My Weekly Central Oregon Real Estate Blog

Mortgage rates have stabilized in recent weeks, despite remaining elevated from where many anticipated they would be at this time of year. But stability in housing is good, and I anticipate a busy season from the Fourth of July through Labor Day. Inventory levels are following slightly different trajectories between the different price tranches, but we are quickly approaching peak levels for the year. This is a busy time of year for me, and I sent this report on Thursday. I was on jury duty yesterday, so I moved this report to Saturday, adding 2 extra days to the reporting interval.

Today, in the Deschutes County $1 million to $1,999,999 price tranche, there are 356 single-family listings, down by 2 from last week. Twenty-four sales are pending this week, up by two from last week. But last week's reporting interval was a day shorter, while this week's is a day longer, so the adjusted volume is nearly the same. Twenty-four transactions closed this week, up from 13 the previous week. The sold-to-original-list-price ratio was 95.76%.

Deschutes County single-family listings between $2 million and $2,999,999 are up by 1 from last week to 88. Two sales are pending, down by half from last week. Four transactions closed this week, up by 1 from last week, with the sold-to-original-list-price ratio at 90.62%

After a large drop in inventory for Deschutes County single-family homes priced over $3 million two weeks ago, supply is at 40 today, up 3 from last week, and down by 3 from this year's peak level. One sale is pending this week at $3,200,000 on Sparrow Hawk Circle in Shevlin Commons after only 8 days on the market. One transaction closed this week at $4,205,062 on Cartwright Court in Tetherow at full price and zero days on the market. Attractive properties are selling fast, and prices are solid in this market segment.

There are appealing properties throughout Central Oregon's luxury market, and standout listings are going quickly. Supply levels will continue to fluctuate over the next several weeks before stabilizing and eventually declining towards fall and winter. Whatever your needs in Central Oregon are, I am always available to help. 

 

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As we approach what is most likely a vacation week heading into the Fourth of July, activity is slowing somewhat. Mortgage interest rates have been more stable recently, with the national average for a 30-year fixed-rate conventional mortgage at 6.58% today. It is very typical for the days before and after the Fourth of July to see reduced sales activity in the Central Oregon housing market, as we kick off one of the busiest times of the year. From Mid-July through Labor Day is always active, continuing through October and into the first half of November. Now is the time for sellers to evaluate price and activity, and for buyers to zero in on the right properties.

Single-family listings in Deschutes County are up by 9 from last week to 1,410. Supply growth is slowing and will begin to decline in the next few weeks. Seventy-four sales are pending, down from 91 last week. Thirty-six of the pending sales reduced the asking price by an average of 6.74% before securing a buyer. Sixty-four transactions closed this week, down from 91 last week, and the sold-to-original-list-price ratio at 95.72%.

Crook County single-family listings are at 250, identical to last week. Seven sales are pending, down by 4 from last week, with four of those listings reducing the sales price by an average of 8.27% before securing a buyer. Three transactions closed this week, down by 6 from last week, with a sold-to-original-list-price ratio of 94.98%.

Supply in Jefferson County increased by 3 this week to 157. Eight sales are pending, the same as last week, with three of those listings reducing the asking price by an average of 6.45% before securing a buyer. Nine transactions closed this week, with the sold-to-original-list-price ratio at 4.13%.

Before long, the weekly inventory levels will begin a steady decline into winter. While there is still a good volume of listings to support buyer activity, buyers will be forced to consider what is currently listed, with fewer new listings hitting the market. This dynamic typically accelerates activity as buyers step up to grab what looks good before someone else. And sellers coming to market will have fewer new listings to compete with, making their properties stand out more. While the data shows a relatively flat market, as you drill down into specific neighborhoods and price segments, there is significant variability. I am always available for a specific market analysis for any segment of the market that matters to you.

 

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With the Fourth of July just over two weeks away, we are approaching the point in the year when inventory growth slows, and the seasonal decline begins through winter and into early spring. However, from now until November also marks one of the busiest times of the year for Central Oregon real estate, as the appeal of new listings hitting the market is replaced by buyers evaluating what is available and making their move. In today’s special Thursday Luxury Market Report, the slowing of inventory growth is apparent, with some price segments actually decreasing from last week.

Today, the supply of homes in Deschutes County priced between $1 million and $1,999,999 decreased to 358, down by 13 from last Friday. Twenty-one pending sales are down 4 from last week, with 10 listings decreasing their asking prices by an average of 5.29% before securing a contract. Thirteen closed transactions are up 2 from last week, with only 2 decreasing the asking price before securing a buyer, by an average of 2.71%. The average sold-to-original-list-price ratio was 97.72%.

Supply of Deschutes County homes listed between $2 million and $2,999,999 remains stable at 87. Four sales are pending this week, with 2 reducing the asking price by an average of 4.04% before securing a contract. Three transactions closed, identical to last week, with 2 of those listings reducing the asking price by an average of 13.64% before securing a buyer. The average sold-to-original-list-price ratio was 95.22%.

Crook County listings over $1 million increased by 1 this week to 60. One pending sale at $1,795,000 in Brasada Ranch occurred after a 2.97% price reduction before securing a contract. One transaction closed this week in Powell Butte on Fleming Road at $1,558,750, 94.47% of the original list price.

Deschutes County farm listings over 41 million decreased by 1 to 14. The decrease was due to a pending sale on Ten Barr Ranch Road in Bend for $2,450,000 after only 25 days on the market. There were no closed transactions this week.

Crook County farm listings over $1 million are stable at 18 with no pending or closed transactions.

Some of the pressure from higher 10-year Treasury yields, inflation, gas prices, and the conflict in Iran has softened recently, setting the stage for improved activity in the second half of the 2026 luxury housing market. Today, the national average for a 30-year fixed-rate Jumbo mortgage is still elevated at 6.81%. Jumbo rates are slower to respond than conventional loan rates, but any downward movement would be positive as we head into the busy summer and early fall season. With lower inventory than in 2025, luxury buyers will need to work with the remaining inventory if closing in 2026 is a priority. For sellers with attractive properties, this is an opportunity to stand out with less competition. Whatever your needs, I look forward to helping you reach your goals. 

 

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While inventory is still building across much of Central Oregon, signs are emerging that the yearly transition to a shrinking supply is approaching. Typically, the definitive shift in supply occurs in late July to early August. However, this year's inventory has fallen short of 2025 levels, and the tipping point might occur sooner. Keep in mind that supply is only incrementally lower than last year, but it remains a persistent trend. The 30-year fixed-rate conventional mortgage today is 6.55%, down from recent highs and likely to soften further as we move into the second half of the year.

Today in Deschutes County, there are 1,401 single-family listings, a 25-unit jump from last week. 91 pending sales are up by 3 from last week, with 42 listings reducing their asking prices by an average of 5.06%. 78 transactions closed this week, the same as last week, with 23 of those listings reducing the asking price by an average of 6.51% before securing a contract. The sold-to-original-list-price ratio was 96.67% for the week. The median days listed for the closed transactions was a speedy 21 days.

Inventory in Crook County today is 25, up by 6 from last week. 11 sales are pending, up by 5 from last week, with 5 reducing the list price by an average of 8.8% before securing a contract. 9 transactions closed this week, down by 2 from last week, with 3 reducing the list price by an average of 8.69% before securing a buyer. The sold-to-original-list-price ratio was 92.54%, with a median days-on-market of 49.

Jefferson County’s supply decreased by 2, now at 154 listings. 8 pending sales this week are down by 2 from last week, with 3 of those properties changing their list prices, averaging an increase of 1.02%. 4 transactions closed this week, half of last week's volume, with 1 price change, an increase of 0.02%. The sold-to-original-list-price ratio this week was 103.01%, with a median of only 23 days on the market. Jefferson County has had the lowest price-reduction percentage among the three Central Oregon counties in 2026 to date.

With the Fourth of July only a couple of weeks away, we are unquestionably in the peak season for housing in Central Oregon. 2026 might not be as busy as expected, but sales have been consistent, and most sellers are maintaining or exceeding prices from the 2022 peak. Competition in the lower price points has created opportunities, and desirable properties priced right across all segments are selling quickly. If mortgage rates, gas prices, and geopolitical turmoil continue to soften, this fall could make up for what so far has been a modestly active year.

 

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While the overall market has been relatively stable, the luxury market has seen some interesting activity. Mortgage interest rates are stuck above 6.5% for Conventional loans, and at nearly 7% for Jumbo loans, likely a strong influence damping the market. Inventory growth was modest, with a couple of price tranches shrinking week over week. None of this is a big surprise as we get closer to the midseason tipping point, and the Fourth of July is only a couple of weeks away. Mid-July to Labor Day can be one of the busiest stretches of the year, and now is not the time to become complacent!

Supply in Deschutes County between $1 million and $1,999,999 increased by 9 this week to 371. Twenty-five pending sales are up by 7 from last week, with 9 of those transactions reducing the asking price by an average of 4.59% before securing a contract. Eleven transactions closed, with an average price reduction of 3.3% before securing a buyer. The sold-to-original-list-price ratio was 97.66%.

