More Bend Home Inventory and Moderate Price Increases Were the Norm for 2024 Sales

2024 Bend home sales experienced modest price increases for the year, but Bend home buyers were fortunate to have more options. Sellers who had hesitated putting their property on the market during Covid and following when mortgage interest rates were close to 8% finally had more inclination to do so when mortgage rates dropped to the mid 6% range during the summer of 2024. Delayed moves which were offset by high mortgage rates for a subsequent purchase finally made sense when rates dropped. Although there was an increase in home prices and sales for Bend single family homes, it was modest. With more inventory on the market, Bend home buyers could be more discerning with their purchase and homes which were well priced for 2024 did sell. However, the amount of home buyers who could afford Bend's high prices were limited and Bend home sellers discovered that patience and willingness to reduce prices and negotiate terms with potential home buyers were essential to a successful closing.

Bend Single Family Home Sales in 2024 Versus 2023

When a comparison is made for Bend single family home sales in 2024 and 2023, the following changes can be noted:

• Average sales price up 2.1% to $893,052
• Median sales price up .9% to $729,950
• Original average listing price up 2.6% to $972,670
• Original median listing price down 1.9% to $765,000
• New listings up 11.2% to 2089
• Homes for sale up 29.4% to 423
• Pending sales up 2.1% to 1635
• Sold  homes up 1.3% to 1604
• Median days on market up 47.1% to 25
• Months of supply up 43.5% to 3.3
• Average price per square foot up 2.9% to $426
• Average percentage of original price received down .2% to 96.8%
• Dollar volume of sold homes up 3.4% to $1,432,455,707

The Covid market is gone in which almost any listing which went active was purchased quickly, often with multiple offers which drove the price upward. Instead, the 2024 Bend real estate market reflected moderate price increases which were below normal trends, and a big jump in days on market. Often sellers who expected to receive offers similar to what was experienced in 2020 to 2022 had to recognize that if they really wanted to sell, they needed to lower the asking price, often significantly below the original list price. Homes considered fairly priced were quickly sold while those deemed overpriced had few, if any, showings and remained unsold for many days or months. The months of inventory for Bend single family homes increased significantly, and while it remained a sellers' market the end of 2024, there were many more choices for home buyers.

Bend Real Estate 2025 Predictions

In reviewing expert opinion and based upon knowledge of Bend real estate trends, it is expected that mortgage interest rates will remain in the mid 6 percent range for most of the year. This will dictate the price of a home that buyers who need to finance will be able to afford. For those financing $400,000, a .5% increase in mortgage rates leads to $130 increase in monthly payments. Over the course of a year, this amounts to over $1500 in added cost. Bend home sales for 2025 will be heavily influenced by mortgage interest rates. In addition, while 3.3 months of inventory is much higher than experienced in the past few years, it is still a strong sellers market. This coupled with the cost to build new Bend homes should keep Bend home prices up. Until inventory levels exceed five months, Bend home buyers should expect Bend home prices to remain high.