It is hard to believe it is 2025, but time goes by whether we are ready or not. With winter weather in Central Oregon, year-end is always a reset for the housing market, and this year is no exception. Smaller Jefferson and Crook County experience less change through the transition to a new year, while Deschutes County sees a marked shift and increasingly fewer homes listed until we reach the bottom sometime in spring. Here is a quick look at the activity in the holiday-shortened week.
Deschutes County inventory dropped by 81, now at 767 single-family homes listed for sale. This number excludes condos, townhouses, and manufactured homes on land. The average list price is $1,097,775, and the median is $759,032. Considering the time of year, 36 pending sales are a reasonable amount of activity, and the average pending sale list price was $763,631. Twenty-five homes closed this week at an average price of $829,664.
In Crook County, inventory only declined two, now at 154. The number of homes for sale in Crook County is low, and the numbers do not change as much as in larger Deschutes County through the end of the year. Five sales are pending this week at an average price of $752,140. Only one closed transaction occurred for the week for a small home in town that sold for $165,000.
Jefferson County has seven fewer listings this week than last, now at ninety-two. Pending activity was vigorous, with six homes under contract at an average of $468,783. Just one home closed for $434,000.
This morning, the national average for a 30-year fixed-rate conventional mortgage is 7.07%, nearly unchanged from last week. While sales volume may be down this week, most of that is attributed to the holidays and fewer business days for year-end. To a degree, Central Oregon housing has defied higher prices and higher interest rates. With the steady influx of new residents, it isn't surprising that activity remains stable. The next metric to track will be how low inventory drops, when we reach the bottom, and how quickly new listings accumulate. As always, my weekly reports will keep you up to speed throughout the year!
Happy 2025!