Deschutes County inventory between $2 million and $2,999,999, increased by 2 to 87. Three homes are pending with 2 price reductions averaging 10%. Three transactions closed this week with no price changes before securing a buyer, and a sold-to-original-list-price ratio of 95.98%. This price tranche has shown steady activity all year, and the slower pace of supply growth could force buyers to take a harder look at existing inventory over the next several weeks.

The Deschutes County inventory of listings over $3 million took a surprising downturn this week, to 36 listings, down 5 from last week. Two pending sales account for some of that decline: $3,175,000 in Caldera Springs and $3,350,000 in Tetherow. Both of these developments have seen steady activity this year, in particular Caldera Springs and the new development, which nearly doubled the resort community's size. One transaction closed this week, another Tetherow listing at $3.6M, with a sale price of $3.55M.

There is every reason to believe inventory will increase for a few more weeks before tapering off towards winter. But the sharp decline in the price tranche over $3 million in Deschutes County is noteworthy. In Crook County, this is the first week of 2026 without any pending or closed transactions. Neither of these data points is particularly important for a single week, but if this continues, it will have a growing impact on the market as the rest of 2026 unfolds. As the market adjusts, determining correct pricing becomes more difficult. Do not hesitate to reach out for a market analysis for any segment of the market that is important to you! 

 

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The pace of inventory growth this week is slowing, with another month (give or take) before this year's peak supply is reached. The national average for a 30-year fixed-rate mortgage today is 6.67%, a level keeping sales volume in check. However, sales are very much in line with the last three years, with modest year-over-year changes. Steady growth in new residents to Central Oregon has kept the housing market humming along, and with summer just around the corner, there is a lot of time left for both buyers and sellers before we shift into slower off-season conditions.

Today in Deschutes County, there are 1,376 single-family homes listed, up by 13 from last week. Eighty-eight pending sales are up by 9 from last week, with 35 of those listings reducing the asking price an average of 5.77% before securing a buyer. Seventy-eight closed transactions are down 15 from last week, with 29 of those properties reducing their asking prices by an average of 5.07% before securing a contract. The sold-to-original-list-price ratio this week was 96.8%.

Crook County supply increased by 6 this week to 244 listings. Six pending sales are down by 1 from last week, with no price changes for these listings before securing a buyer. Eleven transactions closed this week, with 6 price reductions averaging just 1.79% before securing a buyer. The sold-to-original-list-price ratio was 98.13%. Sellers in Crook County, judging by this week's data, have found the sweet spot for pricing and are securing contracts without needing to negotiate much on price.

Jefferson County supply is up by 5 from last week to 156 single-family listings. There are 10 pending sales, up by 1 from last week, with 4 of those properties reducing their asking prices by an average of 3.47% before securing a contract. Eight closed transactions are up by 5 from last week, with 5 of those listings reducing the asking price by an average of 2.46% before securing a contract. The sold-to-original-list-price ratio for the week was 98.36%.

The more modest list prices for many of the sales in Crook and Jefferson Counties have created a floor in the market that sellers don’t need to breach. This dynamic is reflected in lower price-reduction percentages and higher sold-to-original-list-price ratios. In larger Deschutes County, where there are more higher-priced listings, negotiations are more common before reaching a price agreement. The Central Oregon housing market, spread across three counties, is extremely diverse. Not only is a county-by-county accounting necessary to evaluate the market, but also evaluating activity by price is necessary. If you are in the market above $1 million, my Central Oregon Luxury Market Report will be extremely helpful in evaluating that segment. Even better, reach out for a comprehensive market analysis for a specific property, neighborhood, or region.

 

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The national average today for a 30-year fixed-rate Jumbo mortgage is 6.70%, at least 60 basis points higher than many expected by now. While the market is balanced, not strongly favoring buyers nor sellers, some trends are emerging. Notably, inventory levels are down, helping to keep prices firm relative to the median sale prices of the last few years. Some properties are listing and selling quickly, while others are lingering on the market. The conditions place a premium on knowing the market and analyzing to determine reasonable pricing, which applies equally to buyers and sellers.

Today in Deschutes County, single-family homes listed between $1 million and $1,999,999 are at 362, up from 348 on my last market report of May 15. This week in 2025, there were 417 single-family listings. Pending sales are steady for the year, with 18 this week, compared to 12 this week in 2025. There were 20 closed transactions this week, with 5 listings reducing the sale price by an average of 3.28% before securing a buyer, and a sold-to-original-list-price ratio of 97.3%. Sales volume might be down relative to 2021-2022 levels, but is in line with levels since then.

Deschutes County homes listed between $2 million and $2,999,999 are at 85, up from 78 on May 15. This week in 2025, there were 97 single-family listings. Pending sales are at 2, double from this week in 2025. There were 4 closed transactions this week, double the number in 2025. One listing reduced the sale price by 4.37% before securing a buyer, with the sold-to-original-list-price ratio at 97.5%.

Homes listed over $3 million in Deschutes County are at 41, the same as on May 15. In 2025, there were 50 single-family listings this week. This week, a home in The Highlands at Broken Top is pending after 1,133 days on the market, and a 46.51% reduction from the original sale price. This week in 2025, there were no pending or closed sales. The only activity in this price tranche was the big pending sale this week, with no closed transactions.

Crook County homes listed over $1 million are at 55, up from 53 on May 15. This week in 2025, there were 71 single-family listings. There is one pending sale this week at $1,749,900 in Powell Butte’s Mill Iron Estates. There was also one pending sale this week in 2025. One transaction closed this week on Grandview Road, just outside Brasada Ranch, at $2,700,000, initially listed at $2,999,000. There were no closed transactions this week in 2025 for listings over $1 million in Crook County.

The luxury market is still showing strength in prices compared to the peak in 2022, with reduced inventory. Still, sellers need to be careful with pricing, as conditions today are not conducive to testing the market. Candidly, while not necessarily a buyer's market, conditions (except for mortgage rates) favor buyers. Sluggish inventory growth has changed the typical dynamic of increased competition from new listings, leaving buyers to pick from today's available inventory, with trends indicating fewer sellers coming to market. Candidly, market conditions today can be difficult to interpret. As always, I am available to run a specific market analysis for any segment of the market you are interested in.  

 

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Today, I am happy to bring you another Central Oregon Market Report after a short break. But the markets have, of course, carried on, and I have all the data from the last couple of weeks to share and get you caught up with where housing stands today.

First, mortgage interest rates have been stubbornly high since late February, when yields on the 10-year Treasury increased, with the national average for a 30-year fixed-rate conventional mortgage at 6.61% today. It is apparent that higher interest rates and other economic conditions are tempering the housing markets, but not dramatically. Buyer demand continues to be strong.

On my last report on May 13th, there were 1,256 single-family homes listed in Deschutes County compared with 1,363 today. This week in 2025, there were 1,466, showing a consistent trend of less inventory in 2026. Seventy-nine sales are pending this week, compared to 85 last week, and 91 on the week of May 20. Closed transactions are up considerably, reflecting buyers who took advantage of lower rates several weeks ago, with 91 transactions this week. On May 13, there were 67 closed transactions; on the 20th, 58; and last week, 71. The average closed sale price this week was $898,444, with the sold-to-original-list-price ratio at 96.9%.

On May 13th in Crook County, there were 230 single-family homes listed compared with 238 today. This week in 2025, there were 225, showing a steady supply for 2026 relative to last year. Seven sales are pending this week, compared to 8 last week, and 8 on the week of May 20. Closed transactions in Crook County are up considerably, with 16 transactions this week. On May 13, there were 8 closed transactions; on the 20th, 7; and last week, only one. The average closed sale price this week was $632,012, with the sold-to-original-list-price ratio at 96.56%.

In Jefferson County, there were 141 single-family homes listed on May 13th, compared with 151 today. This week in 2025, there were 120, with 2026 outpacing last year's supply. Nine sales are pending this week, compared to 7 last week, and 9 on the week of May 20. Closed transactions in Jefferson County show 3 this week. On May 13, there were 5 closed transactions; on the 20th, 5; and last week, three. The average closed sale price this week was $411,300, with the sold-to-original-list-price ratio at 94.49%.

The difference in inventory levels across Central Oregon Counties is notable, but not dramatic. Buyers today are still motivated, but in my research of closed and pending sales, there appears to be more selectivity over homes that are moving and those that are sitting. A more restrained build-up to peak inventory in 2026 has removed some of the “wait and see” dynamic for buyers, as it is less likely that more great options will hit the market. These are all incremental changes from 2025, but significant considering where many, including me, expected the market to unfold this year.

 

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Supply in the luxury market is increasing across most price tranches, but not all. At this time of year, inventory growth will be fitful before the seasonal peak in late July to mid-August. It is far too early to feel pressured to act, but buyers looking for the “perfect home” would be wise to strongly consider what is available between now and Labor Day if a purchase in 2026 is important.

