The inventory of homes for sale in the Bend, Oregon, real estate market reached a nearly five-year high in November, as it took longer, on average, for homes to sell and the median price declined after surging in October.
November ended with 3.8 months of inventory, the most in Bend since it was 3.9 months in December 2019. The inventory represents the time it would take to sell all of the homes on the market, at the current pace of sales. Six months of inventory is commonly regarded as the boundary between a buyer’s market and a seller’s market. In Bend, the inventory dipped as low as 0.4 month – less than two weeks – in April 2021.
Inventory rose in November 2024 even as the number of sales (123) was more than in November 2023 (105). Through the first 11 months of the calendar year, there have been 1,476 homes sold in Bend, 1 percent more than in the same time frame in 2023 (1,462).
For perspective, in each of the last three calendar years, home sales in Bend have declined:
• 2020 to 2021: Minus-4.2 percent
• 2021 to 2022: Minus-18.5 percent
• 2022 to 2023: Minus-23.0 percent
An increase in sales in Bend in the 2024 calendar year, even if “only” 1 percent, would represent a significant change from the past three years – perhaps even more noteworthy in light of a national housing market that, according to The New York Times, is expected to end 2024 as the slowest in three decades.
November’s median sales price was $713,750. That’s 10.5 percent less than October’s median of $797,450 and 0.5 percent more than the median in November 2023. Through the 11th month of 2024, the Bend market has had a median sales price for a given month that was higher than in the same month in 2023 eight times.
A key factor in November’s decline in median price was sales of homes in the highest price tier ($1.425 million and more). In November, 14 homes at that price were sold, whereas in October, it was 31 homes – more than double the average monthly sales of homes at that price.
The average days on the market in November was 75 days. That was the highest for any month since January 2020 (77 days) and the highest for any November since 2013 (122 days).
Late fall and winter tend to be slow periods for real estate activity in Bend, but it can be an opportune time to be in the market. There is no one “best” or “right” time to buy or sell a home. Often, in fact, buying or selling a home can be a reaction to developments outside of one’s control. That’s one of the reasons I’m confident I can help you achieve a successful real estate outcome. I have deep knowledge of the Bend market and operate with an ethical, client-first approach. 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 Searchto connect through my website.