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Bend Oregon Real Estate Market 2019 Statistics
Bend is a small city in Oregon. It is nestled on the edge of the Cascade Range and on the shore of the Deschutes River. It is a verdant spot in the High Desert. It sounds like a wonderful place to visit. It is also a good choice for real estate investors. If you are looking at buying a house in Bend as a potential investment opportunity, you must read till the end. Home prices in the Bend OR real estate market are expected to rise by 3.3% in 2020.
In fact, in the last 10 years, Bend has experienced some of the highest real estate appreciation rates in the U.S. Bend, Oregon is home to around eighty thousand people. The Bend housing market includes the Redmond metro area. This means the Bend OR housing market includes almost two hundred thousand people and makes it the fifth largest in the state of Oregon. However, the size of a housing market isn’t reason enough to invest here. Let us discuss the current Bend housing market trends and forecasts for 2019 and find out why you should consider investing in this pricey market.
Bend OR Real Estate Market Forecasts 2019 & 2020
The median home value in Bend is $440,400 on Zillow. Bend home values have gone up 9.3% over the past year and Zillow’s Bend OR real estate market prediction is that the prices will rise 3.3% in 2020. The median list price per square foot in Bend is $266, which is higher than the Bend-Redmond Metro average of $241. The median price of homes currently listed in Bend is $520,000 while the median price of homes that sold is $425,300. The median rent price in Bend is $1,895, which is higher than the Bend-Redmond Metro median of $1,850.
According to LittleBigHomes.com, the Bend real estate market forecast for the 12 months ending with the 3rd Quarter of 2019 is positive. Their accuracy of the Bend real estate market trend prediction is 92%. Accordingly, they estimate that the probability for rising home prices in Bend is 92% during this period. If this Housing Market Forecast is correct, home prices will be higher in the 3rd Quarter of 2019 than they were in the 3rd Quarter of 2018.
Bend Oregon Housing Market Forecast 2019 – 2021
The Bend, OR housing market forecast for the 3 years ending with the 3rd Quarter of 2021 is also positive. The accuracy of the Bend Oregon housing market trend prediction is 86%. Accordingly, LittleBigHomes.com estimates that the probability for rising home prices in Bend is 86% during this period. If this Housing Market Forecast is correct, home values will be higher in the 3rd Quarter of 2021 than they were in the 3rd Quarter of 2018.
Check this page each quarter for updates to the Bend Real Estate Market Forecast.
Bend OR Real Estate Market Trends
Bend, OR real estate market trends indicate an increase of $5,500 (1%) in median home sales and a 0% rise in median rent per month over the past year. The average price per square foot for this same period rose to $239, up from $231. Trulia has 910 resale and new homes for sale in Bend, OR, including open houses, and homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.
The median sales price for homes in Bend for Jan 25 to Apr 24 was $405,500 based on 466 home sales. Average price per square foot for Bend was $239, an increase of 3% compared to the same period last year. The median rent per month for apartments in Bend for Mar 28 to Apr 28 was $1,895.
Data by Redfin.com shows that the Bend housing market is somewhat competitive. Homes in Bend receive 1 offers on average and sell in around 41.5 days. The average sale price of a home in Bend was $459K last month, up 9.3% since last year. The average sale price per square foot in Bend is $234, up 5.9% since last year. Homes typically receive 1 offer. Homes in the Bend housing market sell for about 2% below list price and go pending in around 42 days. Hot Homes in Bend, OR can sell for around list price and go pending in around 7 days.
Bend Housing Market Statistics
- Median Sales Price: $405,500 (On Trulia)
- Median Rent Per Month: $1,895
- Price Per Sqft: $239
- Median Household Income: $56,181
- Home Owners: 71%
- Single Residents: 33%
- Median Age: 41
- College Educated: 44%
- Transportation: 95% people commute by car
There are 1,906 homes for sale in Bend, ranging from $1K to $18M on Realtor.com. 158 of which were newly listed within the last week. Additionally, there are 91 Bend rental properties, with a range of $600 to $3.2K per month. In February 2019 the housing market in Bend, OR is a buyer’s market, which means there are roughly more active homes for sale than there are buyers. Buyer’s markets are generally more advantageous for buyers rather than sellers.
