With Bend-Redmond home sales prices rising again, appraiser and Bend YIMBY representative weigh in on challenges

(Update: Adding video with comments from appraiser, Bend YIMBY)

Nearly 1 of 4 Bend home sales in March were for $1 million or more

REDMOND, Ore. (KTVZ) – Several months of slow declines in Bend’s median home sales price turned around in a hurry in March, as it jumped $71,000 in a single month, to $753,000 – not a record, but much closer to that $800,000 figure, set last June, a monthly report from Redmond’s Beacon Appraisal Group showed Tuesday.

Redmond, meanwhile, also saw its median home sale price rise sizably last month, up $26,000 to $537,000 – and that’s only $5,000 below the city’s record price of $542,000, set last August.

"Nearly 25% of SFR (single-family residential) sales (in Bend) last month were (for) $1 million and over," Beacon appraiser Donnie Montagner said.

As of Tuesday, there were 43 active listings in Bend for properties exceeding $1.8 million in asking price. Montagner noted that the median time on the Bend market before selling also dropped fast, from 40 days in February to half that last month.

Redmond, meanwhile, saw its highest median time on market continue to zig-zag from month to month, nearly doubling to 47 days in March. That's the longest time since the record 56-day figure seen early last year.

Elsewhere, median prices in March included $732,000 in Sisters, $705,000 in Sunriver, $365,000 in both La Pine and Jefferson County and $418,000 in Crook County,

Montagner told NewsChannel 21, "If we follow the same trend we did last year, in 2023, I'd expect to see the median kind of drop down from this heightened increase this month."

But despite the issues soaring home prices bring, Montagner said, "Central Oregon has a lot to offer, and I think over the years that's been the one constant that I would say continues to draw people in."

David Welton, volunteer leader of Bend YIMBY (Yes In My Back Yard), which advocates for more housing supply, said, "People with money are moving to Bend, and this being the United States, you can't stop that. But we want to accommodate everyone that's here, including the people that work here and make this community go."

"The median price is quite high, and it's out of reach for many people," he said. "And that's a problem for people that are critical to this community -- teachers, nurses, firefighters, police."

The full report is below: