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REAL ESTATE UPDATE | October 2022

There has been a slight increase in inventory this month; there are now 372 single-family homes under 1 acre available in Bend. This still only leaves two months’ inventory of active listings. The current interest rate on a 30-year fixed rate mortgage stands at just over 7% and is expected to increase further before the end of the year. This, of course, is the main contributor to the price decreases since May, which appears to have been the peak of the market. According to the latest Beacon Report, the Bend median home price was recorded at $725,000 for September, a 12% increase year over year. Meanwhile, the number of sales in Bend decreased year over year by 22%. Redmond’s median price increased by 17% over the past year, but the number of sales has decreased by 49% year over year. There has also been a shift back to more typical timelines as the median days on market has moved up to 20 from 7 a year ago. Having an experienced Realtor on your side is critical to your success in this market. 

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