The national average today for a 30-year fixed-rate Jumbo mortgage is 6.70%, at least 60 basis points higher than many expected by now. While the market is balanced, not strongly favoring buyers nor sellers, some trends are emerging. Notably, inventory levels are down, helping to keep prices firm relative to the median sale prices of the last few years. Some properties are listing and selling quickly, while others are lingering on the market. The conditions place a premium on knowing the market and analyzing to determine reasonable pricing, which applies equally to buyers and sellers.
Today in Deschutes County, single-family homes listed between $1 million and $1,999,999 are at 362, up from 348 on my last market report of May 15. This week in 2025, there were 417 single-family listings. Pending sales are steady for the year, with 18 this week, compared to 12 this week in 2025. There were 20 closed transactions this week, with 5 listings reducing the sale price by an average of 3.28% before securing a buyer, and a sold-to-original-list-price ratio of 97.3%. Sales volume might be down relative to 2021-2022 levels, but is in line with levels since then.
Deschutes County homes listed between $2 million and $2,999,999 are at 85, up from 78 on May 15. This week in 2025, there were 97 single-family listings. Pending sales are at 2, double from this week in 2025. There were 4 closed transactions this week, double the number in 2025. One listing reduced the sale price by 4.37% before securing a buyer, with the sold-to-original-list-price ratio at 97.5%.
Homes listed over $3 million in Deschutes County are at 41, the same as on May 15. In 2025, there were 50 single-family listings this week. This week, a home in The Highlands at Broken Top is pending after 1,133 days on the market, and a 46.51% reduction from the original sale price. This week in 2025, there were no pending or closed sales. The only activity in this price tranche was the big pending sale this week, with no closed transactions.
Crook County homes listed over $1 million are at 55, up from 53 on May 15. This week in 2025, there were 71 single-family listings. There is one pending sale this week at $1,749,900 in Powell Butte’s Mill Iron Estates. There was also one pending sale this week in 2025. One transaction closed this week on Grandview Road, just outside Brasada Ranch, at $2,700,000, initially listed at $2,999,000. There were no closed transactions this week in 2025 for listings over $1 million in Crook County.
Deschutes County farm listings over $1 million increased by three to 16, with no pending or closed transactions. Continuing the trend of almost no activity in farm properties, Crook County inventory is stable at 15, with no pending or closed transactions.
The luxury market is still showing strength in prices compared to the peak in 2022, with reduced inventory. Still, sellers need to be careful with pricing, as conditions today are not conducive to testing the market. Candidly, while not necessarily a buyer's market, conditions (except for mortgage rates) favor buyers. Sluggish inventory growth has changed the typical dynamic of increased competition from new listings, leaving buyers to pick from today's available inventory, with trends indicating fewer sellers coming to market. Candidly, market conditions today can be difficult to interpret. As always, I am available to run a specific market analysis for any segment of the market you are interested in.
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