My Weekly Central Oregon Real Estate Blog

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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Click here for the full report.

Your Bend Real Estate Agent is here to help

Reed Melton serves Bend and surrounding areas

Whether you are searching in Bend or any of the close by areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.

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Mortgage interest rates are at recent lows at 6.8% this morning, providing some relief for buyers. Whether rates continue to improve remains to be seen, but today's conditions are a noticeable improvement from the last few months. 

The most significant change in market conditions is the recent inventory spike in Deschutes County. This morning, 814 single-family homes are listed, an increase of 45 since last week and nearly matching the 56 pending sales. Forty-nine homes sold this week at a median of $635,000 and an average of $708,830. The pending sales took a median of thirty-eight days to secure a contract, with the closed properties at fifty-four days.

Crook County's inventory remains tight, with 143 single-family homes listed this morning. The available homes have been stuck in the 140s since the beginning of the year. Nine pending sales this week at only eighteen median days listed indicate strong buyer demand. Three properties closed at a median of $361,900, an average of $319,266, and 54 days listed before securing a contract.

Inventory in Jefferson County has remained in the 90s since early December. This morning, there are 98 single-family homes listed, the same as last week. Four pending sales this week have a median listing time of 48 days, with six closed transactions taking a median of 73 days to secure a contract. The median sale price is $361,998, and the average is $414,899.

The increase in homes for sale in Deschutes County has outpaced the last few years, creating significant competition in many market segments. While mortgage rates might improve, there aren't top-tier data-driving rates today. As more economic data comes in, it will be interesting to see if rates improve, flatline, or increase. There is little doubt that inflation, the pace of bond purchasing, and other factors could quickly change the direction of mortgage rates. Talk with your lender to determine if a rate lock makes sense for buyers engaged in the market today. However, with so many homes hitting the market right now, I encourage buyers to make sure any property they consider will meet their needs and to pay particular attention to price. Sitting back and watching things develop as spring inventory builds might make sense.

Click here for the full report.

Your Bend Real Estate Agent is here to help

Reed Melton serves Bend and surrounding areas

Whether you are searching in Bend or any of the close by areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.

Ask a QuestionI need to sell my homeCall Me

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This morning, mortgage rates for a 30-year fixed-rate conventional mortgage are 7.02%, nearly identical to the last several weeks, with no significant change on the horizon. In the housing market, when mortgage rates stay elevated, inventory rises. If inventory increases enough and buyer demand slips, prices soften. Increasing inventory is happening in Central Oregon, with softening less of a factor. However, many price points are becoming significantly more competitive, making accurate pricing more critical. Another factor of increasing inventory is an extended time on the market. During the peak buying frenzy of the pandemic, single-digit days on the market with multiple offers on a single property were prevalent. Today, most pending sales median days listed are a month or more, with the active inventory showing properties listed for three months or more. The old real estate axiom, "price cures all," rings true for properties that linger without offers. 

Inventory levels in Deschutes County likely reached the bottom for 2025 at 750 single-family listings on February 5. In 2022, the bottom was 333, which didn't occur until April 20. In 2023, the number was 485 on March 1 and 550 on February 14, 2024. While population growth in Central Oregon continues, sales have dampened from the lofty peaks during the pandemic. From 2013-2022, annual sales of single-family homes in Deschutes County exceeded 4,000 (2013 - 3,948), with sales of houses eclipsing 5,000 in 2020 and 2021. In 2022, as mortgage rates escalated in the second half of the year, sales diminished while still reaching 4,130. In 2023, buyers purchased 3,162 homes and 3,343 in 2024. 

Today, 769 single-family homes are actively listed in Deschutes County, with a median listing time of ninety days. A steady fifty-six properties are pending at a median sale price of $649,500. At this time of year, the trend of selling more modestly priced homes is likely attributable to buyers who are more motivated by a home they can afford and less inclined to hold out for unique or particular features. Interestingly, the median price change before securing a contract for this week's pending sales was only -2.45%. Today's housing market might not be as red-hot as the pandemic, but sales are still brisk. 

Smaller Crook County is not experiencing the same inventory increases as neighboring Deschutes County. There are 144 single-family homes listed, down two from last week. Sales are strong, with eleven pending transactions at a median of $490,000. The median price reduction of the pending sales before securing a contract is -3.61%. Ten properties closed this week at a median of $437,000. The housing market in Crook County experiences very different dynamics from the rest of Central Oregon, with communities like Powell Butte and Brasada Ranch selling well above $1M, compared to downtown Prineville homes selling near the $300k mark in many cases. 

Jefferson County inventory remains flat, with ninety-eight homes listed this morning, only one more from last week.Three houses are pending at a median of $299,950. Two of the three pending sales are new construction, and the median price change before securing a contract was an increase of 3.45%. Four properties closed at a median of $389,996.

The numbers in today's report show a very different dynamic between the three counties of Central Oregon. While looking at Crook and Jefferson County to learn the market is easy, larger Deschutes County requires a more specific approach. Bend, Redmond, parts of Terrebonne, Sisters, and La Pine are all within Deschutes County; each area deserves an independent analysis, particularly Bend, which is generally divided by the NW, NE, SW, and SE quadrants. Acreage properties, Cascade Mountain Views, and exceptional homes require a unique analysis to understand the market. No matter where in our region you are focused and whether you are buying or selling, understanding pricing in today's market is essential to any transaction.

Click here for the full report.

Your Bend Real Estate Agent is here to help

Reed Melton serves Bend and surrounding areas

Whether you are searching in Bend or any of the close by areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.

Ask a QuestionI need to sell my homeCall Me

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This morning, the national average for a 30-year fixed-rate conventional mortgage is 7.05%, the same as last week. Inventory levels across Deschutes, Crook, and Jefferson Counties have increased slightly this week, indicating that we may have reached the bottom for 2025. Even if we have seen the bottom for inventory levels, the increases will be slow for the next several weeks until more sellers begin listing for the summer. With the weekly activity across Central Oregon so steady, I will again take the opportunity to share a year-end recap, this time for Sisters. 

Sisters

2022

Sold - 221, Median sale - $735,000, Days Listed - 8

2023

Sold - 180, Median sale - $719,000, Days Listed - 27

2024

Sold - 171, Median sale - $750,000, Days Listed - 30

The smaller market in Sisters has a tremendously diverse set of homes, making any broad analysis more challenging. However, the standout metric in this report is the reduced sales volume. With fewer homes listed at any given moment, attractive, well-priced properties sell relatively fast. The potential mix of views, location, and acreage significantly impacts marketability. Coincidently, I listed and sold the fourth most expensive home in Sisters in 2024, a beautiful home in the Aspen Lakes Golf Course community that closed at $1,989,000. The highest-priced sale in Sisters in 2024 was $2.9M

Below, I will show the sales over the last three years for Sisters above and below 10 acres. 

Sisters - Above 10 Acres

2022

Sold - 16, Median sale - $1,525,000, Days Listed - 72

High - $6.8M, Average sq/ft 4,264, 3.8 bed/3.7 bath

2023

Sold - 9, Median sale - $1,850,000, Days Listed - 56

High - $15M, Average sq/ft 5,000, 4.6 bed/4.3 bath

2024

Sold - 14, Median sale - $1,760,000, Days Listed - 50

High - $2.9M, Average sq/ft 3,445, 3.4 bed/3.5 bath

With so few homes selling over 10 acres, the highest-priced sales significantly impact the data. Using the Median sale price helps to present a more accurate picture, but the average square footage and bedroom and bathroom counts get pulled up. The key for homes on larger acreage is the individual features of the house and property. Again, there is so much diversity that any accurate analysis requires a thorough property evaluation. But many of the homes in this category have large, very high-quality homes, extensive landscaping, and Cascade Mountain views. 

Sisters - Below 10 Acres

2022

Sold - 207, Median sale - $725,000, Days Listed - 6

High - $3.3M, Average sq/ft 2,182, 3.2 bed/2.7 bath

2023

Sold - 171, Median sale - $695,494, Days Listed - 26

High - $2.475M, Average sq/ft 2,048, 3.2 bed/2.6 bath

2024

Sold - 158, Median sale - $733,500, Days Listed - 26

High - $2.1M, Average sq/ft 2,027, 3.1 bed/2.7 bath

The lot sizes for the homes above and below 10 acres are all over the map. However, lot size only adds so much value, considering that most of these properties cannot be subdivided and are single-family home sites. The average square footage and bedroom and bathroom count show more modest properties below 10 acres and significantly more sales. In the larger data pool of homes on property less than 10 acres, the price growth since 2022 is modest at only 1.17%.

