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Central Oregon Real Estate Market Trends for Sisters, Prineville, Madras and La Pine | July 2023
What's Up with Real Estate Trends in Sisters, La Pine, Madras and Prineville?
We track on a monthly basis the real estate single family home sales trends for Bend, and on a quarterly basis those of Redmond. However, there are four other cities in Central Oregon which are important markets to our home buyers and sellers. The small city of Sisters typically has had higher prices than the other Central Oregon municipalities, but the access to the Cascades and other recreational opportunities has been a draw for those who like its quaint, western theme. For many for whom Bend is too expensive, wonderful options are available in La Pine, Madras and Prineville.
For the past three years, all three towns have followed the same market trends for their single family home sales as we have seen in both Bend and Redmond. Lack of inventory with high demand drove home prices up through 2021 into mid 2022, at which time the sharp increase in mortgage interest rates led to a drop in home sales. However, with fewer homes coming on the market as those sellers with great mortgage interest rates decided not to sell, lack of inventory kept home prices high.
However, over the past twelve months, home sales in the four cities have dropped. Typically most listings come about as a direct need of the seller, such as a death, divorce or job transfer. What used to trigger a listing, such as a a need to purchase a larger home for a growing family or a smaller home due to an empty nest, is weighed against the cost to finance the new purchase, many home owners are opting not to sell. This in turn has led to a significant drop in overall home sales. New construction has not kept up with the demand, which is why home prices remain high.
Like much of the country, until we see more inventory, which will come about by new construction or a change in mortgage interest rates, home prices will remain high and it will remain challenging for first time home buyers to become homeowners.
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