Central Oregon’s hot real estate market shows signs of cooling amid nationwide slowdown

REDMOND, Ore. (KTVZ) – It appears that Central Oregon’s hot real estate market is not immune to the nationwide cooldown, as inflation, rising mortgage rates and still near record-high prices have an impact on sales and inventory, a monthly real estate report released Thursday indicated.

Looking at June’s statistics, compared to a year ago, Beacon Appraisal Group’s Donnie Montagner said the number of sales in Bend and Redmond last month were down about 21% and 32%, respectively, from June of last year.

The number of current listings in Bend, 381, was more than double the 153 on the market a year ago. That's the same percentage change as seen in Redmond, where there were 49 listings in June of last year and 99 this year.

Bend’s median home sales price dropped nearly $20,000 in June, to $722,000, which is about $50,000 below the record price set in March of $773,000. Sales also fell, from 218 in May to 194 in June.

Redmond’s median price rose a bit, to $530,000, still below the peak price of $538,000 seen in April, while home sales declined from 85 in May to 71 last month.

Second-quarter reports for smaller Central Oregon markets in the Beacon Report showed a different picture for Sunriver, where the median price jumped by more than $100,000 to a record $1 million, though the number of sales fell to a level (31) not seen since the first quarter of 2020.

The La Pine area held at its record median price of $452,000 for the quarter, though sales slowed, while Jefferson County, including Crooked River Ranch, saw its median sales price hit a record $379,000 and Crook County also hit a record median price of $417,000. Sisters-area home sales’ median price held in record territory, at $668,000.

The complete report is below: