Bend’s median home sales price rises to yet another record, $785,000, while Redmond stays in stable territory

REDMOND, Ore. (KTVZ) – Bend’s median home sales price sizzled to a new record of $785,000 in June, while Redmond by contrast saw its median price barely move last month, a report from Beacon Appraisal Group said Thursday.

Bend’s increase from May of $40,000 was actually a far less sharp rise than the prior month -- about half the rise of $76,000 -- but it still sent the figure $12,000 above the previous record price of $773,000, set in March of last year, appraiser Donnie Montagner said.

Redmond, meanwhile, saw its median sales price rise just $1,000 last month, to $473,000.

For some contrast and comparison, Montagner said a friend recently told him that the median home sales price in Bozeman, Montana is nearly $900,000.

Since he began his monthly Beacon Reports, Montagner said Bend's median sales price frequently has risen $40,000 to $65,000 in a single month, due to a variety of factors. But he said “the month-to-month change does not give a good signal of a changing market. The long-term trend is what I pay attention to.”

About 40 of last month’s Bend home sales were for $1 million or more, or 24% of total sales, the appraiser said, compared to just 5% of sales back in 2019.

“Bend has a strong and growing market segment in the higher price ranges that has been consistently strong over the past several years,” Montagner said.

Meanwhile Bend’s inventory of homes for sale has risen to about a two-month supply, with the median days on market still less than two weeks. New building permits rose to 61, the highest figure in a year.

Redmond’s home sales have been fairly stable in the past quarter, Montagner said, with two months of inventory and a median time on market of 16 days.

As for smaller markets, the appraiser said the inventories of homes for sale have increased in several areas, including a five-month supply of homes in La Pine and a rising number of days on market.