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Bend’s median home sales price dropped $58,000 last month — but it’s not all that dramatic, in context

Beacon Appraisal Group

Redmond's price is relatively stable, though the inventory has reached nearly 3 months

BEND, Ore. (KTVZ) – In isolation, a $58,000 drop in Bend’s median home sales price last month sounds pretty dramatic. But coming down from the July record of $800,000 to a similar price as seen last spring, and the volatility seen amid factors from rising interest rates to the continued supply crunch is more understandable.

The 7.25% drop puts Bend's August median price at $742,000, a figure “in line with median sale prices seen in mid-2022,” noted Redmond appraiser Donnie Montagner, whose Beacon Appraisal Group released its August figures on Friday.

Montagner pointed out that sales of homes at over $1 million made up about 24% of the total sales in August, while the inventory of homes priced at over $1.6 million continues to rise. Overall, the Bend inventory is just above a two-month supply, he said.

Redmond’s median home sales price, by contrast, has been fairly stable, up just $5,000, to $505,000 in August, still below the record sales price of a year ago, at $542,000.

The city’s inventory of single-family homes was up a bit, to 2.8 months, which is still the highest figure in at least three years. Montagner said Redmond’s home sales inventory in the $600,000 to $650,000 price range has been increasing and currently stands at over eight months. The inventory of homes a bit cheaper ($500,000-$550,000) or more costly than that ($750,000-$800,000) ranges from four to six months, he noted.

Here's the full monthly report:

Article Topic Follows: Business

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