In February 2019, the median list price of homes in Bend, OR was $424.9K, trending up 3.6% year-over-year. The median listing price per square foot was $246. The median sale price was $390.5K. On average, homes in Bend, OR sell after 86 days on the market. The trend for median days on market in Bend, OR is flat since last month, and flat since last year.
The median list price in Tallahassee is $472,950 on Movoto.com. The median list price in Bend went up 1% from April to May. Bend’s home resale inventories is 90, which increased 1 percent since April 2019. The median list price per square foot in Bend is $291. April 2019 was $292. Distressed properties such as foreclosures and short sales remained the same as a percentage of the total market in May.
Tallahassee Single Family And Multi-Family Homes
Following the housing market decline in 2007, single family rental properties became favorable options for investors, saving in construction or refurbishment prices. The quick turnaround for an owner to rent out their property means cash flow is almost immediate. Single family rental homes have grown up to 30% within the last three years. Almost all the housing demand in the US in recent years has been filled by single family rental units.
As per the data from the real estate company called Neigborhoodscout.com, the median house price in Bend, Oregon is $424,798, which indicates that home prices in Bend are well above the national average for all cities and towns. Single family detached homes are the single most common housing type in Bend, accounting for 68.58% of the city’s housing units. Other types of housing that are prevalent in Bend include large apartment complexes or high rise apartments ( 11.73%), duplexes, homes converted to apartments or other small apartment buildings ( 9.97%), and a few mobile homes or trailers ( 4.83%).
The most prevalent building size and type in Bend are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 57.75% owning and 42.25% renting. Currently, there are 878 single family homes for sale in Bend, OR on Zillow. These include upcoming potential listings such as properties which are in the stage of Pre-Foreclosure. Additionally, there are 84 single family homes for rent in Bend, OR.
Bend, OR Foreclosures And Bank Owned Homes
The percent of delinquent mortgages in Bend is 0.2%, which is lower than the national value of 1.1%, according to Zillow.com. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Bend homeowners underwater on their mortgage is 3.9%, which is higher than Bend-Redmond Metro at 3.6%.
- Foreclosures in Bend = 50 (RealtyTrac)
- Homes for Sale in Bend = 824
- Median List Price = $459,450 (2% ⇓ vs Feb 2018)
There are currently 50 properties in Bend, OR that are in some stage of foreclosure (default, auction or bank owned) while the number of homes listed for sale on RealtyTrac is 824. In March 2019, the number of properties that received a foreclosure filing in Bend, OR was 220% higher than the previous month and 0% higher than the same time last year.
Home sales for February 2019 were up 0% compared with the previous month, and down 100% compared with a year ago. The median sales price of a non-distressed home in Bend, OR was $0. The median sales price of a foreclosure home in Bend, Oregon was $0, or 0% higher than non-distressed home sales.
Bend Home Prices And Real Estate Appreciation
Bend OR real estate has appreciated 47.56% over the last ten years, which is an average annual home appreciation rate of 3.97%, putting Bend in the top 10% nationally for real estate appreciation. Bend OR real estate appreciation rates are so strong that despite a nationwide downturn in the housing market, Bend real estate has continued to appreciate in value faster than most communities.
Looking at just the latest twelve months, Bend real estate appreciation rates continue to be some of the highest in America, at 8.81%, which is higher than appreciation rates in 85.71% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Bend. Bend OR real estate appreciation rates in the latest quarter were at 1.36%, which equates to an annual appreciation rate of 5.57%.
The above statistics on real estate appreciation in Bend were taken from NeighborhoodScout.com. You can visit their page for more information. Relative to Oregon, our data show that Bend’s latest annual appreciation rate is higher than 70% of the other cities and towns in Oregon.
