At this time of year, the behavior in the market above $1 million and the broader market diverges, with inventory trends the most notable difference. This year, across all price points, inventory was high and remains elevated as we approach winter. However, even with elevated inventory, the broader market is beginning the seasonal decline of available listings in earnest in Deschutes County, while smaller Crook and Jefferson County levels remain stable. Activity in the luxury markets remains steady, with several properties listing and going under contract after single-digit days on the market.
Luxury is a loosely defined term that means different things to different people, but for my reporting, I define it as properties listed for over $1 million. In Deschutes County this morning, there are 326 single-family listings over $1 million, down by 16 from last week. This price tranche most closely matches the broader market and is the most active segment over one million dollars. Fourteen sales are pending this week, averaging $1,400,979, while 15 closed transactions average $1,407,866.
Between $2 million and $2,999,999, there are 88 single-family listings in Deschutes County, up by one from last week. There was one pending sale in Deschutes River Woods on the edge of Baker Lake for $2,495,000, with one closed transaction in Discovery West at $2,850,000, initially listed for $2,895,000. The Baker Lake pending sale was on the market for 8 days, and the Discovery West closed transaction was listed for 4 days. Single-digit marketing days at this time of year show that buyers are still stepping up for the right property, even as November looms.
Deschutes County listings over $3 million remain at 48 this week, with one pending sale in Rivers Edge Village above the Deschutes River in Bend at $3,185,000. There were no closed transactions this week.
In Crook County, listings over $1 million dropped by one to 62 this week. There were no pending or closed transactions.
Deschutes County farm listings over $1 million increased by two this week, now at 16 listings. There were no pending or closed transactions this week.
Crook County Farm listings over $1 million remain at ten, with no pending or closed transactions.
With cold nights and warm sunny days, this fall, the weather couldn't be better, and I suspect it is helping to extend the buying season. This morning, the national average for a 30-year Jumbo loan is 6.2%, another factor likely motivating buyers. Inventory levels and mortgage interest rates will be the best predictors of how next year's markets will behave as we head into spring 2026. With declining mortgage rates, it is unlikely the mix of elevated inventory and motivated sellers will continue, at least to the degree we are experiencing this fall. It is too early to predict mortgage interest rates for the coming year, but it seems increasingly likely that rates will be somewhere in the five-percent range. Whatever happens in the luxury market in Central Oregon, the trends will be revealed here in this report first!
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