Any market analysis looking at larger data pools is problematic because of the extreme diversity of location, home size and quality, views, and many other factors. These analyses have great value in identifying overall trends, but specific reporting for an individual home requires a deeper analysis. Just like a Zestimate cannot be right on the money, neither can a view of the entire city of Sisters or all of Deschutes County. With so much data available to buyers today, I frequently have clients quoting the last sale price of a property as a basis for deciding if the list price is accurate. With the significant price growth we witnessed in Central Oregon from 2020-2022, it is easy to be shocked by the lower cost of property a few years back. However, in the last three years, prices have remained mostly flat. There are always wildcards in the pricing calculation; some properties are marketable and unique. 

I regularly design marketing and pricing strategies for my clients. I have local knowledge and a deep familiarity with the Central Oregon housing market. Contact me anytime if you have any questions about homes or property!

Click here for the full report.

Your Bend Real Estate Agent is here to help

Reed Melton serves Bend and surrounding areas

Whether you are searching in Bend or any of the close by areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.

Ask a QuestionI need to sell my homeCall Me

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This morning, the national average for a 30-year fixed-rate conventional mortgage is 7.05%, almost precisely where rates have averaged for the last two years. Coincidentally, inventory levels across Deschutes, Crook, and Jefferson Counties have been flat over the previous few weeks, with consistent pending and closed sale volume. The numbers are so steady that sharing them this week feels redundant. Instead, I am providing another 2024 year in review for Bend, Madras, and Prineville, the largest cities in each of the three counties that make up Central Oregon. As you will see, the individual towns have performed similarly to the broader county dataset. In the coming weeks, I will break down the activity by price points to reveal which segments outperform the wider market.

Bend

2022

Sold - 2,502, Median sale - $765,000, Days Listed - 8

2023

Sold - 1,932, Median sale - $749,970, Days Listed - 19

2024

Sold - 1,975, Median sale - $770,000, Days Listed - 27

It should come as no surprise that the highest-priced homes cluster around Bend. Sisters has more than its share of high-end sales; I will provide those numbers in future reports. In 2024, there were 603 sales in Bend zip codes over $1M, with 107 over $2M. My future reporting on activity in Bend will focus on sales below the median of ~$750k, $750k-$1M, $1M-$2M, $2M-$3M, and over $3M. These price points deserve a deeper dive to understand the Bend market thoroughly. 

Prineville

2022

Sold - 365, Median sale - $425,000, Days Listed - 21

2023

Sold - 297, Median sale - $424,995, Days Listed - 49

2024

Sold - 317, Median sale - $442,500, Days Listed - 41

With four sales over $1M in the City of Prineville, it would be easy to assume there isn't much of a higher-end market in Oregon's geographic center. However, Crook County had forty-three sales of over $1M in 2024, mostly clustered around Powell Butte or in the golf community of Brasada Ranch. A breakdown of prices for Crook County using a cap of $1M for Prineville and sales above and below $500k, with separate reports for Powell Butte and Brasada Ranch, will provide the most insight into 2024. 

Madras

2022

Sold - 196, Median sale - $382,450, Days Listed - 22

2023

Sold - 129, Median sale - $360,000, Days Listed - 47

2024

Sold - 136, Median sale - $366,000, Days Listed - 74

In 2024, no homes sold over $1M in Madras, and there were two closings over that price in all of Jefferson County.One of those sales was in Camp Sherman near Black Butte Ranch, with the other in the 3 Rivers Recreation Area at Lake Billy Chinook. For Madras and Jefferson County, a breakdown by price will be most beneficial, looking above and below $500k.

For those of you with an analytical bent, the above report will help you better understand the market. However, many of my clients simply work within their budgets to find the right home for them. Either way, I am prepared to help you in the best way possible. I am undoubtedly a numbers geek, but I also regularly scour our MLS, looking at individual properties to better understand value and what is selling at any particular price point. Providing you with the information and having the knowledge to help you make the best decision for your needs is something I take very seriously. Don't hesitate to contact me anytime if you have any questions.