10 Best Neighborhoods In Bend For Real Estate Investment
There are 51 schools in Bend, OR. There are 19 elementary schools, 12 middle schools, 6 high schools and 14 private & charter schools. There are 16 neighborhoods in Bend. Some of the best neighborhoods in or around Bend, Oregon are Mountain View, Boyd Acres and Old Farm District.
Tetherow has a median listing price of $844.5K, making it the most expensive neighborhood. Seventh Mountain is the most affordable neighborhood in Bend, OR, with a median listing price of $175,000. Here are the 10 best neighborhoods in Bend, Oregon to invest in real estate because they have the highest real estate appreciation rates (List by Neigborhoodscout.com).
- Central Oregon Hwy / Bear Creek Rd
- SW Chandler Ave / Century Drive Hwy
- Granite Dr / Ridge Dr
- City Center
- Dalles California Hwy / SW Quarry Ave
- Oregon State U-Cascades Campus / NW Shevlin Park Rd
- NE 3rd St / NE Revere Ave
- Grand Targee Dr / Parrell Rd
- Klippel Rd / Palla Ln
- Tumalo
Why Should You Invest in Bend, Oregon Rental Properties?
Investing in real estate is touted as a great way to become wealthy. Is Bend, OR rental property good for investment? Planning to invest in the Bend OR real estate market? Many real estate investors have asked themselves if buying a property in Bend is good investment? You need to drill deeper into local trends if you want to know what the market holds for the year ahead.
We have already discussed the Bend housing market 2019 forecast for answers on why to put resources into this sizzling market. The home prices in the Bend housing market will be on an upswing all through 2019. The Bend home prices are expected to rise by 3.3% in 2020. Here are the top 10 reasons to invest in the Bend real estate in 2019.
1. The Tourism Market
Twenty five years ago, the Bend OR real estate market was weak because this logging town was declining. However, the city has become a gateway for many outdoor sports; tourism now accounts for 16 percent of area jobs. Bend, Oregon is now seeing a steady stream of active adventure seekers whether they go fishing, mountain biking, hiking, rock climbing, golfing, skiing or paragliding.
Few of these activities can be done in a day trip. This creates steady demand for Bend OR rental properties rented by those who want a place to relax at the end of the day without worrying about where to store their gear. It can also be a cheaper way to stay than spending the night at the Mount Bachelor ski resort.
2. The Short Term Rental Market
Bend OR rental properties can be rented to locals or to tourists. Bend, Oregon has made short term rentals legal if you go through the permitting process and own properties in the right area, if you’re not a resident. For example, there are several neighborhoods where the property can be leased on a short term basis continually as long as you secure the right permits and pay the same taxes hotels do.
In contrast, Portland is considering cracking down hard on them in the hope that it increases the number of rental units in the area.
3. The Diverse Local Economy
Bend, Oregon has transitioned from a logging town to one with a diversified economy. As the largest city in the region, it is home to the area’s hospitals and schools. There are a number of breweries in the area. Moreover, due to the insane prices of real estate in San Francisco and Seattle, Bend actually has people living here and taking an extreme commute to those high paying tech jobs. There are a few local manufacturers in the area, as well.
4. The Student Market
We touched on the fact that Bend, Oregon is the service center of the region, home to all the educational and medical service providers in the area. If you live in the area and want to go to college, you can either attend the Oregon State University Cascades campus or leave.
The OSU Cascades campus is notable for having both bachelor and graduate programs. This attracts many students from across the area to Bend, creating demand for Bend OR rental properties.
5. Oregon’s Rent Control Rules and Bend, Oregon
Oregon made news in early 2019 by becoming the first state in the country to pass a state-wide rent control law. The law limits rent increases to the rate of inflation plus seven percent. Rent control laws have a history of limiting the housing supply by removing the financial incentives to build new real estate.
This is because there are far more renters than landlords, and the state will face pressure to limit rental increases until the only rentals left are barely maintained structures. However, the state doesn’t apply the rent cap to buildings less than fifteen years old.
