Bend has four-month supply of homes for sale, Redmond not far behind; both highest inventory in at least 3 years

REDMOND, Ore. (KTVZ) – The median home prices in Bend and Redmond dipped a bit in July – not a big surprise, as they zig-zag quite a bit over the months and years. But perhaps a more telling stat in the latest monthly report by Redmond’s Beacon Appraisal Group, out Tuesday, is that both cities have their biggest supply of homes for sale in at least three years.

Bend’s average days on market for sold homes jumped to 25 last month, the highest figure in nearly two years. But the market also has four months’ supply of homes for sale, up a half-month from June and the biggest inventory since at least July 2021, the three-year period in the report’s charts.

Bend’s median home sales price dropped from $775,000 in June to $749,000 in July, while Redmond’s median sales price slipped by $6,000 to $528,000.

Redmond’s inventory of homes for sale edged upward to 3.6 months – again, the highest figure on the three-year chart.

Appraiser Donnie Montagner said Bend home sales for a price over $1 million made up about 30% of all sales last month. He noted that Redmond home sales rose from 66 in June to 88 in July, with the median sales price on a stable trend in recent months.

Here’s the full report.