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Bend, OR Real Estate News

By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
For years, Bend's housing market has been defined by extremes: a relocation boom during the pandemic, a sharp reset as interest rates climbed, and then a long stretch where low inventory kept competition fierce. As we move through 2026, the ground finally feels more balanced — especially for relocation buyers looking for a lifestyle upgrade without the bidding-war chaos of years past.Below is a look at what's driving the shift: interest rates, supply, buyer behavior, and the enduring lifestyle appeal that keeps Bend on the relocation shortlist for Seattle, Bay Area, and Portland households.Mortgage Rates Are Quietly Opening the Door AgainAfter peaking in the 7%+ range, mortgage rates have been sliding steadily into the low 6% band this winter. For financed buyers, that move is meaningfu...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Balloons Over Bend Starts Friday There is a fascination with watching colorful hot air balloons rising at sunrise in the Central Oregon sky with the backdrop of the Cascades and the high desert landscape. Starting this Friday, the annual Balloons Over Bend festival will run through Sunday offering daily sunrise launchings of the hot air balloons, Night Glow Friday evening in Bend and Saturday evening in Redmond, plus many fun activities for the whole family during the day. The planned schedule is as follows: Friday July 28, 2023 Balloon launches at Sunrise at RE Jewell Elementary School Balloon blast kids race at COCC Bend Night Glow at COCC Saturday July 29, 2023 Balloon launches at Sunrise at RE Jewell Elementary School Redmond Night Glow and Brewfest at the Fairgrounds Sunday July 3...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend High End Home Sales Reflect A Changing Market It has been awhile since we last reported on Bend luxury home sales. We pulled a report showing year to date activity over the past three years. While Bend home prices in general are back to a small upward trajectory year over year, the numbers of sales are significantly down, as they are in all price points in most of the markets in Central Oregon and across the country.  Higher interest rates have changed the buying power of would-be home purchasers, even in the high end, and have also kept many would-be sellers off market. Why sell when the mortgage interest rate many homeowners have is so good? A replacement home, while potentially being better for the current lifestyle of a home seller, may cost more on a monthly basis with the hi...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend Single Family Home Sales Reflect Mixed Results We have been tracking Bend home sales for many years. Bend has been in a seller's market since 2012, but the level to which the seller's market changed during Covid was beyond any we had seen before. Home prices skyrocketed with multiple offers driving sales and inventory levels dropping to two weeks at the peak of the pandemic. However, since last summer, the Bend real estate market has been in transition with rising mortgage interest rates the biggest contributor to the change. While high mortgage rates have greatly impacted the buying power of many home buyers, lack of inventory remains an issue. We had seen home price increases level off and even drop year over year earlier in 2023, but during June this changed. While mortgage int...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Its hard to believe that after living in Bend Oregon since 1985, we finally attended our first 4th of July Pet Parade. This event has been a Bend tradition since 1924, only missing 1943 due to the Second World War and 2020-2021 due to the Covid-19 pandemic. We arrived early for our seats at 9:00 am with the parade beginning at 10:00 am.  By the time the parade arrived, it is estimated there were well over 10,000 people either participating in the parade or watching it. The pets involved were mostly dogs, but we also saw rabbits, guinea pigs, snakes, lizards, goats, sheep, ponys and horses. Lots of partiotism and fun for everyone. Original blog can be read at Bend Premier Real Estate's blog page
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
 Bend Single Family Home Sales Figures Remain Mixed The May 2023 Bend real estate sales have been published and reflect a market in transition. Inventory levels are growing, but a strong seller's market remains. High mortgage interest rates continue to impact buyer's purchasing power and while average home prices are down slightly, they are not at a level that would significantly affect most Bend home buyers. As we enter our summer peak selling season, the question on how mortgage rates and inventory levels will reflect in 2023 home sales will be answered. When May 2023 Bend single family home sales on less than an acre are compared with those from May of 2022, the following changes can be noted: Average sales price down 3.1% to $861,432 Median sales price up .8% to $746,250 New listin...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Today two of the agents in our brokerage received a thank you from a grateful seller. "Jim", the seller, brought in 12 dozen roses to express his gratitude for for the efforts of his two listing agents over an 18 month transaction, filled with many ups and downs, but today a successful closing at $3,600,000.   As the managing Principal Broker, I can honestly say that I have never seen a client show such a gesture.  We are all appreciative of the many hours of work from all parties to this challenging deal - and I can honestly say that our agents went above and beyond to make it all happen. Thank you, thank you "Jim" for your heartful appreciation. WE appreciate you.
