One of the most common questions in the real estate business is, "How is the market?" Typically, the following statement is an anecdotal assumption that the market is either hot or slow. Interestingly, I don't hear many people assuming that the market is stable. There is no question that sales volume increased in 2020 through 2022, and prices increased dramatically. How does the market look today compared to the past several years? Today, I am showing sales from January 1 through May 1, 2018, through 2025, to illustrate where the market is today and how it measures up to the recent past. Without context, data is meaningless. I always strive to provide facts without putting a spin on the data, and today, I will bring context to the weekly data I typically offer.
30-year Fixed-Rate Conventional Mortgage Rates - January 1 and May 1
2018 - 4.06% - 4.64%
2019 - 4.54% - 4.21%
2020 - 3.76% - 3.26%
2021 - 2.83% - 3.08%
2022 - 3.33% - 5.36%
2023 - 6.48% - 6.5%
2024 - 6.73% - 7.18%
2025 - 6.97% - 6.83%
Deschutes County - Single-Family Sales/Median Sale $/Days on Market
2018 - 1,295 - $390,000 - 36
2019 - 1,134 - $407,495 - 43
2020 - 1,281 - $426,000 - 33
2021 - 1,460 - $554,250 - 4
2022 - 1,399 - $691,000 - 5
2023 - 885 - $620,215 - 30
2024 - 983 - $680,000 - 31
2025 - 995 - $699,900 - 40
Crook County - Single-Family Sales/Median Sale $/Days on Market
2018 - 133 - $275,000 - 37
2019 - 134 - $272,725 - 58
2020 - 114 - $291,000 - 52
2021 - 151 - $407,000 - 11
2022 - 158 - $445,000 - 16
2023 - 116 - $463,747 - 66
2024 - 115 - $444,995 - 46
2025 - 112 - $427,450 - 54
Jefferson County - Single-Family Sales/Median Sale $/Days on Market
2018 - 89 - $217,000 - 45
2019 - 64 - $261,174 - 69
2020 - 87 - $250,000 - 59
2021 - 103 - $301,000 - 8
2022 - 123 - $380,000 - 18
2023 - 61 - $365,000 - 64
2024 - 60 - $447,930 - 66
2025 - 70 - $398,500 - 75
Since 2021, the median sale price in all three counties of Central Oregon has significantly increased. Days listed have also gone up since the tumultuous pandemic housing market, but we are close to the marketing time of 2019, which, in retrospect, looks like the most "normal" market of this date range. Deschutes County has experienced a significant price gain since 2018, at 79.46%, Crook County at 55.44%, and Jefferson at 83.64%.
The Central Oregon Housing market is strong. However, with more listings and higher interest rates, competition between sellers is fierce. Accurately pricing your home can result in significantly shorter marketing times, but sellers are doing well to start 2025, and that trend will continue through the summer.
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