The Bend, OR housing market is one of the most desirable in the country, with stunning scenery, a vibrant economy, and a high quality of life. As a result, home prices in Bend have been rising steadily in recent years, and the market is now considered to be very competitive.
There are a number of factors that are driving demand in the Bend housing market. These include:
- Desirable Location: Bend is located in a beautiful part of Oregon, with easy access to the Cascade Mountains, the Deschutes River, and other outdoor recreation opportunities.
- Strong Economy: Bend has a strong economy, with a low unemployment rate and a high concentration of high-paying jobs.
- High Quality of Life: Bend is known for its high quality of life, with excellent schools, safe neighborhoods, and a vibrant community.
Bend Housing Market Trends
Bend, OR maintains its position as a seller's market as of February 2024, characterized by high demand and limited inventory. This imbalance between supply and demand creates a competitive environment, where sellers have the upper hand in negotiations. With more prospective buyers than available properties, sellers can often secure favorable terms and prices for their homes.
One of the key metrics indicating market dynamics is the median days on market, which stood at 63 days in February 2024. This metric reflects the average time it takes for a property to sell after being listed. The trend in Bend shows a slight decrease compared to the previous month, yet a marginal increase from the same period last year. Despite this variation, the overall trend underscores the continued appeal of Bend's real estate market.
Median Listing and Sold Prices
According to data from realtor.com, the median listing home price in Bend, OR stood at $837.3K in February 2024, marking a 5.4% year-over-year increase. This uptrend signifies sustained demand and appreciation in property values within the region. Additionally, the median listing price per square foot was recorded at $429, reflecting the premium attached to real estate in Bend.
Comparing the median listing home price with the median home sold price, we observe a convergence, indicating a strong alignment between listing and actual sale prices. This parity is reflected in the sale-to-list price ratio of 99.27%, signifying that homes in Bend typically sell for very close to their asking prices.
Thus, the Bend, OR 2024 housing market presents a compelling landscape for both buyers and sellers. With rising median listing prices, a robust sale-to-list price ratio, and a seller's market scenario, Bend exemplifies stability and growth in the real estate sector.
Bend OR Housing Market Forecast for 2024 & 2025
According to Zillow, the average Bend home value stands at $726,165, marking a 3.6% increase over the past year. Additionally, properties in Bend typically go pending within approximately 33 days, showcasing the region's competitive market dynamics.
Understanding Bend Housing Metrics
Let's dissect these housing metrics to gain a clearer understanding of the Bend market:
- For Sale Inventory: As of February 29, 2024, the inventory of homes available for sale in Bend.
- New Listings: There were 123 new listings recorded as of February 29, 2024, indicating ongoing activity in the market.
- Median Sale to List Ratio: This metric, standing at 0.980 as of January 31, 2024, signifies the relationship between the sale price and the list price of properties, providing insight into negotiation dynamics.
- Median Sale Price: The median sale price in Bend was $705,000 as of January 31, 2024, reflecting the middle point of all sale prices in the area.
- Median List Price: As of February 29, 2024, the median list price of homes in Bend was $833,300, indicating the midpoint of all listed prices.
- Percent of Sales Over/List Price: This metric, at 11.7% as of January 31, 2024, highlights the proportion of properties sold above their listed price.
- Percent of Sales Under/List Price: Conversely, 67.0% of sales as of January 31, 2024, were recorded under the listed price, reflecting market dynamics favoring buyers.
Bend MSA Housing Market Forecast
The Bend Metropolitan Statistical Area (MSA) encompasses Bend and its surrounding regions, serving as a key geographic unit for analyzing housing trends. Comprising various counties within Oregon, the Bend MSA is characterized by its diverse real estate landscape and dynamic market conditions.
The forecast for the Bend MSA projects a gradual but steady growth trajectory, with an anticipated increase in housing prices and market activity. As of the latest data available, the forecast indicates a 0.6% rise by May 31, 2024, and a more significant 1.8% increase by February 28, 2025, underscoring the region's resilience and potential for investment.
In terms of size, the Bend MSA encompasses a significant swath of territory, including Deschutes County, Jefferson County, and Crook County, among others. With its expansive boundaries, the MSA presents a diverse array of housing options, ranging from urban condominiums to sprawling rural estates.
The robust nature of the Bend MSA's housing market is underpinned by factors such as population growth, economic stability, and a thriving tourism industry, all contributing to sustained demand and opportunities for both buyers and sellers alike.
