More Bend Home Inventory and Moderate Price Increases Were the Norm for 2024 Sales

2024 Bend home sales experienced modest price increases for the year, but Bend home buyers were fortunate to have more options. Sellers who had hesitated putting their property on the market during Covid and following when mortgage interest rates were close to 8% finally had more inclination to do so when mortgage rates dropped to the mid 6% range during the summer of 2024. Delayed moves which were offset by high mortgage rates for a subsequent purchase finally made sense when rates dropped. Although there was an increase in home prices and sales for Bend single family homes, it was modest. With more in...

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When planning a move, a newly built home might not be the first thing that comes to mind. But with more brand-new homes on the market and builders focusing on smaller, more affordable options, this type of home may just be the key to crossing the homebuying finish line.

Here's why a new build is worth considering – and how a Bend Premier Real Estate Broker can help you find one that meets your needs and your budget.

1. More Newly Built Homes Are Available Right Now

First, let's break dow...

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More Inventory Means More Choices for Bend Home Buyers

There are more homes on the market for potential Bend home buyers to choose from than there were at the same time last year. With more inventory, there has been more motivation for sellers to negotiate price and terms with buyers. This in turn has resulted in homes selling for less than asking price, often after price reductions, in order to generate offers. While the overall sales price is up slightly over the same time last year, the months of supply is up over 11%.

When the data from November 2024 for Bend single family home sales on less than an acre is compared with those from November 2023, the following changes can be seen:

• Average sales price up 4.1% to $888,821
• Median sales price up 2.6% to $711,875

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Bend Home Sales Up With More Inventory and Lower Mortgage Rates

It appears that the tide has turned and Bend home buyers are now experiencing lower prices, more choices with more inventory, and better interests rates. This has enabled more buyers to enter the market and more sellers to have confidence listing their home, knowing that their replacement property will cost less than it did just six months ago. This has generated more early fall business than we normally see and a more balanced Bend real estate market.

When September 2024 is compared with September 2023, the following changes to Bend home sales can be noted:

• Average sales price down 11.3% to $837,153*
• Median sales price down 4...

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Bend Home Inventory Levels Rising

Bend real estate is entering its peak selling season from late spring until early fall. With this season a rise in home inventory levels typically leads to greater buyer interest and more sales as buyers who may have been sporadically looking for homes get more serious about their purchase, often wanting to negotiate a sale and closing before fall. Sellers who may have been waiting until spring and summer when landscaping is alive and curb appeal can be its best will put their homes on the market hoping to sell quickly. And real estate brokers may find that both buyers and sellers they have been in communication with through winter are now ready.

The April figures fo...

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