This morning, the national average for a 30-year fixed-rate conventional mortgage is 7.05%, almost precisely where rates have averaged for the last two years. Coincidentally, inventory levels across Deschutes, Crook, and Jefferson Counties have been flat over the previous few weeks, with consistent pending and closed sale volume. The numbers are so steady that sharing them this week feels redundant. Instead, I am providing another 2024 year in review for Bend, Madras, and Prineville, the largest cities in each of the three counties that make up Central Oregon. As you will see, the individual towns have performed similarly to the broader county dataset. In the coming weeks, I will break down the activity by price points to reveal which segments outperform the wider market.
Bend
2022
Sold - 2,502, Median sale - $765,000, Days Listed - 8
2023
Sold - 1,932, Median sale - $749,970, Days Listed - 19
2024
Sold - 1,975, Median sale - $770,000, Days Listed - 27
It should come as no surprise that the highest-priced homes cluster around Bend. Sisters has more than its share of high-end sales; I will provide those numbers in future reports. In 2024, there were 603 sales in Bend zip codes over $1M, with 107 over $2M. My future reporting on activity in Bend will focus on sales below the median of ~$750k, $750k-$1M, $1M-$2M, $2M-$3M, and over $3M. These price points deserve a deeper dive to understand the Bend market thoroughly.
Prineville
2022
Sold - 365, Median sale - $425,000, Days Listed - 21
2023
Sold - 297, Median sale - $424,995, Days Listed - 49
2024
Sold - 317, Median sale - $442,500, Days Listed - 41
With four sales over $1M in the City of Prineville, it would be easy to assume there isn't much of a higher-end market in Oregon's geographic center. However, Crook County had forty-three sales of over $1M in 2024, mostly clustered around Powell Butte or in the golf community of Brasada Ranch. A breakdown of prices for Crook County using a cap of $1M for Prineville and sales above and below $500k, with separate reports for Powell Butte and Brasada Ranch, will provide the most insight into 2024.
Madras
2022
Sold - 196, Median sale - $382,450, Days Listed - 22
2023
Sold - 129, Median sale - $360,000, Days Listed - 47
2024
Sold - 136, Median sale - $366,000, Days Listed - 74
In 2024, no homes sold over $1M in Madras, and there were two closings over that price in all of Jefferson County.One of those sales was in Camp Sherman near Black Butte Ranch, with the other in the 3 Rivers Recreation Area at Lake Billy Chinook. For Madras and Jefferson County, a breakdown by price will be most beneficial, looking above and below $500k.
For those of you with an analytical bent, the above report will help you better understand the market. However, many of my clients simply work within their budgets to find the right home for them. Either way, I am prepared to help you in the best way possible. I am undoubtedly a numbers geek, but I also regularly scour our MLS, looking at individual properties to better understand value and what is selling at any particular price point. Providing you with the information and having the knowledge to help you make the best decision for your needs is something I take very seriously. Don't hesitate to contact me anytime if you have any questions.
