Supply in the luxury market is increasing across most price tranches, but not all. At this time of year, inventory growth will be fitful before the seasonal peak in late July to mid-August. It is far too early to feel pressured to act, but buyers looking for the “perfect home” would be wise to strongly consider what is available between now and Labor Day if a purchase in 2026 is important.
Today in Deschutes County, homes listed between $1 million and $1,999,999 increased by 27 to 348. Twelve sales are pending, the lowest since late March. Seventeen transactions closed this week, indicative of earlier activity when mortgage rates were lower. The sold-to-original-list-price ratio this week was 97.84%, and the median days-on-market for closed transactions was 12.
Listings in Deschutes County between $2 million and $2,999,999 increased by 6 to 78. Two pending sales occurred: one for $2,785,000 on Lowe Lane in Tumalo and the second for $2,795,000 on Sisemore Road, also in Tumalo. One transaction closed this week in Wood River Village at $2,375,000, originally listed for $2,399,000. With very modest inventory growth in this price tranche, it will be interesting to see when supply growth tops out this year.
The Deschutes County inventory of over $3 million is stable this week at 41, and down from this year's peak of 43 on May 1. Supply this year is ahead of 2025, and the dip hasn’t brought levels below last year. This will be another price tranche to watch closely as the year unfolds. One sale is pending this week on Cartwright Court in Tetherow at $3,600,000, with no closed transactions.
Crook County listings over $1 million decreased by 1 this week to 53. One sale is pending, a Brasada Ranch Cabin listed at $1,195,000. The Brasada Ranch Cabins are designated as overnight lodging units, and are required to be in the Ranch’s central reservation system for a minimum of 45 weeks/year. The short-term rental revenue from these cabins is a nice offset to ownership costs for an owner who only visits occasionally. No transactions closed this week.
Deschutes County Farm listings over $1 million are unchanged this week, with supply at 13. There were no pending or closed transactions. Crook County Farm listings over $1 million are also steady at 16, with one closed transaction at $1,100,000 on Grimes Road NW of downtown Prineville. The original list price was $1,295,000.
There are several factors impacting the Central Oregon Luxury markets this spring, and inventory trends are erratic. Prices in the luxury market are stable, but supply is less than anticipated. As expected for the season, desirable properties hitting the market are selling quickly. With the unofficial start of summer beginning after Memorial Day, the year is just getting started!
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