As we head into the 2025 peak of real estate activity, I wanted to provide perspective by recapping 2024. I hear a lot of opinions about the housing market today and where we are heading that are not accurate, and some hard data will help illuminate reality.
Mortgage Rates
The numbers below reflect the national average for a 30-year fixed-rate conventional mortgage. The trend is flat, with current rates in the low 7% range.
2022
January 3.41%, June 6.11%, November 7.08%
2023
January 6.12%, June 6.96%, November 7.34%
2024
January 6.87%, June 7.02%, November 7.03%
Next are the number of closed transactions, median sale price, and days on the market for 2022, 2023, and 2024.
Deschutes County
2022
Sold - 4,128, Median sale - $680,000, Days Listed - 9
2023
Sold - 3,161, Median sale - $664,900, Days Listed - 22
2024
Sold - 3,344, Median sale - $680,000, Days Listed - 30
Crook County
2022
Sold - 431, Median sale - $455,000, Days Listed - 21
2023
Sold - 358, Median sale - $448,000, Days Listed - 49
2024
Sold - 382, Median sale - $465,000, Days Listed - 39
Jefferson County
2022
Sold - 311, Median sale - $400,000, Days Listed - 19
2023
Sold - 218, Median sale - $397,000, Days Listed - 42
2024
Sold - 223, Median sale - $400,000, Days Listed - 48
The most significant recent changes in housing occurred from 2022 to 2023. Since then, most of the data points have remained flat. With the economic conditions we face in 2025, I do not anticipate a significant change in mortgage interest rates or a reduction in prices. There is no question that overpricing a property will extend sale times and require price reductions to entice buyers while appropriately priced homes are moving quickly. Every property has different levels of appeal, and considering all factors and promptly adjusting prices are essential for a successful sale.
Looking at county data over the last three years is helpful for a broad overview of the Central Oregon housing market. However, different price points and locations are subject to variation from the wider trends. Furthermore, narrowing down the price for unique homes can be trickier, and our market has a highly diverse set of properties to compare.
I have taught classes on market analysis to agents in my office and regularly assist our agents with challenging pricing scenarios. I also frequently run analyses for my clients on properties throughout Central Oregon. Whether buying or selling, lean on me for a comprehensive report that will provide the information you need to make a good decision.
