Thanks to recent data from Oregon’s Governor’s Council of Economic Advisors and oregoneconomicanalysis.com we know more about the booming economy and what can be expected in Bend and Central Oregon during the coming years.
From Bust to Boom
If you lived in Bend during the recent economic recession you know that times were bleak here and that’s because Bend was hit hard by the recession and can now be considered to be the hardest hit city in Oregon plus also one of the top 50 cities in the United State that took a large economic hit but the good news is that we are quickly making up for those years of losses.
Expansion in Bend Oregon is on the fast track now and we’ve seen up to 8 percent job growth in recent months and thanks in large part to the growth of the construction market and the services companies which have relocated to Bend over the last 12 months.
Home Price Appreciation
With the growth of the jobs market here in Bend we’ve also seen a big increase in home prices over the last 24 months and that’s because more people have moved to Bend from other towns like Redmond, Sunriver and Prineville or they are relocating here from other major cities like Portland, Seattle and San Francisco.
The BIG question about Bend though is are we headed for another “bubble” which will burst in the next 12 months or sooner? The answer in my opinion is no because when you combine price growth with the basic principles of supply & demand it’s easy to see that home prices in Bend are accurately reflecting the true state of the Real Estate market.
Another factor which is driving up home prices here is the fact that vacancy rates are very low right now and this also means that more people are turning their focus to buying instead of renting since they don’t want to have to search for homes for rent outside of Bend.
Buy In Bend and Central Oregon
To learn more about homes for sale in Bend and Central Oregon contact me, Jason Boone, Principal Broker with Duke Warner Realty | Skjersaa Group by calling me at (541) 383-1426 or by CLICKING HERE to email me.