January 2025 Housing Market Report for Central Oregon

Mortgage Rates: Riding the 7.25% Wave

Mortgage rates are starting the year at 7.25%, quite the hike from just a few months ago. Forecasts suggest a slow descent into the 6-6.5% range later in the year. If rates were a movie character, they’d be the unpredictable villain—but buyers and sellers aren’t sitting on the sidelines waiting for the sequel. Phones are ringing, plans are being made, and transactions are happening. It’s a testament to Bend’s desirability and the resilience of its market.

Home Prices: Bend’s Golden Middle

The median home price in Bend sits at $700,000, slightly lower than recent months but still within a steady range. For those counting on seasonal trends, prices typically tick upward from February into summer. Think of it as Bend’s version of spring blossoms—except these blooms come with a mortgage.

Inventory: Slim Pickings, but Hope on the Horizon

Inventory remains tight, with just 2.5 months’ supply, down from 4 months in the summer of 2024. Active listings are at 407 homes, a significant drop from the 650+ listings seen last summer. However, as we edge closer to spring, more homes are expected to hit the market. If you’re selling, this is your moment to shine—buyers are eagerly watching for new options. If you’re buying, get pre-approved and be ready to act quickly when the right home comes along.

Days on Market: Tick-Tock, It’s Go Time

Currently, the average days on market for sold homes is 45 days, down from the seasonal high in December. Historically, this number drops sharply as spring approaches. If you’re a seller, now’s the time to prepare your listing. Buyers, don’t hesitate when you find “the one.” The good ones don’t stay single for long.

Compassionate Advice for Buyers and Sellers

Whether you’re navigating Bend’s bustling real estate waters for the first time or you’re a seasoned pro, here are some tips:

For Buyers:

• Timing Is Key: The market is heating up, and spring will bring more competition. Be prepared to move quickly on desirable properties.
• Adjust Expectations: Higher interest rates might mean revising your budget, but a dream home is still within reach.
• Stay Positive: Homeownership is a long-term investment. Focus on finding a place you love, not just scoring a deal.

For Sellers:

• Prepare Early: The market is active, but competition will increase as spring unfolds. Collaborate with your agent on pricing and staging.
• Be Realistic: Overpriced homes linger. Price strategically to attract motivated buyers.
• Embrace the Rush: Buyers are out in force—capitalize on the energy and make your home stand out.

A Bend-Sized Perspective

The Bend market feels optimistic heading into 2025. From bluebird skies at lower elevations to an epic snowpack on Mount Bachelor, there’s a bit of magic in the air. Buyers are actively looking, and sellers are prepping to list. It’s shaping up to be a vibrant year for real estate in Central Oregon.

If you need guidance or just want to chat about the market, don’t hesitate to reach out. Whether you’re chasing a ski run or a new front yard, Bend has something for everyone. Here’s to making 2025 your year of bold moves and bright futures!

Read the full Beacon Report for Central Oregon January 2025