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Redmond Oregon Real Estate | 1st Quarter 2024 Trends
Redmond Single Family Home Prices Up
After dropping 1st quarter 2023 from 1st quarter 2022, Redmond single family home prices rose 1st quarter 2024. The relative affordability of Redmond compared with other urban areas in Deschutes County (i.e. Bend, Sisters and Sunriver), has led to an influx of new purchasers and demand for those who cannot qualify to purchase homes elsewhere. That and a growing number of local events and an active city council keeping up with infrastructure needs has led to a vibrant community for which demand cannot keep up with new inventory; rising home prices have been the result.
Redmond Listings Still Lower Than Needed
Although there were more new listings 1st quarter 2024 than in 2023, the number is still down 20% from 2022. Inventory levels of single family homes have risen with Redmond now experiencing over three months of supply, but this is still below a balanced market of five to six months. New construction has added new homes to Redmond, but these properties still cannot keep up with the demand. However, a big impact on Redmond home sales will be rising interest rates. We expect with the 30 year mortgage rate back over 7%, fewer potential home buyers will qualify for a new home loan and inventory levels will rise as a result.
Redmond Real Estate Sales Maintain Consistency
While the number of 1st quarter closed homes in Redmond were considerably lower in 2024 than seen in 2022, the figure was not greatly different than seen in 2023. With the rise in mortgage rates, whether this remains consistent through 2nd quarter remains to be seen.
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