Today in Deschutes County, homes listed between $1 million and $1,999,999 increased by 27 to 348. Twelve sales are pending, the lowest since late March. Seventeen transactions closed this week, indicative of earlier activity when mortgage rates were lower. The sold-to-original-list-price ratio this week was 97.84%, and the median days-on-market for closed transactions was 12.

Listings in Deschutes County between $2 million and $2,999,999 increased by 6 to 78. Two pending sales occurred: one for $2,785,000 on Lowe Lane in Tumalo and the second for $2,795,000 on Sisemore Road, also in Tumalo. One transaction closed this week in Wood River Village at $2,375,000, originally listed for $2,399,000. With very modest inventory growth in this price tranche, it will be interesting to see when supply growth tops out this year.

The Deschutes County inventory of over $3 million is stable this week at 41, and down from this year's peak of 43 on May 1. Supply this year is ahead of 2025, and the dip hasn’t brought levels below last year. This will be another price tranche to watch closely as the year unfolds. One sale is pending this week on Cartwright Court in Tetherow at $3,600,000, with no closed transactions.

Crook County listings over $1 million decreased by 1 this week to 53. One sale is pending, a Brasada Ranch Cabin listed at $1,195,000. The Brasada Ranch Cabins are designated as overnight lodging units, and are required to be in the Ranch’s central reservation system for a minimum of 45 weeks/year. The short-term rental revenue from these cabins is a nice offset to ownership costs for an owner who only visits occasionally. No transactions closed this week.

There are several factors impacting the Central Oregon Luxury markets this spring, and inventory trends are erratic. Prices in the luxury market are stable, but supply is less than anticipated. As expected for the season, desirable properties hitting the market are selling quickly. With the unofficial start of summer beginning after Memorial Day, the year is just getting started! 

 

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Mortgage interest rates jumped by 14 basis points this week to 6.57%, matching recent highs, and up 57 basis points from the low established in late February. This is not a welcome trend for buyers, but activity as we approach summer is still steady, with prices relative to list price remaining firm. Central Oregon real estate is flat, if not slightly down from the 2022 peak, with each region subject to unique dynamics that impact supply and prices. I will include year-to-date numbers comparing 2025 and 2026, which show that the differences are small but noticeable.

Today in Deschutes County, inventory increased by 53 to 1,256 single-family homes listed, compared with 1,299 on this week in 2025. Seventy-seven transactions are pending, down from 96 last week. The median days on the market for pending sales was 14, and 23 properties reduced their list price by a median of 3.34% before securing a buyer. Marketing times are low, and prices are firm for these properties, signs of healthy buyer demand. Sixty-seven transactions closed this week, up 6 from last week. Following the trend of pending sales, 22 of the closed transactions reduced the asking price by a median of 3.2% before securing a buyer, with the sold-to-original-list-price ratio at 98.8%.

Crook County inventory this week is up by 4 to 230 compared to 218 in 2025. Seven sales are pending, down by 8 from last week. The median days listed for the pending sales was 15, with only two properties reducing the asking price before securing a buyer by a median of 6.45%. Eight transactions closed this week, matching last week, with half of those properties reducing the asking price by a median of 5.23%. The sold-to-original-list-price ratio was 96.88%.

Year-to-date 2025 in Crook County, there were 124 sales at an average price of $581,829, compared to 119 and $633,939 this year. Interestingly, Brasada Ranch sales in year-to-date 2025 were 12, averaging $1,558,895, compared to 7 at $1,429,142. Digging deeper, Crook County sales under $500k in 2025 totaled 82 at an average of $379,912, compared to 66 at $391,268 this year.

Supply in Jefferson County this week increased by 4 to 141, compared to 117 in 2025. Six sales are pending this week, down by one from last week. The median days listed for pending sales was 145, and 4 of those transactions reduced the asking price by a median of 4.34%%. Five transactions closed this week, with one property reducing the asking price by a median of 3.16%, and a sold-to-original-list-price ratio of 97.93%. The big takeaway here is significantly more inventory than at this point in 2025.

While there are slight variations in the data, across Central Oregon, this year is closely following the trends of 2025. Mortgage interest rates are down year-over-year from 6.99% this week in 2025, but not enough to create more buyer demand. The spike in gas prices is undoubtedly having an impact on consumer confidence, offsetting slightly lower mortgage interest rates. It might not feel like “status quo” in the real estate market, but conditions have been remarkably stable since 2023, the period after mortgage interest rates rose to the levels of this real estate cycle.

 

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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 nearby 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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