On this special Thursday edition of the Central Oregon Luxury Market Report, all segments of the luxury market had a decrease in inventory. Peak supply is in the rearview mirror, and inventory will continue the steady decline to winter. Sellers are, in many cases, adjusting prices, and buyers motivated to make a purchase this year are stepping up. While mortgage interest rates are up a few basis points from this time last year, the overall dynamic very slightly favors buyers. For the third consecutive year, prices are mostly flat from the peak of 2022, but desirable properties in great locations are outpacing the broader market. The market dynamics are as interesting as they are varied!
Deschutes County single-family listings between $1 million and $1,999,999 are down by 6 from last week to 361. Pending sales are at 15, a decrease of 4 from last week. But with one less day in this reporting cycle, consistency is king here. Eleven of the pending sales decreased the listing price by an average of 8.48%. Eighteen closed transactions are up 3 from last week, with 10 of those listings decreasing the asking price by an average of 5.55% before securing a buyer. The sold-to-original-list-price ratio was 95.39%.
Listings in the county between $2 million and $2,999,999 decreased by 4 to 78 this week. Three sales are pending: $2,950,000 on Hosmer Lake Drive in Tetherow, $2,499,000 on Pacific Heights Road off OB Reilly Road, and $2,395,000 on Puccoon Court in North Rim. One transaction closed this week on Awbrey Butte at $2,442,000, after just 11 days listed, and at 97.72% of the asking price.
The Deschutes County active listings over $3 million decreased by 2 this week to 41. No pending sales occurred this week. Two transactions closed this week at $3,200,000 on Sparrow Hawk Circle in Shevlin Commons, and at $3,875,000 on Hardin Martin Court in Tetherow. The Sparrow Hawk Circle property closed at full price, while Hardin Martin Court was originally listed at $4 million.
Crook County listings over $1 million are down by 4 from last week to 69. Two sales are pending: $1,575,000 in Brasada Ranch, and $7,750,000 in Powell Butte, the 897-acre Kerley Horse Center, with an 89,000-square-foot equestrian center. One transaction closed at $1,259,000 on 120 acres, near the Prineville reservoir, at 81.23% of the original list price.
Deschutes County farm listings over $1 million remain at 14, with no activity this week. Crook County farm listings over $1 million decreased by 3 to 17, with no pending or closed transactions this week.
There haven’t been many “big” weeks of activity in the luxury market in 2026, but steady sales have actually brought us past the 2025 levels year-to-date. Overall, buyers have more time to consider many of the options available. However, desirable properties are still selling quickly, with many barely breaking into double-digit days on the market. With the last couple of months of warm weather ahead of us, many properties that have been listed through the summer, and in some cases since last fall, will begin to move. Supply this year never reached 2025 levels, and shrinking inventory levels now leave fewer options for buyers motivated to purchase this year.
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