In addition, Bend, Oregon been in a housing boom as it population nearly doubled since 2010. One way you could delay the impact of the Oregon rent control law is to buy properties in the Bend OR housing market instead of older homes in Portland.
6. The Opportunities Created by the Legal Changes
Between tax hikes and other regulatory changes, this is probably a good time to snap up Bend OR rental properties. Many property owners in the Bend OR real estate market are likely to sell to investors to avoid the hassle of having to do a major renovation in order to remove slow-paying or troublesome tenants.
In these cases, you have to provide three months’ notice and pay them one month’s rent. A real estate investor who finds a good deal can buy the property cheap, plan the renovations and tenant removals, and put the property back on the market as upscale units.
Alternatively, you could demolish an older building and build a new one, getting around the rent control laws for more than a decade. This is the best choice for those who find premium pieces of real estate with deteriorating buildings on it.
The other exception to the law is those who own four or fewer units. This means that you could buy a duplex, triplex or fourplex as in the Bend OR real estate market and have rents remain a market rates.
We could do a whole article on how Bend is better than Portland. And one of them is the greater landlord protections Bend has. For example, Portland is thinking of making it illegal to refuse to rent to someone with a criminal record. Invest in Bend, instead, where you have more legal protection as a property owner.
7. A Lack of Rental Inventory
Bend, Oregon has seen steady population growth. However, the Bend OR real estate market hasn’t been adding new inventory fast enough to meet demand for Bend OR real estate market. Instead, most of the new construction has been single family homes snapped up by buyers.
This explains the one percent vacancy rate for Bend OR rental properties. Oregon’s new rent control rule will incentivize conversion of rental units into condos, further restricting supply. This will ensure that existing rental units are always booked.
At least Oregon’s new rent control law allows you to evict people who don’t pay the rent, though it will take one to two months.
8. The Lower Tax Rate
In Deschutes County, the average tax rate is $15 per thousand dollars of assessed value. The property tax rate in the Bend OR housing market is a quarter less than the Multnomah County property tax rate of roughly $20 per $1000 of assessed value. Then there’s the fact that Bend OR rental properties are much cheaper than properties in Portland.
9. The Relatively Affordable Real Estate
The median home in Bend, Oregon sells for around 425,000. The average list price is around half a million dollars. In Portland, the figures are similar but are pulled down by a larger number of one and two bedroom condominiums and two bedroom starter homes.
10. The Near Certain Appreciation of Property
The Bend OR housing market is expected to see a 3 percent increase in property valuations in 2019. In contrast, Portland’s housing market has cooled. Prices may remain stable in Portland, or they may even decline one percent in 2019.
However, geographic constraints aren’t a factor in this comparison. Portland is constrained by the large national parks to its west and the Canadian border. Bend, Oregon is limited by the national parks to its east.
Bend Oregon Real Estate Investment
Maybe you have done a bit of real estate investing in Bend, OR but want to take things further and make it into more than a hobby on the side. It’s only wise to think about how you can and should be investing your money. If you are a home buyer or real estate investor, Bend real estate investment definitely has a track record of generating one of the best long term returns in the U.S. through the last ten years. If you invest wisely in Bend OR real estate, you could secure your future. If you are a beginner in the business of cash flow real estate investing, it very important to read good books on real estate.
Most investors naturally gravitate to residential property investment. When looking for the best real estate investments, you should focus on markets with relatively high population and employment growth. Both of them translate into high demand for housing. If housing supply meets housing demand, real estate investors should not miss the opportunity since entry prices of homes remain affordable.
You must also collaborate and learn from savvy real estate investors who have retired early on in their lives by investing in some of the best real estate markets like Bend, OR. Bend, Oregon is arguably everything that Portland isn’t. It has lower taxes, more open space, more affordable real estate and attracts visitors from all over the country. It is a good place to consider investing if you’re willing to take up the challenge.
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 U.S. growth markets. We can help you succeed by minimizing risk and maximizing profitability.
