The other is on McDaniel Road in Powell Butte, listed at $3,000,000, and originally listed at $5,000,000. No transactions closed this week.

Deschutes County farm listings over $1 million are down by 1 from last week, due to a pending transaction, the first activity in weeks in this segment of the market. The pending sale on Nelson Road, Bend, is an elaborate equestrian facility on 16.87 acres, and is listed at $1,550,000, down from the original list price of $2,999,000. No transactions closed this week.

Crook County farm listings over $1 million are stable at 17 this week. No sales are pending, but one property closed at $1,800,000 in Powell Butte on Huston Lake Road, originally listed for $2,950,000. Sellers in the Central Oregon Farm market are definitely making price adjustments to entice buyers.

Several notably large price decreases have occurred in the luxury and Farm markets recently, showing sellers are doing what they must to move property. These reduced prices align with flat sale prices in today's market. Any pricing evaluation needs to be done on a case-by-case basis, but broadly speaking, sellers who were shooting for the moon have accepted current market conditions. For example, a quick look at Tetherow homes sold over $1 million shows 18 sales year-to-date in 2025, with an average sale price of $2,985,833, compared to 17 sales this year averaging $2,598,169. Pulling back to the entire city of Bend over $1 million shows 431 sales year-to-date in 2025, averaging $1,673,300, compared to 452 sales so far in 2026, averaging $1,654,735.

 

Sign Up for the Central Oregon Market Report

 

Sign Up for the Central Oregon Luxury Market Report

 

Click here for the full report.

Your Bend Real Estate Agent is here to help

Reed Melton serves Bend and surrounding areas

Whether you are searching in Bend or any of the close by areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.

Ask a QuestionI need to sell my homeCall Me

l instagram l instagram

Since March, the 30-year average for a fixed-rate conventional mortgage has moved within a range of less than 10 basis points, marking a period of stability that has brought some calm to the market. Rates peaked on October 19, 2023, when the conventional average nationwide was 8.03%. In the most recent run-up, on February 27, 2026, rates started at 5.99%. Since then, rates have peaked three times: 6.64% on March 27, 2026, 6.75% on May 19, 2026, and 6.85% on July 23. Today, the national average is 6.72%. While rates in this most recent cycle may be higher than many would like, the consistency makes planning for buyers easier and has brought remarkably consistent week-to-week activity. 2026 will not be a huge year for sales, but we are on pace to exceed 2025 sales, which exceeded 2024 sales, which exceeded 2023 sales. Slow, steady, reasonable sales growth indicates a healthy market. Average sale prices have remained stable, bringing predictability to Central Oregon housing that was missing for several years before the recent rate increases.

Supply of single-family homes listed in Deschutes County today sits at 1,430, down by 9 from last week. Pending sales are down 1 to 80 from last week, and 44 of those listings reduced the asking price by an average of 8.25% before securing a contract. While more than 50% of pending sales reduced the asking price, which might suggest a falling market, sales prices remain consistent with the last few years. Sixty closed transactions this week are one fewer than last week, with 22 listings reducing the list price an average of 5.83% before securing a buyer. The sold-to-original-list-price ratio was a strong 96.29% this week.

Crook County inventory of single-family homes increased by 3 to 264 this week, consistent with the seasonal trend before a steady decline through spring. Twelve pending sales are four times last week's total, and the most since mid-July. Nine of those listings reduced the asking price by an average of 9.49% before securing a contract. Closed transactions match last week’s total of 8, with 6 of those listings reducing the asking price by an average of 5.56% before securing a buyer. The sold-to-original-list-price ratio was 94.96%, the highest ratio since mid-July.

After a bump in available inventory last week, Jefferson County supply decreased by 4 this week to 149, the lowest since late May. Five pending sales match last week’s number, with two of those listings reducing the asking price by an average of 7.79% before securing a contract. Six closed transactions also match last week’s volume, with 4 of those listings reducing the asking price by an average of 8.21% before securing a buyer. The sold-to-original-list-price ratio was 93.34%, down from recent weeks.

With longer marketing times, buyers have time to become very educated on pricing. At this stage of the selling season, enough sales have occurred to establish a price baseline. The sold-to-original-sales-price ratios and price reductions might make it seem like prices are falling, but in reality, sellers are just coming down to the market, which is consistent with sales averages over the last few years. As sellers reduce prices and inventory remains flat or begins decreasing, buyers are moving on properties priced correctly. This consistent seasonal trend will continue into October.

 

Sign Up for the Central Oregon Market Report

 

Sign Up for the Central Oregon Luxury Market Report

 

Click here for the full report.

Your Bend Real Estate Agent is here to help

Reed Melton serves Bend and surrounding areas

Whether you are searching in Bend or any of the nearby areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.

Ask a QuestionI need to sell my homeCall Me

l instagram l instagram