Click here for the full report.

Your Bend Real Estate Agent is here to help

Reed Melton serves Bend and surrounding areas

Whether you are searching in Bend or any of the close by areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.

Ask a QuestionI need to sell my homeCall Me

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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.

Click here for the full report.

Your Bend Real Estate Agent is here to help

Reed Melton serves Bend and surrounding areas

Whether you are searching in Bend or any of the close by areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.

Ask a QuestionI need to sell my homeCall Me

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With mortgage interest rates stuck above 7%, inventory remains higher than in the previous few years. However, pending sales are strong to start the year. While the days of multiple offers may be mainly in the rearview mirror, attractive, well-priced properties still sell quickly. 

Recently, I have seen mortgage interest predictions from many sources, some of which are as low as 6.2%. With rates for a 30-year fixed-rate conventional mortgage at 7.08%, 6.2% is far away. In the last several months, the Fed lowered the overnight rate by 100 basis points, a move predicted to decrease mortgage rates. While that dynamic may have been true before our national debt was $36T, mortgage rates have increased as much as the Fed has decreased in that time frame. With commodities prices rising, bond investors demand higher yields to offset the expected rise in inflation, set to outpace 2024. The current situation, years in the making, isn't changing anytime soon. With the Fed backing off from further rate decreases the mortgage markets are stable.

This morning, 755 single-family homes are listed for sale in Deschutes County, a modest drop of ten from last week.The increase in inventory and higher rates are not slowing down buyers, with sixty-one pending sales this week, the most since October. A median price change for the pending sales of -4.1% shows that prices remain firm. However, the median days listed for the active inventory is ninety-eight, while the pending sale days on the market are fifty-one. Overpriced homes are lingering, and correct pricing is vital to attracting buyers. Forty-one transactions closed this week at an average price of $948,958.

In neighboring Crook County, inventory only declined two, now at 143 single-family homes for sale. Seven pending sales show solid activity at an average list price of $556,928. The median days listed for pending sales was 117, while the number for active listings was 113. Homes in Crook County, particularly at the higher price points, are taking longer to sell. The average price of the three closed sales this week was $515,333

Jefferson County inventory increased by four to 93, consistent with levels of the last several weeks. With back-to-back weeks of eight pending sales, preceded by back-to-back weeks of six, the pending activity to start 2025 is the strongest since mid-2024. One home sold for $485,000 and 156 days on the market. 

With pricing primarily flat since 2022, an increase in homes for sale, and mortgage interest rates near recent highs, a candid assessment of a property's marketability and accurate pricing are paramount. Every buyer has access to the entire market, and overpriced homes are lingering. Economic conditions are not a doom-and-gloom scenario, as the flow of new residents to Central Oregon is consistent. However, a realistic approach is required to draw buyers in. 

I regularly create detailed analyses for clients on specific, unique properties throughout our region. Whether you want to buy a starter home or list a legacy property on large acreage, I have experience evaluating prices for buyers and sellers. Don't hesitate to reach out; I am just an email or phone call away!

Click here for the full report.

Your Bend Real Estate Agent is here to help

Reed Melton serves Bend and surrounding areas

Whether you are searching in Bend or any of the close by areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.

Ask a QuestionI need to sell my homeCall Me

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This morning, the 10-year Treasury is down slightly at 4.662%, but mortgage rates are still at the highest levels since May of 2024, with the national average for a 30-year fixed-rate conventional mortgage at 7.25%. Higher rates are keeping inventory levels up, and buyer demand remains steady. Over the last several days, a healthy dose of sunshine has helped after weeks of winter weather that helped build a snowpack in the Cascade Mountains. Mt. Bachelor has the most significant snowpack of any West Coast resort, and the flow of skiers and snowboarders to Central Oregon is noticeable. Not every visitor is looking at real estate, but many are, as growth in this corner of the world remains steady. 

Deschutes County inventory increased two this week to 765 single-family homes listed for sale. It is too early in the year to call out the bottom on inventory, but growth this week is bucking trends of the last few years. There is little doubt higher mortgage interest rates are the culprit. However, sales are also steady, with fifty-six pending sales at a median list price of $676,000 and an average of $819,918. Thirty-four closed weekly transactions at a median of $667,000 and an average of $930,426 are substantial numbers for early January. All indications indicate increased inventory in 2025, while mortgage rates remain stubbornly high. 