Other Best Places To Invest In Real Estate
Another market that we suggest is the housing market in Palm Bay, FL. Palm Bay, FL. The Palm Bay real estate investment offers an excellent mix of affordability, slow growth and high returns. Demand for Palm Bay rental houses ranges from those seeking affordable beach homes in retirement to locals who just need a place to live.
Roughly thirty percent of the people living in the Palm Bay real estate market are renters. While this is in line with the national average, it is unusually high given how cheap Palm Bay rental homes would be to buy. This is because per capita income is about 30 percent lower than the national average, and median household income is 20 percent. A lesser factor in this equation is the growth of Orlando.
The western side of the Palm Bay housing market is on the east side of Orlando’s suburbs. And there are a few people who live here to commute to work in Orlando. The high cost of Orlando housing will slowly drive residents and employers toward Palm Bay.
Another market that we suggest is the housing market in Tallahassee, FL. The Tallahassee area isn’t as glamorous as Orlando or Miami. Their high rental rates are offset by their sky-high property prices. Consider a more stable and reliable rental market like Tallahassee, Florida. If you owned a Tallahassee real estate investment property, you would have seen the value rise 7.5 percent in 2018. Home prices are predicted to go up almost 4 percent in 2019.
Nor will the Tallahassee real estate market see home prices pulled down by the deteriorating urban core. The average list price per square foot is actually higher in downtown Tallahassee than the broader Tallahassee metro area. The Tallahassee job market was middling a few years ago.
However, the city is poised for economic growth. It had the fastest growing economy per capita in the state last year. Employers are moving in, and it is becoming easier for people to find a job. As job growth continues, wages and rents will rise. Buy Tallahassee rental properties now while they’re cheap.
Let us know which real estate markets you consider best for real estate investing! If you need an expert investment advise, you may fill up the form given here.
One of our investment specialists will get in touch with you to discuss all facets of searching for, buying, and owning a turnkey investment property.
*Remember, caveat emptor still applies when buying a property anywhere. The information contained in this article was pulled from third party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, the Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.
References:
About the market
https://en.wikipedia.org/wiki/Bend,_Oregon
The tourism market
https://en.wikipedia.org/wiki/Bend,_Oregon
Diverse economy
https://en.wikipedia.org/wiki/Bend,_Oregon
The Student market
https://en.wikipedia.org/wiki/Oregon_State_University_Cascades_Campus
Rent control
https://www.oregonlive.com/business/2019/03/how-does-oregons-first-in-the-nation-rent-control-law-work-a-quick-guide.html
https://www.wweek.com/news/state/2019/01/16/democrats-are-confident-they-will-pass-the-nations-first-statewide-rent-controls-and-a-ban-on-no-cause-evictions
Lack of inventory
Why Is Moving to Bend, Oregon So Difficult? The 3-Part Insider’s Perspective
Opportunities
https://www.bendbulletin.com/localstate/7018738-151/some-oregon-tenants-see-backlash-from-new-rent
https://www.opb.org/news/article/portland-landlords-tenents-with-criminal-convictions
Tax rate
https://expo.oregonlive.com/news/erry-2018/10/7273fa75401636/property-tax-rates-in-oregons.html
Relative affordability
https://www.zillow.com/bend-or/home-values
https://www.zillow.com/portland-or/home-values
The stronger appreciation
https://www.zillow.com/bend-or/home-values
Short term rental market
https://www.bendoregon.gov/government/departments/community-development/licenses-and-permits/short-term-rental-program
https://www.pressherald.com/2018/11/19/city-council-approves-changes-to-rental-rules
Market Data, Trends and Forecasts
https://www.movoto.com/bend-or/market-trends
https://www.trulia.com/real_estate/Bend-Oregon
https://www.littlebighomes.com/real-estate-bend.html
https://www.neighborhoodscout.com/or/bend/real-estate
https://www.redfin.com/city/1543/OR/Bend/housing-market
https://www.realtor.com/realestateandhomes-search/Bend_OR/overview
https://www.realtytrac.com/statsandtrends/or/deschutes-county/bend
