Skip to Content
Bend

Zoom City: Bend’s median home price hits $529K amid hot C.O. real estate market

BEND, Ore. (KTVZ) -- As more of America's professionals have shifted to working from home amid the COVID-19 pandemic, many from different regions are deciding to call Bend home -- and that's made for a hot market and new record real estate prices. 

In fact, Bloomberg recently included Bend on its list of "Zoom Cities" -- named for the ever-present video-conferencing program -- places they say people are heading tom now that they are working from home and can live anywhere, untethered to the office.

The pandemic-fueled movement could help explain the continued surge in real estate prices.

The median price for a single-family home in Bend broke yet another record in July. The monthly report from Beacon Appraisal showed the city having a median sale price of $529,000, meaning the market saw around a 13 percent increase from July of last year.

Redmond also saw significant price increases, with home prices up about 10 percent.

Beacon Appraisal's Donnie Montagner said the new average was hard to believe: "The data was reviewed three times, in order to ensure the $529,000 (figure) was correct."

Montagner said Bend saw over 300 single-family home sales in July. "This spike may be temporary," he wrote, "and time will tell if the trend remains over $500,000."

He also noted that building permits issued in Bend and Redmond "are at typical levels."

Real estate experts point to the fact that demand remains strong, despite the pandemic. And that has made for a tight inventory of homes available to buy-- less than a one-month supply.

Derek Cox with Cascade Sotheby's International Real Estate says their website is seeing a large number of out-of-town visitors.

Cox told NewsChannel 21, " For the first six months of 2019 to the first six months of 2020, people in the state of Washington that search has gone up 46 percent, people in California that search has gone up 38 percent and people inside of Oregon looking to come here, that search has gone up 28 percent."

Cox said buyers are giving several reasons for considering or moving to the Bend area -- some familiar, in terms of the area's amenities, but now with the work-from-home trend playing a significant role.

"When everything went into effect with the lockdowns -- the benefit of living inside of a big city is that you get the amenities of the big city," he said. "You're going to pay a specific price for that."

"But if all of that's been taken away from you, and you have to stay inside, then what's the whole point of paying that amount of money to stay in that city?" Cox said. "So we're hearing that feedback from people, and people just like the ability when they come here, in a five-minute drive you can be completely in nature and not around anybody."

He also said homes priced higher than average are not only seeing multiple offers, but also cash-only offers.

Central Oregon / News / Real Estate / Real_Estate_Essentials / Top Stories
Author Profile Photo

Blake Allen

Blake Allen is a multimedia journalist for NewsChannel 21. Learn more about Blake here.

Comments

54 Comments

  1. Local tv using industry insider interviews to hype central oregons real estate market for the 2nd time in a week, voluntary lifestyle relocation is clearly not essential travel and it seems irresponsible if not illegal, for bend based businesses to be promoting it in direct contradiction of their own city council guidance

    1. It’s a monthly appraisal report, facts and figures, and yes, attention from a national news service with an interesting new label, Zoom Cities. Got a guideline that forbids moving in or out of the community? Don’t think so.

      1. Non essential travel continues to be discouraged by both bend and the state just like tourism, wheres the line between a vacation home shopper and a tourist, who knows… at the very least id like more info in these type of stories about the bend anti-tourist ordinance and how its implemented in such a hot market- if hotels are required to warn guests, are real estate agents doing the same thing etc

        1. We have linked to all the details in past stories on the city’s resolutions. But no, they don’t get into real estate issues, which are related but decidedly different. I have heard of no jurisdiction stopping moving vans at the border, forbidding people from moving in or out. There are no 100 pct. perfect solutions, but the perfect, as always, is the enemy of the good.

          1. I think whats tough about the angle ktvz chose, is that it particularly plays up the voluntary, lifestyle based motivations of the current real estate boom… something hard to square with a direct city ordinance AGAINST voluntary, lifestyle travel to bend

            1. We’re not saying an average home price surge to $529K is good or bad, but it sure as heck is newsworthy. And its only logical to look at why, and how the pandemic plays into it. The rest is largely due to the viewpoints folks bring to reading our news stories, or to the issues it covers — and those, we have limited control over.

        2. How stupid are you!!! You just can’t seem to tell the difference between a tourist and a real estate buyer. LMAO!!! Your dear leader has totally failed and you poor pathetic trump borg now have nothing but empty gripes. Perhaps you would prefer to live in the thriving economic power house of Burns or Nyssa!!! These perennially poor and failed communities would be your idea of a “tremendous” success. ROTFLMAO!!!! GOLF AND A WHORE ANYONE!!!

            1. No it’s not. Progressives are miserable perpetually angry people. While they are out looting and rioting I’ll enjoy a day at my business or go fishing.

              1. Hiding out with bunker boy pretending “the Virus is dying, its fading and will be gone soon” ROTFLMAO!!!!!
                _
                Sooooooooooooo much failing!!!
                _
                golf and a whore anyone!!! campaign donors are buying!!! trump/putin 2020!!!

            2. Actually I’m quite an amused person by watching you failed hillbilly regressives back pedal, flip flop and fail along with big fat failing donnie!!! LMAO!!!!
              _
              Love the pole numbers!!!!! Sooooooo much failing!!! ROFLMAO!!!!
              _
              “The virus is way down and will be gone soon”
              _

              “its just one person coming in from China, we have it totally under control, everything is going to be just fine”
              _

              “Its all a hoax to make look bad before the election”
              _

              “Hyrdoxychloroquine will be the greatest game changer in the history of medicine”
              _

              “We will have a vaccine very soon”
              _

              “I didn’t know the flu killed people”
              _

              “anyone who wants a test can get a test”
              _

              “The virus will go away, like a miracle it will be gone”
              _

              “the federal government has tremendous control of the virus”
              _

              It’s contained”
              _
              “When you have 15 people. And the 15 within a couple of days is going to be down to close to zero, that’s a pretty good job we’ve done,”
              _

              “Americans can sleep better at night because North Korea is no longer a nuclear threat”
              _

              “he wrote me a beautiful letter and we fell in love”
              _

              Golf and a whore anyone!!! trump putin 2020!!!! HELSINKI PROUD!!! ROTFLMAO!!!!
              _

              Soooooooo much winning sweetie!!!

  2. the town i grew up in is definitely ruined. and the idea of going any direction for 5 minutes and being in the wilderness has vanished. the only good news is at least will laugh my way to the bank when the time is right. bitter sweet.

    1. You are commenting on a article about high bend home prices talking about how much you hate it but all the equity you have. Lol you are the problem cash in and move on.

      1. far from the problem. id much rather bend only have 17k people and my home be paid off long ago and only be worth 40k. id stay here forever if this was still a cool lil country town.However its not. the quality of life has greatly gone down hill. i haven’t caused the inflation. you transplants did. at this rate by the time my kids graduate high school you suckers will think my house is worth a million bucks lol. it will be a nice lil chunk to my early retirement. if the transplants are gonna ruin the place i grew up at least its gonna cost em lol.if they think whats become of bend is so great id hate to see where they are from

                1. Mexico is paying for the wall!!! ROFLMAO!!!! How stupid are you hillbilly regressives!!!! You should’ve stayed in school!!!
                  _
                  “The virus is way down and will be gone soon”
                  _

                  “its just one person coming in from China, we have it totally under control, everything is going to be just fine”
                  _

                  “Its all a hoax to make look bad before the election”
                  _

                  “Hyrdoxychloroquine will be the greatest game changer in the history of medicine”
                  _

                  “We will have a vaccine very soon”
                  _

                  “I didn’t know the flu killed people”
                  _

                  “anyone who wants a test can get a test”
                  _

                  “The virus will go away, like a miracle it will be gone”
                  _

                  “the federal government has tremendous control of the virus”
                  _

                  It’s contained”
                  _
                  “When you have 15 people. And the 15 within a couple of days is going to be down to close to zero, that’s a pretty good job we’ve done,”
                  _

                  “Americans can sleep better at night because North Korea is no longer a nuclear threat”
                  _

                  “he wrote me a beautiful letter and we fell in love”
                  _

                  Golf and a whore anyone!!! trump putin 2020!!!! HELSINKI PROUD!!! ROTFLMAO!!!!
                  _

                  Soooooooo much winning sweetie!!!

  3. Oh and if Barney the “meditator” would stop commenting on every post would maybe make this a somewhat credible media source instead of the biggest joke in the high desert.

  4. The housing market in Bend will collapse, there is no other possibility. The only question is when? Sooner than later is my guess.

    And as always………have a nice day!

      1. For once I agree with Nick, the crash is coming! keep buying now and you will be filing BK in a couple years, and I will be buying your house from the bank!Just like I did in 2009!

    1. Bend survived previous crashes. The decades I live there it never went down. As long as San califoricators keep moving there with cash in hand it will never crash. Just like all the other places the califronicators are invading.

        1. You can’t ban people from moving. Heck. The democrats would flip out. They’re even for bringing in illegals and giving the, cash to drive up the cost of housing.

  5. Cox said. ” people just like the ability when they come here, in a five-minute drive you can be completely in nature and not around anybody.”
    Does anyone else see this?

    1. Agreed. In about the next year, it will crash somewhat. Not as much as in the crash of 2008 though. It will take about a year or so for the foreclosures to hit the market due to covid. Take that long mostly because of the policies in place for delaying the foreclosures.

  6. My first house in Bend off Cumberland was 38k. Second And last Bend house 44k. I remember when Portlander sure to make fun of Bend as a hick town. Now look at it.

  7. Bought in ‘02 and plan to enjoy the more than doubling of the home’s value when I sell. If market dips too much, I’ll just wait for the rebound.

    Or rent the place at market rate, which is almost 3X my mortgage.

    Might as well profit from the ruining of Bend. Place was about 33K in population when I moved here from the Willamette Valley and only had three microbreweries.

Leave a Reply