The 2024 calendar year ended with 385 active listings in December in the Bend, Oregon, real estate market. That was 41 percent more listings than in December 2023, an increase that completed a rare 12-month run for the market.
In every month of 2024, active listings in Bend exceeded listings in the same month in the previous year. This type of year-over-year increase in active listings – which provides buyers with a wider choice of homes and signals sellers are increasingly willing to enter the market – has occurred in only one other calendar year in our data set. That was 2022, when the market was first stabilizing after the COVID-19 pandemic helped create unusual market conditions.
There were 385 active listings in December 2024, compared with 273 in December 2023. Sales were higher than in the same month a year prior, also, up from 92 to 106 (a 15 percent increase). The year ended with 1,582 homes sold in Bend, an increase from 1,554 (1.8 percent) in 2023.
Although December’s sales statistics included data suggesting higher demand than in November, the month-over-month median price fell.
The inventory of homes in Bend (the time it would take to sell all homes on the market at the current pace of sales) dipped from 3.8 months in November to 3.6. The average days on market went down 20 percent, from 75 days to 60. And the average sales price to list price rose from 98 percent to 99 percent.
Still, the median price fell 2 percent, from November’s $713,750 to $699,500. December was the first time that the median price has been less than $700,000 since February, when the median price of a home in Bend was $680,000.
The year-over-year median price also fell, dropping 5.1 percent from $737,000 in December 2023 to December 2024.
Comparing Bend to the nationwide market, it’s worth noting that according to the National Association of Realtors (NAR), the median home-sales price as of October was $407,200. In Bend, October’s median sales price was $797,450. The nationwide inventory in October was 4.2 months; Bend’s was 3.4 months (19 percent lower).
Looking ahead at the nationwide housing market, prominent real estate insiders don’t expect seismic change in 2025. Mortgage rates aren’t expected to decline substantially. The increase in home values in 2025 is forecast to be 2.6 percent. NAR’s chief economist and the data firm CoreLogic, however, predict home sales will increase by 9 percent in 2025.
Whatever happens in the Bend real estate market in 2025, I am confident I can deliver a successful real estate outcome for you. I have helped clients in all sorts of market conditions. My broad and deep experience in the Bend market is a valuable asset. You will notice the difference my ethical, client-focused approach makes. If you’re in the market to buy or considering selling your home, I would be happy to help. I invite you to call (541) 362-1031 or visit Bend Property Search to connect through my website.