Bend’s median home sales price drops $100K in a month, to $700K; fewer $1 million-plus sales seen as factor

REDMOND, Ore. (KTVZ) – A decline in the proportion of home sales for over $1 million led to a significant $100,000 drop in Bend’s median home sale price last month, falling to the $700,000 level seen earlier in the year, an appraiser reported.

Home sales of over $1 million made up about 21% of November home sales, down from nearly 35% in October. Donnie Montagner of Beacon Appraisal Group said. The $700,000 median price is the lowest since a $682,000 price seen in February and matches the January median sales price.

The number of Bend home sales also dropped from 143 in October to 119, the lowest level since spring, while the days on market for sold properties rose to 51, the highest since the same figure in February 2023, Montagner reported. The inventory of Bend homes for sale held at about three months’ supply.

“Rising marketing times and a decline in sales are not unreasonable for this time of year, with regard to the Central Oregon real estate cycle,” Montagner said.

Meanwhile, Redmond’s median home sale price dropped a bit, from $500,000 in October to $491,000 last month, and sales did much the same, slipping to 55 in November.

While Redmond sales have been mostly stable in recent months, they have been down from late last year and early 2024.

“SFR inventory in Redmond declined to two months last month,” Montagner said, adding that “low supply is favorable to sellers.”