After a remarkably mild winter and an early spring, real estate activity, particularly new listings, is ramping up. While the buildup of new listings is uneven across the different price tranches, the pace is picking up. Mortgage rates are stubbornly above 6%, which is significantly better than one year ago, but not as low as many expected. There is still a solid chance rates settle into the high 5% range by late in the third quarter; until then, I expect to see typical 30-year conventional mortgages between 6% and 6.25%, and Jumbo loans near 6.5%. 2026 is shaping up to be a solid year, but only incrementally better than 2025. Stability is the word of the year, with desirable properties still moving quickly.
The active $1 million to $1,999,999 segment of the Deschutes County single-family housing market supply grew by 19 to 262 listings this week. Nine sales are pending this week, down from 17 last week. Only three of the pending sales reduced the asking price before securing a buyer by an average of 1.91%. Four transactions closed this week with a sold-to-original-list-price ratio of 94.63%. Despite the beautiful early spring weather, the selling season is still ramping up, and the swings in activity from week to week are typical for the time of year. I will track year-to-date sales versus 2025 to determine whether demand is declining over the next several weeks. So far, sales are very close to last year's pace.
Deschutes County single-family listings between $2 million and $2,999,999 increased by four to 64 this week. Three sales are pending, with two reducing the list price by 2.2% and 4.1% before securing a buyer. One transaction closed this week at $2,195,000 in Broken Top, an immediate off-market sale negotiated with no days on the market in the MLS.
Single-family homes listed for over $3 million in Deschutes County increased by 1 to 31, with the average listing price at $5,530,452. There were no pending or closed transactions this week, the third consecutive week with no activity in this price tranche.
Crook County homes listed for over $1 million increased by three to 38 this week. It was a relatively active week in the county, with two pending sales at $1 million west of town and $1,350,000 in Powell Butte. The listing west of town on Campbell Ranch Road was an immediate sale, and the Powell Butte listing on Reif Road listed for only four days. Two transactions closed this week at $1,220,000 on Ranchview Court in Brasada Ranch and at $1,380,000 on Ranch Road in Powell Butte. The Ranchview Court listing closed at 90.44% of the original list price, and the Ranch Road listing closed at 95.5% of the original list price.
Deschutes County farm listings over $1 million are stable at 14 with no pending or closed transactions. Crook County Farm listings over $1 million are down by one to 10 with no pending or closed transactions.
Evaluating price is a key component to identifying great deals as supply grows. With exceptional properties moving quickly in many cases, being ready to take advantage when desirable homes hit the market is also important. I am always up on market activity and available anytime you need a market analysis to help in any capacity you are engaging Central Oregon housing. My market comparisons are in-depth and take years' worth of data and current conditions into account. Do not hesitate to reach out if you have any questions about current conditions!
Sign Up for the Central Oregon Market Report
Sign Up for the Central Oregon Luxury Market Report
