December 2024 Housing Market Report for Central Oregon

Bend: A Chill in the Market

The Bend single-family residential (SFR) market is feeling the winter slowdown, with the median sale price dipping to $700,000 in November. This is a significant drop from $800,000 in October and represents the lowest median price seen since early 2024.

Luxury properties also took a hit, with only 21% of homes sold in November exceeding $1 million, compared to 35% in October. The total number of sales shrank, and homes lingered on the market for an average of 51 days—up from prior months. Yet, with inventory holding steady at about three months, buyers still have options. The Beacon Report author Donnie Montagner sums it up best: “Rising marketing times and a decline in sales are not unreasonable for this time of year with regard to the Central Oregon real estate cycle.” In other words, the real estate market, much like the weather, has its seasons. And while winter may bring a slowdown, it also lays the groundwork for opportunities come spring.

Redmond: Stable, but Watch the Supply

Redmond’s SFR market, on the other hand, has been less volatile. While November saw a slight dip in the median sale price to around $500,000, the market has mostly hovered at this level over recent months. However, inventory in Redmond tightened further to a two-month supply, which leans favorably for sellers. A low supply often creates a competitive environment, so buyers should be prepared to act swiftly when they find the right home.