Bend, Redmond home prices fall a bit as 2022 ends; appraiser sees them ‘stabilizing’

REDMOND, Ore. (KTVZ) – Winter is when home sales usually slow, but year end is when a look back over the year (and past years) often provides valuable perspective, as Redmond’s Beacon Appraisal Group did Friday in its report on December home sale prices.

The Bend home market “finished with a stabilizing median sale price” of $678,000, down $18,000 from November and close to October’s figure. It’s also a drop of nearly $100,000 from the spring, when Bend’s median sale price hit a record $773,000, appraiser Donnie Montagner said.

Inventory levels remain low, at around a 1.4-month supply. But the number of sales dropped below 100 for the first time in several years.

A look at recent years in a table showed Bend’s sharp median home-sale price jump of nearly 30% in 2021 fell by more than half in 2022, to about 12.5%, as home sales also slowed a bit, down 40 to 179, amid national influences such as rising mortgage rates and recession fears.

Montagner said the record 2021 median price jump was due in part to a significant increase in the number of homes selling for $1 million or higher.

Redmond’s home price market, meanwhile, showed a drop in the median sale price for a third straight month, down $28,000 to $425,000, Montagner said. Sale numbers also are down, to a recent low of 33,  and time on market is on the rise, though inventory remains low, at about a two-month supply.

Here's the full report, including other Central Oregon market prices: