While the year-over-year numbers remain positive, activity in the high-end market over the past couple of weeks has slowed. With new inventory continually adding to the selection of homes, it's no surprise that buyers are taking a step back to evaluate their options before committing to a property. None of the dynamics driving the luxury market have substantially changed, and considering the volatility in our political and financial markets, a pause to evaluate the landscape isn't unexpected.
I am sending today's report to everyone who usually receives my Wednesday Market Report. The information in the luxury market can be a canary in the coal mine for the overall market, and many of you reading my Wednesday report are looking at properties exceeding $ 1 million. Please sign up for this report to track all aspects of our market.
In Deschutes County, between $1M and $2M, there are now 417 single-family listings, up sixteen from last week. Twelve pending sales with a median days on the market of 28 and an average list price of $1,430,083 occurred this week. Of course, a narrow price tranche will have the average number near the midpoint, but the median in this range is slightly lower at $1,417,500. There are numerous great properties available for under $1.5M, which are among the best values in Central Oregon. Proof that pending sales are closing shows in the extremely robust 24 closed transactions this week. The large number of sales below the midpoint is evident in the median closed price of $1,232,500. The closed transactions had a median days listed of just 26.
Inventory in the $2M to $3M range declined this week to 97, down four from last week. There were no pending sales and one closed transaction at $2,730,000 in Tetherow on Hardin Martin Court. The Tetherow sale is listed for $2,975,000 and marketed for 67 days.
Properties in Deschutes County listed for over $3 million increased to 50 this week, up three from last week. There were no pending or closed transactions for the week. I attribute some of this to the aggressive pricing of many of these properties. There is no doubt that luxury buyers are willing to pay for trophy locations and truly spectacular properties. However, some of the prices I see in this segment today are difficult to justify and lack direct comparables to help establish value. I am conducting market analyses for various properties in this segment on behalf of clients and have reports I can share if this interests you. A lot goes into evaluating the premier properties in our region, and I wonder how much analysis has gone into pricing some of this inventory and how much is wishful thinking. The diversity between these properties is incredible, and finding the right buyer takes time. There is no doubt that several of the homes listed for over $3 million will sell this year, and our year-to-date activity in this segment is robust.
Crook County's inventory over $1 million remains unchanged at 71. One pending sale on Willard Road with a Bend address occurred at $1,285,000 and listed for 51 days. This pending transaction on Willard Road is an anomaly, as Crook County properties typically have a Powell Butte or Prineville address. Located just past Alfalfa, the Willard property is just over the Crook County boundary. There were no closed transactions in Crook County this week over $1 million.
It is still too early to call the subdued activity in much of the luxury market a trend. While the summer is the busiest time of year for Central Oregon real estate across all price points, we also typically experience a lull around the Fourth of July. One thing 2025 has shown is that buyers are willing to move quickly on good deals and excellent properties, but they are also price-sensitive. With growing inventory across the market, it is essential that positioning relative to similar properties is competitive and attractive. There can be some guesswork in pricing the high-end, but I always back up my analysis with a heavily data-driven approach. Whether you are considering selling, looking for a legacy property, or simply interested in seeing what your property might sell for, I am available to run a detailed analysis at any time. I will also provide large-format maps indicating property boundaries as part of my analysis. Contact me for your personalized report!
