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Redmond Oregon Real Estate | First Half 2023 Trends
Redmond Real Estate Sales Reflect a Market in Transition
It has been awhile since we last looked at the data for Redmond Oregon home sales. Redmond's housing has consistently been more affordable than that available in Bend with the majority of homes in the city what most would considered middle income suburban. The Covid-19 housing boom impacted Redmond as it did most of the country, and now rising interest rates, lack of inventory, and relatively high prices are creating a housing market in transition.
We looked at Redmond home sale for the first half of 2023. When the first six months of 2023 are compared with the first six months of 2022, the following changes can be noted for Redmond single family home sales on less than an acre:
- Average sales price down 10.7% to $508.212*
- Median sales price down 11.4% to $469,500
- New listings down 23.3% to 455
- Homes for sale up 38.4% to 137
- Pending sales down 21.1% to 385
- Sold homes down 32.1% to 322
- Average days on market up 109.1% to 2.3
- Average price per square foot down .6% to $312
- Percent of sold to list price down 2.3% to 98.8%
- Dollar volume down 39.3% to $163,644,369
First Half of 2022 Saw a Huge Jump in Mortgage Interest Rates
The chart below shows mortgage interest rates since 2020. 2022 was the first year in which mortgage interest rates doubled, hitting 7%. This greatly impacted the buying power of potential Redmond homeowners. Mortgage rates dipped after their peak in 2022, but now are approaching the same rates as last year. For people trying to purchase Redmond homes, each increase mortgage interest rates can determine whether or not they can afford to purchase. Until either Redmond home prices or mortgage interest rates drop to a level that makes sense for Redmond homebuyers, we will continue to see a housing market in transition.
* Data per Central Oregon MLS 7-12-23.
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