Welcome to the first edition of the Central Oregon Luxury Market Report! In this weekly report sent every Friday, I will focus on four categories: Deschutes County single-family properties between $1M and $1,999,999, $2M to $2,999,999, over $3M, and Crook County properties over $1M. As you will see over time, each of these segments of the Central Oregon housing market has particular trends that do not always align with the rest of the market and deserve their own reporting. Let's dive in!
This morning, 216 homes are listed in Deschutes County between $1M and $1,999,999, with a median listing time of 53 days. Eighty-two properties have reduced the asking price by a median of -3.83%. Thirteen homes have been pending in the previous seven days, with a median listing time of thirty-nine days and a median price change before securing a contract of -3.43%. Thirteen transactions closed this week, listed only seventeen days, with a paltry median price change of -1.43%. While many of these properties might fall short of luxury homes, this highly active market segment deserves a closer look. Eighty-seven homes have closed since January 1, 2025, with 682 sales in 2024.
There are sixty-seven active listings between $2M and $2,999,999, and the median days on the market are 53. Three properties are pending at only thirteen days listed, with no price changes before securing a contract. No sales closed in the previous week, and fifteen transactions have closed since the beginning of the year, with eighty sales in 2024.
Over $3M in Deschutes County, you will find the best-of-the-best for Central Oregon with large acreage properties, stunning Cascade Mountain views, premier golf course homes, and more, with thirty-two active listings this morning.The median days listed for the active listings is 157 at an average price of $4,507,844. Eleven price changes at a median of -7.51% show that pricing for exclusive properties can be tricky, and in many cases, an adjustment is required. Two properties are pending, one in Tetherow and the other in Caldera Springs in Sunriver. This week's single sale in this price segment closed in the sought-after Deschutes River Ranch in Tumalo. Five homes above $3M have closed year-to-date, with thirty-seven closing in 2024.
Forty-four homes are listed in Crook County over $1M, with the median days listed at 107 and an average price of $2,104,295. Most of these properties are around Powell Butte or in the desirable Brasada Ranch golf community. One sale in Brasada Ranch is pending this week at $2,647,700; there has been no price change, with no closed transactions this week. Three transactions above $1M have closed year-to-date, with forty-four in 2024.
Of particular note in this report are the very low median days listed for the closed sales between $1M and $1,999,999 and the pending sales between $2M and $2,999,999. The low days listed before finding a buyer in this price segment contrast sharply with the longer marketing time above $3M. However, desirable homes move quickly in all cases, and the smaller pool of potential properties allows buyers in this segment to be very knowledgeable about the market.
