This morning, the national average for a 30-year fixed-rate conventional mortgage is 6.7%, a 30 basis point drop from just several days ago. Without strong underlying data driving this drop, it is difficult to predict how long this trend might last, but there is little doubt this is a welcome relief for buyers and sellers. Economically, the United States and much of the free world are slipping into recession, but there is no correlation between a recession and a housing slump. In fact, with the stock market faltering as of late, a shift to hard assets like commodities and housing is taking place. While the Central Oregon housing market has been mostly flat since its peak in 2022, there has been a slight increase in sales volume in both 2023 and 2024. Judging by the activity to start this year and some relief in mortgage interest rates, I suspect the upward trend will continue. I don't see sharp increases, but firming prices and strong buyer demand are trends starting in 2025.
This morning, Deschutes County's inventory is up to 844 single-family homes, an increase of thirty from last week. Rising inventory and lower interest rates attract buyers, and 83 pending sales, the most since October 2, 2024, are proof. The median days listed for the pending inventory of 33 show desirable homes moving quickly. The median list price of pending sales is $659,900. Seventy-four homes closed in the county at a median price per square foot of $356.
In neighboring Crook County, the rise in available inventory is far more subdued, increasing five from the previous week to 148. Seven pending sales are consistent with the last several weeks, with ten closed transactions. The median pending sale days listed is forty, with the median list price of pending sales at $475,000. The median price per square foot of the nine closed listings within Prineville was $264, with the home sold in Brasada Ranch at $529. This last metric proves it is important to be specific when evaluating data with such a large discrepancy between Prineville and Brasada Ranch square foot prices.
Jefferson County added two to the net total inventory, with 100 single-family listings this morning. Four pending sales and six closed transactions are identical to last week's numbers, with the median pending sale price only slightly higher at $488,500. The median price per square foot for the closed transactions was $249.
Beginning Friday, I will write another weekly report, the Central Oregon Luxury Market Report, to properly account for all segments of Central Oregon housing. The total sales for single-family homes in Deschutes County in 2024 were 3,343, with 635 sales over $1M, 115 over $2M, and 37 over $3M. My Luxury Market Report will cover the $1M-$2M trends, particularly those between $2M-$3M and over $3M. The word "luxury" can mean many things to many people, but price will be the sole delineator for this report. Whether you are looking for large acreage with Cascade Mountain Views, golf course homes, or unique in-town properties, this report will provide essential information. I will send Friday's report to everyone receiving today's report, but after that, it will only be by subscription. I have included links below to subscribe to today's report and the new Luxury Market Report.
In 2024, I was the top agent by sales dollar volume in the Realty One Group Discovery office in Bend, which is only possible because of your support. I look forward to another year of assisting buyers and sellers in meeting their goals across all price points. Please do not hesitate to ask me any questions about Central Oregon real estate.
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