February 2025 Bend Real Estate Market Update: A Strong Start to the Year
Bend’s real estate market kicked off 2025 with some notable trends, and if January’s numbers are any indication, we’re in for an interesting ride this year. Whether you’re a buyer, seller, or just an intrigued observer watching from the sidelines (maybe while sipping your locally roasted coffee), there’s plenty to digest in this month’s Beacon Report. So let’s break it down!
Bend’s Market: Prices Are Up, Inventory is Tight
According to Donnie Montagner of Beacon Appraisal Group, “The SFR median sale price in Bend in January was $735K, which is higher than was seen in January of 2023 and 2024.” That’s right—prices are climbing, which may not be the best news for buyers but is a strong indicator of market demand.
Also, the number of sales was higher than in the past two years, suggesting that despite higher interest rates and economic uncertainties, people are still eager to call Bend home. If you’re waiting for a price drop before making your move, well…you might be waiting a while.
Bend’s inventory currently sits at 2.5 months’ supply, which still leans towards a seller’s market. If you’re selling, this means you’re in a good position—buyers are out there, and with limited inventory, well-priced homes are moving quickly. Buyers, on the other hand, should be ready to act fast and make competitive offers.
Redmond’s Market: A Price Spike, But an Asterisk
Over in Redmond, things got interesting. The median sale price jumped significantly, but as Donnie pointed out, “Redmond had a significant increase in median sale price last month, which was a result of four SFR sales that sold higher than $750K.” In other words, don’t assume Redmond has suddenly become Beverly Hills—this jump is more about a few high-priced sales than a broad trend.
Total SFR sales in Redmond were 32, which is about the same as in January of 2023 and 2024, showing consistency in the market. Inventory in Redmond is holding steady at around two months’ supply, so sellers still have the upper hand, but buyers may find a few more opportunities here compared to Bend.
Advice for Buyers and Sellers
- Sellers: If you’ve been thinking about listing, now is a good time. With limited inventory and motivated buyers, well-presented and appropriately priced homes are moving. That being said, don’t get overconfident—buyers are savvy, and overpriced homes will sit longer than you’d like.
- Buyers: While prices are up, don’t let that discourage you. With the right strategy (and possibly a great local agent), you can still find opportunities. Be ready to move quickly when you find the right home, and consider looking at Redmond or other nearby areas if Bend feels out of reach.
The Big Picture
Bend’s real estate market remains resilient, with rising prices and strong buyer demand, while Redmond saw a price bump but maintains steady sales and inventory. If you’re navigating this market, patience, preparation, and a good sense of humor will serve you well.
Stay tuned for next month’s update, and as always, reach out if you need guidance in buying or selling in Central Oregon. Happy house hunting!
Read the full Beacon Report for Central Oregon February 2025
Available to Serve Our Clients
© Bend Relo at eXp Realty LLC 2025. All rights reserved.
Central Oregons Most Trusted Real Estate Team
