November 2024 Housing Market Report for Central Oregon

Days on Market and Inventory: Slow but Steady

As the days shorten, so too does inventory—although only slightly. Bend’s SFR inventory sits at about a 3-month supply, a figure that indicates moderate movement in the market. But here’s the kicker: homes are spending an average of 44 days on the market. While that’s slower than the lightning-quick sales of 2020-2021, it’s still impressive compared to pre-pandemic norms, when homes averaged 88 days on the market. So, while homes might not be flying off the shelves like they used to, they’re certainly not gathering dust, either.

Building Permits on the Rise

There’s hope on the horizon for those frustrated by low inventory. October saw an uptick in new SFR building permits, meaning more homes are in the pipeline. This doesn’t immediately impact the current inventory but does hint that relief may be on the way for buyers, especially those eyeing new construction in the coming months.

Bumps Along the Road: Redmond and Beyond

While Bend’s market may feel turbulent, Redmond offers a contrasting landscape. The Redmond SFR median price has stabilized over the past few months, sitting at $540,000 in October, with a brisk average of 36 days on the market. Inventory is also holding steady around 3 months, indicating a balanced market with consistent demand and supply.

Advice for Buyers: Patience and Perspective

For buyers, the advice is simple but worth repeating: patience is key. You might not get into a bidding war reminiscent of the frenzied 2021 market, but with many high-priced homes on the docket, waiting for the right opportunity could save you in the long run. As Donnie points out, “The market activity of 2020-2021 was an anomaly.” If you’re worried about overpaying, remember, Bend’s prices haven’t seen the significant declines of past downturns.

Advice for Sellers: Don’t Expect a 2021-Style Bonanza

Sellers, if you’ve been holding out for that 2021-style market, it may be time to reassess. Properties are selling, but it’s taking longer, and buyers have more options. Pricing competitively and being willing to negotiate could make all the difference in today’s market. As Donnie said, “This market is easing away from an aggressive sellers’ market.” So, it might be wise to bring a bit of patience (and perhaps some cookies for open houses).

As we edge into the quieter winter months, it’s natural to see a seasonal slowdown in activity. But keep in mind that Bend’s market has shown resilience and continues to attract a range of buyers. Don’t be discouraged by a little slowdown; instead, use it as an opportunity to find the perfect home—or buyer—for you.