Active listings in the Bend, Oregon, real estate market in January continued to show a year-over-year increase and movement toward a buyer’s market, yet the median sales price increased on both a monthly and annual basis.
January featured 360 active listings in Bend. That’s 35 percent more listings than in January 2024 and the most in any January since 2018 (409 active listings).
The greater selection of homes on the market in Bend might have contributed to an average sales price-to-list price ratio of 97 percent – the lowest in Bend since March 2016, when it was 95 percent. The average days on the market for a Bend home reached 110 days in January, up from 60 days in December 2024 and exceeding 100 days for the first time since it was 136 days in December 2013.
Despite these signs of greater supply in the Bend market, January’s median price rose from $699,500 in December 2024 to $738,000.
That is a 5.5 percent increase from December and 5.8 percent more than Bend’s median price in January 2024 ($697,233).
One explanation for the higher median price is the proportion of homes priced at $1.425 million and more that were sold in January. Of the 115 total sales in the month, 17 (14.8 percent) were in this price tier – a high percentage for any month, much less one that typically has a relatively low amount of real estate activity.
In January 2024, for example, homes priced at $1.425 million-plus accounted for 6.7 percent of that month’s sales. In all of 2024, there were two months – June and October – in which sales of homes in this price tier made up at least 14.8 percent of sales. Those two months had the highest monthly median prices in 2024: $797,450 in October and $775,000 in June.
As the calendar turned to February, there were 133 pending sales, more than the number of homes sold in Bend in January. Of those 133, 18 were priced for at least $1.425 million, perhaps indicating another top-heavy month of sales is in store in February.
Examining Bend sales based on price tiers also shows that inventory for homes at or near the median price continued to be low. The marketwide inventory in January was 3.1 months – the lowest since it was 2.8 months in June 2024 – but it was less than three months in every price tier from $725,000 to $1.225 million.
January’s data seems to show that it is an appropriate time to be either a seller or a buyer in the Bend real estate market. Demand is sustaining prices even as supply provides an increasing chance of finding the “right” home. If you’re in the market to buy or considering selling your home, I would be happy to help you navigate your real estate journey. I invite you to call (541) 362-1031 or visit Bend Property Search to connect through my website.