Stable is the best way I can describe the Central Oregon housing market today. This morning, the national average for a 30-year fixed-rate conventional mortgage is 6.8%, right where rates have been for a few weeks and down slightly from recent highs of 7.08%. There will always be noise in the trends with small, short-lived ups and downs, but the overall trends are remarkably stable, consistent with steady, higher mortgage rates. So far, 2025 is shaping to be incrementally more active than 2024, which was more active than 2023. Isolated market segments outperform, and unique, desirable properties move quickly. But the overall trends are consistent.
In Deschutes County, inventory continues to grow, up forty from last week at 967. The median days listed for the active inventory are 51, and the average list price is $1,128,717. Fifty-nine pending sales, at a median of thirty-nine days listed and an average list price of $949,997, show steady activity relative to the last few weeks. Fifty-six closed transactions are a bump from recent weeks and only eighteen days listed before finding a buyer, with an average sale of $904,062.
Bend is the largest city in Deschutes County, and unsurprisingly, most of the county's activity occurs there. This morning in Bend, there are 727 active listings with a median list time of 58 days and an average list price of $1,167,239. Thirty-seven pending sales in the last week, with a median list time of 61 days and an average list price of $1,017,038, track closely with Deschutes County activity in general. Forty closed transactions at a median day listed of 25 and an average sale price of $971,077 round out the week's data.
Crook County inventory has decreased over the last couple of weeks after hitting a peak in mid-March. This morning, there are 159 single-family homes listed, down two from last week. This activity is consistent with the season and attributed to the spike of fourteen pending transactions over the previous seven days, the most since August 7, 2024. The median days listed for the pending sales was eighteen, and the average sale price was $397,518, with only two price changes before securing a contract. Three homes closed at an average of $448,600, just five median days listed, and one transaction closed over the asking price. There is no question the availability of homes well under $500k is helping drive sales in Crook County.
Jefferson County inventory also declined this week, at 104, a drop of two from last week. Six pending sales, at an average of $427,550 and 98 days listed, are the most weekly pending sales since mid-December. Two closed transactions, at an average of $344,000, one listed 10 days and the other 20, with no price reductions, show buyers recognize good deals when they see them and jump at the opportunity.
The broad data for Central Oregon shows a steady, stable market with firm pricing. However, drilling down to specific market segments reveals segments that outperform or underperform. My Luxury Market Reports, which I send on Fridays, help to cover activity above $1M, but even that analysis glosses over the intricacies of unique properties, locations, and pricing. Location, asking price, and broader appeal can only be evaluated individually. Tracking the trends is vitally important, but any detailed analysis requires in-person evaluation. Please reach out if you need help creating a strategy to buy or sell or if you need insight into the dynamics of any region of Central Oregon.
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