Crook County inventory is stable at 144, down just two from last week. Only one closed transaction, new construction for full price at $412,900, occurred this week, with a robust eleven pending sales for an average of $563,873. There were double-digit pending sales numbers in sixteen weeks of 2024 in Crook County, with the first in mid-February. Buyer activity is starting strong for 2025.

Jefferson County inventory declined three to eighty-nine single-family listings. Eight pending sales at an average of $493,674 is the highest since July. Two closed sales this week at $534,990 and $650,000 shows steady, consistent activity. Most people consider Madras the bulk of Jefferson County real estate, but parts of Terrebonne and the desirable Camp Sherman fall within the county's borders. Camp Sherman is an idyllic community at the headwaters of the Metolius River, across the highway from the Black Butte Ranch Resort. Jefferson County is a growing part of the Central Oregon Community and worth a look for anyone considering options in the area.

In real estate circles, mortgage interest rates are a hot topic. While I speak with many buyers attempting to navigate today's higher rates, many are motivated to find the right home in Central Oregon and are prepared to act when they do. I've also heard speculation about potential transplants coming to our area after being displaced by fires in Southern California. The devastation in Los Angeles County is an ongoing tragedy, and I suspect some local activity could occur. But, the push of new residents to Central Oregon has been consistent for years, with no end in sight. The increase in home prices, particularly at the higher price points, continues, and a volatile stock market, unrest in larger cities on the West Coast, and a failing commercial real estate market are all fueling the push to acquire desirable residential real estate. Most transactions in Central Oregon are for full-time residents, but a growing number of speculative and second-home owners are entering our market. I strongly encourage anyone waiting for prices to decline to reconsider the market. 

I specialize in market analysis and price opinions for buyers and sellers. If you would benefit from a professional analysis of a specific segment of our market, don't hesitate to contact me anytime.

Click here for the full report.

Your Bend Real Estate Agent is here to help

Reed Melton serves Bend and surrounding areas

Whether you are searching in Bend or any of the close by areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.

Ask a QuestionI need to sell my homeCall Me

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While the numbers from the previous week are low due to the holiday reducing the number of business days to close out last year, buyer interest is increasing. After a robust start to winter, this morning's sunshine is a welcome relief, and more is predicted for the next ten days.Conversely, there is no relief from mortgage interest rates, with this morning's national average or a 30-year fixed-rate conventional mortgage at 7.14%. The next few weeks will set the tone for 2025, particularly with inventory levels.

The inventory of single-family homes in Deschutes County remains stable, with 763 listings, down only four from last week. Thirty-three homes are pending at an average list price of $731,834, and twenty-eight closed at an average of $967,699. The average price change for the closed transactions was -5.78%, with 51 median days listed. The average closed price per square foot was $439.

Crook County inventory dropped eight to 146 single-family listings. Activity remains steady, with seven pending sales at a median of $438,814. One home closed this week at $347,500 and $278 per square foot after being listed for 150 days. 

Jefferson County inventory is unchanged from last week at ninety-two. Six properties are pending at an average list price of $335,317. Five homes closed at an average of $369,799, with an average price reduction from the list of -5.69% and $231 per square foot. The median days listed for the closed properties was eighty-four.

Higher interest rates and increased inventory create stability in Central Oregon housing, allowing buyers to consider options and often have time to put an offer together. However, not every property is lingering, and homes on the market for a while likely have more than one buyer circling. As we approach spring, with new listings hitting the multiple listing service, I expect educated buyers looking through the off-season to jump on attractive properties. Considering the ebb and flow of our market, this is an easy prediction. Mortgage rates will likely remain in the high 6% to low 7% range, and buyers are adjusting to this reality. Housing stops for no one!

Click here for the full report.

Your Bend Real Estate Agent is here to help

Reed Melton serves Bend and surrounding areas

Whether you are searching in Bend or any of the close by areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.

Ask a QuestionI need to sell my homeCall Me

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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!

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Reed Melton serves Bend and surrounding areas

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