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend Home Sales Take a Downward TurnThe Bend real estate market has been on a roller coaster over the past few years. The Covid-19 pandemic triggered a massive boom in Bend single family home sales, resulting in multiple offers, dramatic price increases, and limited inventory.  However, since the peak in home prices the summer of 2022, home prices and home sales have dropped, inventory levels, days on market and interest rates have risen while new homes hitting the market are significantly down.  Many Bend homebuyers cannot find property that meets their needs. While more homes are on the market, the numbers are still not at balanced levels with less than 2 months of inventory. If we throw into the mix the shifting mortgage interest rates, we find the changes to the Bend market unpredic...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend Oregon Home Sales DownWe have been following the data and our transitional Bend real estate market is definitely showing downward trends in many categories.  The rapid rise in prices and demand we saw during the covid pandemic were unsustainable and now we are seeing adjustments in home sales, days on market and home prices. The shock of higher mortgage interest rates is mostly over and home buyers are back in the market. And sellers are more realistic with home prices and willing to negotiate terms.When Bend single family home sales on less than an acre are compared year over year, the following changes can be seen: Average sales price down 7.7% to $801,839* Median sales price down 12.3% to $680,000 Average list price up 5.5% to $970,512 Median list price up 4.7% to $784,950  New ...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
For many years we have tracked Bend real estate trends and have consistently watched home prices rise year over year.  Since coming out of the housing recession in 2011, Bend median home prices have risen over 465% from a low of $165,210 in December, 2010 to a high of $775,000 in March of 2022. When the Covid-19 pandemic hit, the rate of Bend home price increase accelerated to over 75% in three years.  This rate of increase was unsustainable and since reaching their high last summer, Bend home prices have fallen. February 2023 was the first month which saw a year over year price reduction in Bend homes.  When  February 2023 Bend single family home sales on less than an acre are compared with those from February 2022, the following changes can be seen: Average sales price down 7% to $82...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend Home Sales Facing New Twists and TurnsThe road ahead for Bend home sales in 2023 is facing many changes from that seen in 2022. Although the fall 2022 Bend real estate market experienced a season of transition with a significant slowing of home sales, the change should be looked at in relationship to the market prior to the Covid-19 pandemic and resulting real estate boom. While the road ahead appears to be in a "slow down" mode, it is all relative to an overall healthy market more balanced between sellers and buyers.When January 2023 is compared with January 2022 for Bend single family home sales, the following changes are noted: Average sales price up 7.9% to $849,680* Median sales price up .3% to $684,950 New listings down 27.8% to 109 Homes for sale up 59.4% to 204 Pending sale...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Pending Bend Home Sales Significantly Down in 2022 When we study Bend real estate sales in 2022, we can state with confidence that the first six months were very different that the second half of the year. The first half of the year was a continuation of what was seen in 2021, with Bend single family home sales greatly impacted by lack of inventory and relatively low interest rates.  It was an extremely strong sellers' market with multiple offers and contingency waivers a normal occurrence. However, the second half of the year was highly influenced by rising mortgage interest rates with these more than doubling in just a few months - something that had never happened before in the country's history.  The high mortgage rates changed the buying power of potential Bend homebuyers, and the...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend Oregon Real Estate Market in TransitionAsk any Bend Premier Real Estate broker about the local housing market and they will tell you that it is changing. After the initial few weeks of the Covid-19 pandemic, real estate sales across the nation accelerated beyond any seen before. Lack of inventory coupled with low interest rates led to multiple-offers, tremendous buyer demand and rising home prices; between March of 2020 and March of 2022, the average price of a Bend single family home on less than an acre increased 67%. This rate of increase was not sustainable. When mortgage interest rates started rising, this increase coupled with high inflation changed the dynamic of the Bend real estate market. Our market is currently in transition with sales significantly lower than experience...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
High Interest Rates Impacting the Buying Power of Bend Oregon HomebuyersAlthough the 30 year interest rate has moderated a bit from its high of 7.08% hit November 10, 2022, the rapid increase in mortgage interest rates we have seen since the beginning of 2022 has greatly impacted our buyer's purchasing power. Many buyers are regretting that they didn't buy several months ago before rates rose to the levels they are now. But is it really cheaper to buy a Bend home today than it was six months ago? Let's look at the true difference between these two markets and see what the numbers actually say. In April, we were still living under high demand for Bend Oregon homes and a $500,000 property hitting the market would often generate multiple offers, pushing the price up; a final price of $550,...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
There are Many Questions With Bend Home SalesAs we published last month, the Bend real estate market is in transition. The steep rise in mortgage rates and continued home price increase has impacted Bend homebuyers to the point where home sales have slowed beyond normal seasonal levels.  It is as if the brakes have been hit and all onboard are bracing for an impact. What that eventual impact will be remains to be seen.When October, 2022 sales of Bend single family homes are compared with those from October, 2021, the following changes can be noted: Average sales price up 6.4% to $823,360* Median sales price up 4.4% to $680,000 Average list price up 17.6% to $934,365 Median list price up 4.7% to $725,000 New listings down 23.2% to 129 Homes for sale up 34.5% to 335 Pending sales down 40....
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend Oregon Real Estate | September 2022 TrendsAsk any real estate agent across the country about the current state of the market, they will tell you things have changed dramatically since earlier in the year.  Ask a Bend Premier Real Estate Broker about the local market, they will tell you that it is as if the brakes have been hit stopping a jet plane. The fed's increase in interest rates is being done to curtail inflation.  When it comes to the housing industry, this tightening is working. Bend home sales are falling, days on market are rising, yet home prices are still up. Mortgage interest rates are now approaching 7% for a 30 year fixed, a figure which hasn't been seen since 2002. Each percentage increase in interest rates reduces homebuyer's buying power by 10-12%. As the number o...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
The Number of Bend Homes for Sale is DownWe have been tracking Bend single family home sales for many years, looking at the trends, how home prices rise or fall, what the changes are in price per square foot, median and average sales price, months of inventory and days on market.  We have consistently compared one month to the same month the year previously in order to follow  the long term changes instead of potential anomalies that can occur over a short time period. We have watched and recorded that happened to the Bend home market when the market crashed with the housing recession. And we have watched and recorded the latest changes that happened when the Covid-19 pandemic and subsequent stay-at-home orders made Americans realize that home meant a whole lot more than it had in the p...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend Oregon Real Estate Sales Trends in Transition.As we have been writing for several months now, the Bend Oregon real estate market is definitely changing. Mortgage interest rates have risen impacting the buying power of would-be homeowners, especially first time home buyers. The buying frenzy experienced in 2021 is gone and the inventory levels of available homes are growing. The days on market of active listings are rising, but so are home prices when compared with the year before. However, the trend lines over the past few months are showing a softening in the market with over 254 price reductions in the past week for all Central Oregon listings. When the market softens, those properties priced well as perceived by buyers are those that sell first.  While the market is changing, ho...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
The Market is Changing for Bend Real Estate Sales For many Brokers, the past two years of real estate sales in the Central Oregon area have felt like warp speed.  The buyer frenzy in attempting to find a home that worked, writing as strong an offer as possible only to find out that the offer was one of many and the seller choose another, and then starting over again at another home to have that offer rejected as well.  Some of our brokers wrote as many as 10 offers for the same buyer before something was finally accepted or the buyer became so discouraged they stopped searching. From the seller side, putting a home on the market and then having 10 offers over the weekend which bid the price up to figures never seen before, sorting through them and finding the best offer that worked for...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
For those who don't know, Bend Oregon was incorporated in 1904 as a logging town.  Located at the Bend of the Deschutes River in Central Oregon, it's main employer for many years was the Brooks - Scanlon Lumber Company which had its mill on the river. Workers at the mill built small homes in the nearby neighborhoods, taking left over lumber home with them and building their homes piecemeal. Many of these homes (called the mill cottages) remain today and if remodeled, can command a very expensive price due to their proximity to downtown Bend. In the 1990's, the federal government shut down logging on federal land in Oregon. Most of the forests in Oregon are federally owned and managed by the forest service.  Many will attribute the expansive wildfires we have had over the past few years ...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend Home Prices Up, But at Slower Rate Ask any Bend Premier Real Estate broker what the Bend home market is like late spring 2022 and they will tell you it "feels different" than it has been over the past two years.  The frenzied buying scenarios and multiple offers that were experienced on many listings in 2021 are fewer, days on market on many properties are up, and price reductions on homes that are not in contract within a few days are becoming more regular. While well priced homes in desirable locations are still receiving strong offers, and while bidding wars are occurring, we are not having the numbers of offers in these wars that we had in 2021. As interest rates grow, the buying power of potential homeowners shrinks. Cash offers are still prevalent and often will win over fin...
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