Welcome to our Bend Real Estate Market Update for the First Quarter of 2024. These statistics are for stick built homes on 1.0 acre or less in Bend zip codes 97701, 97702 and 97703 and do not include manufactured homes, condos, or townhomes. This report uses market data based on transactions that closed from January 1 through March 31, 2024. All statistics come directly from the Central Oregon MLS and these statistics are compared to Q1 2023.
Bend Market-wide Activity
At the end of March 2024, there were 281 single-family homes for sale, 209 pending sales, and 319 homes had sold through the first quarter of 2024. While inventory has increased 40%, the number of homes sold is slightly down from this time last year. The current mortgage interest rate is around 7.25% and this is the biggest hurdle for both buyers and sellers. The median home price is 4% higher than this time last year, and coupled with the current interest rate, buying power is reduced. Buyers purchasing a home today at the median sales price will spend around $450 more per month than they would have this time last year and many buyers are still in a holding pattern. For the buyers and sellers that are in the market, there are two months of inventory, making it a seller’s market. Well priced homes in desirable neighborhoods are selling quickly though, some in a matter of days with multiple offers.
Bend Home Values
When looking at all sales that occurred in Q1 2024, the overall median is $710,000, up 4% from this time last year, but there was a tangible increase in market activity in February and the March closings reflect that. The median sales price jumped to $760,000 in March, up from $682,000 in February. Home values started to decline in May 2022 when the mortgage interest rate drastically increased and that decline continued until it reached $678,000 in December 2022, and it had been hovering there until March 2024.
Home values within the Bend city limits varied significantly, particularly from the west side to the east side. The table below includes the average and median sales prices for NW, SW, NE, and SE Bend. The median home price in NW Bend is typically around 50% higher than Bend’s overall median home price while SW Bend is roughly 15% higher. NE and SE Bend are most affordable with median home prices around 15% lower and 10% lower than the median, respectively. The $500-$700k price range is very competitive right now. Multiple offers are common, homes are selling for full price or more on average, and the median days on market for March closings was just 5. Most homes in this range are in NE and SE Bend. On the upper end of the market, 45% of the homes for sale are listed at $1 million or above, yet only 20% of sales were over $1 million.
New Construction
At the end of Q1 2024 there were 105 new homes for sale, making up 37% of all active listings. Many of those homes are not yet complete, which means that they are not really an option for a buyer that needs to move in right away. Of the pending sales, 78 were new construction, which is also 37%. Of the 319 homes that sold in Q1 2024, 75 were new homes, accounting for 24% of all home sales. The average sales price for new construction was $886,685 and the median sales price was $734,111, which is higher than Bend’s overall average and median home prices.
We welcome any questions you may have. If you are interested in a market update for your neighborhood or any other segment of the market (e.g. bare land or acreage properties) please contact us for a custom report. Our combined 25 years of experience has proven invaluable to our clients during this time of limited inventory and multiple offers. We are ahead of the game and successfully securing deals with our strategic and collaborative approach. Call us. We’d love to help!
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