Bend’s 2024 housing market: A look at current numbers, trends and what homebuyers can expect
(Update: adding comment and video from local mortgage broker)
BEND, Ore. (KTVZ) -- In a quick search on Realtor.com, it was revealed that there are over 900 available houses in the Bend area up for sale. According to Zillow.com, the average price of an Oregon home is about $480,000.
"Our prices here have been, I'll say on trend," broker Will Price of Harcourts The Garner Group said Tuesday. "So when we go to list of property and we'll pull in every comp (comparison) that we can from the neighborhood and surrounding areas. So when we're pricing homes, we take into a bunch of real-time data of homes that have sold pending foreclosed homes to really find our our price point there."
In Bend, the average sale price is $819,000 and in Redmond $519,000 according to the Harcourt The Garner Group.
“From Redmond proper and then Bend proper, we're taking those stats as single-family homes under one acre. So we're building a lot, especially in Redmond and Bend," Price said. "New construction has become really prominent."
According to the Harcourts the Garner Group, there are currently 131 listings for under $1 million, and 79 over $1 million. Redmond has about the same, 137 under $1 million but much fewer over $1 million, with only 11. These listings are taken as single-family homes under one acre.
Our own search of MLS Properties in Bend showed more than 220 listings below $500,000, but fewer than 50 were for condos or small homes - many were for just bare property. Redmond had at least twice as many homes or condos under $500,000.
“Resale market is always going to be moving," Price said. "People always move, no matter what, for various reasons. So I'd say it's a steady increase over the last couple of years and will continue to be so.”
In comparison to March of 2023, sale prices of homes have dropped 2.06% for Bend and jumped almost 10% for Redmond.
Beacon Appraisal Group's monthly report, meanwhile, showed Bend's median home sales price dropped some in February, for the fifth straight month, though it's still nearly $700,000, while Redmond's rose a bit, though still nearly $200,000 less than Bend.
Price said in regard to this, “I would say based on how many people are moving here and all the amenities that Central Oregon has, it fits with where we're going. And the market trends just continue to support our sales prices, because people are buying and moving.”
The average Oregonian's income is $65,000, while the average income for Oregonians east of the Cascades is lower, sitting at about $58,000 according to the Oregon Employment Department.
"There's so many mortgage companies here locally that offer a wide range of financing programs, including 100% financing," Price said. "Now that interest rates are back to a normal market, 2.4%, we probably won't see that for quite some time ever again. So having a team in your corner will open you up to options that most people may have thought not available to them."
Late spring and summer tend to be the busy season for the housing market, of course. Homebuyers should expect prices to hover around the same average through the 2024 home buying season.
