In all but the $3 million-and-up price tranche, inventory is falling behind last year's pace. Fewer listings are keeping prices firm, while demand is steady. Still, the year-over-year changes are incremental, and the overall market remains stable. However, with expectations several months ago that mortgage rates would be below 6%, the conditions today are not as favorable as many had hoped. Peak season is still in the future, but the market is sending clear signals of a more tempered year ahead.
Deschutes County listings between $1 million and $1,999,999 increased by 5 this week to 305, which is 33 fewer than this week last year. Seventeen pending sales are down 1 from last week, with only 3 price changes averaging 7.81% before securing a contract. There were 11 closed transactions, with a strong average sold-to-original-list-price ratio of 100.43%.
Listings between $2 million and $2,999,999 in Deschutes County increased by 5 to 72, compared with 93 on this date in 2025. One pending sale occurred at $2,450,000 on Skyliners Road along Tumalo Creek. Color me biased, but I believe this is one of the truly special communities in Bend that really flies under the radar. Three transactions closed this week, averaging $2,326.408, with 2 of those sales reducing the asking price an average of 8.46%. The sold-to-original-list-price ratio was a tempered 89.93%. Two of the closed sales were in Bend, on Johnson Road and Cultus Lake Loop, while the last was in Caldera Springs in Sunriver.
The $3 million and up price tranche in Deschutes County is the only segment of Central Oregon luxury homes with increased inventory, sitting at 43 this week, up from 35 in 2025. One sale is pending on Mariposa Road in Tumalo at $3,295,000 after 21 days on the market. One transaction closed this week on Swalley Road near Deschutes River Ranch at $3,000,000, originally listed at $3,500,000.
Crook County inventory over $1 million is up by 2 from last week to 51 compared to 59 this week in 2025. One sale in Brasada Ranch is pending on Branding Iron Court at $1,319,000, listed just 8 days. No transactions over $1 million were closed this week in the county.
Deschutes County farm listings over $1 million are down by 1 to 13, with no pending or closed transactions. Crook County farm listings over $1 million are also down by 1 to 16, with no pending or closed transactions. The farm segment of the market has struggled to put up any numbers for several weeks.
The luxury housing market is steady, but calm, with subdued activity, interspersed with some quick sales. Most buyers in the over $1 million segment are knowledgeable and ready to move when the right home comes along. There is an interesting mix of attractive new listings, stagnant properties, and price drops as sellers try to position themselves correctly for the summer season. Staying current with the market is imperative for would-be buyers and sellers, as proper pricing is more important than ever. Please reach out if you need any research on a market segment under consideration.
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