With Thanksgiving only a few weeks away, activity in the Central Oregon Luxury market slows considerably at this time of year. The biggest discussions lately have been about interest rates, but activity in higher-priced properties has remained steady. Supply is elevated, and our weather has been mild, giving buyers the advantage, while sellers are more open to negotiating than in some time. It never hurts to look, and conditions this fall are probably better than many would assume.
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Supply of homes in Deschutes County between $1 million and $1,999,999 decreased by 1 this week to 322. Nine pending sales are down by 1 from last week, with 7 of those listings reducing their asking price by an average of 7.86% before securing a contract. Thirteen closed transactions are up 3 from last week, with a sold-to-list-price ratio of 97.08% and a sold-to-original-list-price ratio of 89.59%.
Year-to-date 2025, 580 closed transactions occurred between $1 million and $1,999,999, averaging $1,367,523, compared to 567 this year, averaging $1,357,401.
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Deschutes County single-family home listings between $2 million and $2,999,999 decreased by 5 this week to 66. One pending sale in Tetherow at $2,620,000 occurred after only 37 days on the market. Four closed transactions this week are up from 3 last week, with a sold-to-list-price ratio of 98.04% and a sold-to-original-list-price ratio of 97.7%. Closed transactions saw only one price reduction, a minuscule 1.41%, before securing a buyer. In this price tranche, there is no sign that higher mortgage rates created pressure, with three of the four transactions using financing.
Year-to-date 2025, 85 closed transactions occurred between $2 million and $2,999,999, averaging $2,387,203, compared to 99 this year, averaging $2,410,758.
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Deschutes County listings over $3 million remained stable at 37 this week. One pending sale occurred in North Rim at $3,550,000, originally listed at $3,750,000. Two transactions closed this week: the first on Fryrear Road in Sisters at $5,080,000 (initially listed at $5,350,000) and listed for only 7 days. The second closing in Caldera Springs closed above the list price of $3,175,000 at $3,322,913. The last week in this price tranche to have more than one closed transaction was August 21.
Year-to-date 2025, 34 closed transactions occurred over $3 million, averaging $3,859,761, compared to 30 this year, averaging $4,135,459.
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Crook County listings over $1 million increased by 4 this week to 80. Two transactions are pending in Brasada Ranch this week: a cabin listed at $1,195,000 and a home on Caballo Court listed at $1,949,000. No sales closed this week.
Year-to-date 2025, 38 closed transactions occurred over $1 million, averaging $1,566,544, compared to 41 this year, averaging $2,077,640.
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Both Deschutes and Crook County farm listings over $1 million remain stable at 14 in each county. No pending or closed activity took place this week.
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Higher mortgage interest rates can affect the housing market unevenly, especially at higher price points. Inventory can sometimes grow, and activity can slow, but as this week's numbers show, that isn’t always the case. The biggest takeaway from this week's data is the variation between locations and price points throughout Central Oregon. Please reach out for a personalized market analysis to help plan your next move!
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