The Federal Reserve decreased the overnight rate by another 25 basis points this week, marking the third decrease this year. The 30-year jumbo national average this morning is 6.42%, up from the recent low of 6.1% on October 23, this year, but down .61% year-over-year. On October 20, 2023, the jumbo 30-year national average peaked at 8.05%, the highest point since 2000. It remains to be seen if further rate decreases are in store for 2026, but it is safe to say the recent cycle of higher rates is behind us.
Single-family homes listed between $1 million and $1,999,999 in Deschutes County decreased by fourteen to 208 this week. Eight pending sales occurred, with four listings decreasing the asking price by an average of 7.59% before securing a contract. Eleven transactions closed this week, averaging $1,455,400, with nine of those properties reducing the price before securing a buyer an average of 9.34%. The average sold-to-original-list price ratio this week was 89.19%.
Year-to-date 2024, there were 609 closed sales in Deschutes County between $1 million and $1,999,999, averaging $1,360,737. This year-to-date, there have been 670 sales averaging $1,367,139.
There are three fewer listings in Deschutes County this week between $2 million and $2,999,999, bringing the total to 56. One sale is pending, listed in Sunriver for $2,100,000 and marketed for 124 days. One closed transaction occurred in Bend at $2,595,000 on the Deschutes River on NW Harriman Street. The Harriman listing was on the market just 37 days, and sold for the full asking price.
Year-to-date 2024, there were 75 closed sales in Deschutes County between $2 million and $2,999,999, averaging $2,353,472. This year-to-date, there have been 99 sales averaging $2,406,780.
Deschutes County single-family homes listed over $3 million decreased by one to 37 listings. The decrease is due to one pending sale in Brokem Top, listed for $3,295,000. There were no closed transactions this week.
Year-to-date 2024, there were 36 closed sales over $3 million, averaging $3,911,442, compared to 38 this year, averaging $3,817,826. The diversity of homes listed over $3 million makes the average number less relevant than the steady sales volume.
The Crook County luxury home market, with listings over $1 million, decreased by one this week to 44. The decrease was due to a pending sale in Powell Butte, listed for $1,149.000, and originally listed at $1,299,000. There were two sales this week, the first in Powell Butte closed for $1,350,000, 96.5% of the original list price, and the second in West Powell Butte Estates closed at $1,575,000, 87.55% of the original list price.
Year-to-date in 2024 and 2025, there were 42 sales of $1 million or more in Crook County. The average sale price increased from $1,519,607 to $1,570,445.
Deschutes County farm listings over $1 million decreased by one to 13, with no pending or closed transactions. Crook County farm listings over $1 million are steady at eleven, with no pending or closed transactions.
In the run-up to the 2008 housing market crash, the first year with sales volume above 3,000 units was 2003, with 3,459 sales. In 2004, sales totaled 4,409, in 2005, 5,369, and in 2006, 4,002, before bottoming out at 2,043 in 2008. Sales across all price points of single-family homes next surpassed 3,000 units in 2010 (3,197), with steady increases until 2014 when sales surpassed 4,000 units. Sales ranged from the low to mid 4,000s until 2020, when sales hit 5,326. In 2021, sales were 5,256; in 2022, 4,130; and in 2023, when interest rates spiked, 3,162. In 2024, sales totalled 3,345, and year-to-date in 2025, 3,344.
In 2003, Deschutes County's population was 125,396, compared to 208,612 in 2024.
Analyzing the data shows that Central Oregon housing has remained remarkably stable through the period of higher mortgage interest rates. The increase in sales volume over the last three years is notable, while prices have remained stable. While we have not seen significant price increases since 2022, the increases during the pandemic were remarkable. The Central Oregon housing market remains steady and behaves more like a healthy market than many reports suggest. Next year will be another with modest sales volume and price increases, rather than significant movement on either front.
Sign Up for the Central Oregon Market Report
Sign Up for the Central Oregon Luxury Market Report
