Bend Market Shifts, November 2024
The Bend single-family residential (SFR) market experienced a notable shift last month, with the median sale price dropping from $800K in October to $700K—its lowest point since early 2024. High-end properties over $1 million represented roughly 21% of total sales in November, a significant decrease from 35% in October.
Sales activity slowed overall, with fewer transactions and an increase in average days on market to 51 days. Meanwhile, SFR inventory remained steady at around a 3-month supply. These seasonal patterns, including longer market times and reduced sales volume, are consistent with Central Oregon’s typical real estate trends for this time of year.
Bend, Oregon continues to be a sought-after destination for homebuyers, thanks to its unique blend of outdoor recreation, vibrant culture, and small-town charm. However, like many real estate markets, Bend is influenced by seasonal trends and broader economic factors. This time of year often brings slower sales activity, longer marketing times, and price adjustments, as buyers and sellers navigate the holiday season and colder months.
Despite these seasonal changes, Bend remains a desirable market with strong long-term potential. Inventory held steady at a 3-month supply in November, providing opportunities for both buyers and sellers to make strategic moves. Whether you’re looking for a luxury home or a starter property, understanding the current market dynamics is key to achieving your real estate goal.