Are Home Prices Dropping in Bend?
Despite periodic fluctuations, Bend's housing prices have exhibited overall resilience and upward momentum. While individual properties may experience price adjustments based on various factors such as location, condition, and market demand, the broader trend indicates sustained appreciation. Factors such as population growth, economic stability, and limited inventory contribute to the overall stability of home prices in Bend.
Will the Bend Housing Market Crash?
Forecasting a housing market crash requires a comprehensive analysis of numerous economic, demographic, and market-specific variables. While Bend's housing market may experience periodic adjustments and fluctuations, indications of a severe crash are not currently evident. The region's strong economic fundamentals, coupled with ongoing demand for housing, suggest a degree of stability and resilience. However, prudent investors and homeowners should remain vigilant, staying informed about market trends and potential risks.
Is Now a Good Time to Buy a House in Bend?
Assessing the optimal timing for purchasing a home in Bend depends on individual circumstances, financial considerations, and long-term objectives. While the current market presents challenges such as limited inventory and heightened competition, it also offers opportunities for buyers seeking to invest in a thriving community with strong growth prospects. Working closely with experienced real estate professionals can help prospective buyers navigate market complexities and identify properties that align with their needs and budget.
Things to Consider When Investing in the Bend Real Estate Market
Investing in the Bend, Oregon real estate market can be a lucrative venture, but like any investment, it requires careful consideration and strategic planning. Whether you're a seasoned investor or a first-time buyer, here are some essential factors to keep in mind when diving into the Bend real estate market:
1. Market Trends and Forecast:
Stay informed about the current market trends and forecasts for Bend's real estate. Research data on home values, price fluctuations, and sales trends over the past years. Consider consulting local experts or real estate agents to get insights into the market's trajectory and whether it aligns with your investment goals.
2. Location:
Choose your investment property's location carefully. Different neighborhoods in Bend can have varying potential for growth, rental demand, and resale value. Consider proximity to amenities, schools, parks, and major employment centers. A prime location can significantly impact the property's long-term value and rental income potential.
3. Property Condition:
Assess the condition of the property you're interested in. Whether it's a fixer-upper or a turnkey property, understanding the current state of the property is crucial. Calculate potential renovation or repair costs and factor them into your budget. A well-maintained property can attract tenants and provide better resale opportunities.
4. Rental Demand:
Evaluate the rental demand in the Bend market. If you're considering buying a property for rental income, research the local rental market. Understand the vacancy rates, rental rates, and tenant preferences. A property in an area with high rental demand can generate consistent income and enhance your investment's profitability.
5. Financing Options:
Explore your financing options and determine the best approach for your investment. Understand interest rates, loan terms, and down payment requirements. Factor in potential mortgage payments, property taxes, and insurance costs when calculating your investment's overall financial feasibility.
6. Regulations and Zoning:
Familiarize yourself with local regulations and zoning laws that govern property investments in Bend. Different zones have varying rules regarding property use, renovations, and potential for short-term rentals. Compliance with regulations ensures a smoother investment journey and avoids legal complications.
7. Long-Term Goals:
Define your long-term investment goals. Are you looking for a property for rental income, future resale, or personal use? Understanding your goals helps you make decisions that align with your investment strategy. A clear vision can guide property selection, financing, and exit strategies.
8. Professional Guidance:
Seek advice from professionals, such as real estate agents, financial advisors, and attorneys. These experts can provide valuable insights, assist with due diligence, and help you navigate complex aspects of real estate investing. Their expertise can save you time, money, and potential pitfalls.
Investing in the Bend real estate market requires a combination of research, analysis, and informed decision-making. By carefully considering these factors and seeking expert guidance, you can make informed choices that lead to a successful and rewarding real estate investment journey.
Buying an investment property is different from buying an owner-occupied home. Whether you are a beginner or a seasoned pro you probably realize the most important factor that will determine your success as a Real Estate Investor in Bend, Oregon is your ability to find great real estate investments in that area.
According to real estate experts, buying in a market with increasing prices, low interest, and low availability requires a different approach than buying in a cooler market.
We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in U.S. growth markets. We can help you succeed by minimizing risk and maximizing profitability.
References:
- https://www.zillow.com/bend-or/home-values
- https://www.realtor.com/realestateandhomes-search/Bend_OR/overview