Bend, OR's housing market in July 2023 showcased promising growth in median listing home prices, reflecting a positive 8% year-over-year increase. The balanced market conditions and the 100% sale-to-list price ratio indicate a stable and mutually beneficial environment for both buyers and sellers.
With homes typically spending an average of 45 days on the market, the real estate landscape in Bend, OR presents opportunities for those interested in becoming homeowners or investors. With a wide range of properties, including the latest listings and rental options, Bend, OR remains an attractive destination for individuals seeking a place to call home.
These housing market trends are based on single-family, condo, and townhome properties listed for sale on Realtor.com. Land, multi-unit, and other property types are excluded.
Bend, OR Housing Market Trends
In July 2023, the median listing home price in Bend, OR reached $863.8K, showing an impressive 8% year-over-year increase. The median listing home price per square foot was $434. Moreover, the median home sold price stood at $818K.
Sale-to-List Price Ratio: 100%
Homes in Bend, OR demonstrated a remarkable trend in July 2023, with sales occurring at approximately the asking price on average. This 100% sale-to-list price ratio indicates a healthy market where buyers and sellers found common ground.
Bend, OR's Balanced Market
Bend, OR experienced a balanced market in July 2023. This equilibrium signifies that the supply and demand for homes are relatively evenly matched, offering favorable conditions for both buyers and sellers to engage in real estate transactions.
Median Days on Market: 45 Days
On average, homes in Bend, OR sell after 45 days on the market. It's worth noting that the trend for median days on the market in Bend, OR has experienced a slight increase since the previous month and a marginal rise since the previous year.
Bend OR Housing Market Forecast 2023-2024
The Bend, Oregon housing market has seen a series of fluctuations in recent times, which makes understanding the forecast all the more essential for potential buyers, sellers, and investors. According to Zillow, as of now, the average home value in Bend stands at $723,495. However, this figure has experienced a 7.3% decrease over the past year, indicating a noteworthy shift in market dynamics.
Typical Home Values: $723,495
1-year Value Change: -7.3%
(Data through July 31, 2023)
Additionally, a critical aspect of the housing market is the median sale-to-list ratio, which stood at 0.998 as of June 30, 2023. This metric signifies the relationship between the listed price of homes and their actual selling price. Moreover, 29.6% of sales were made over the list price, while 49.6% were under the list price, reflecting a diverse range of pricing dynamics that potential buyers and sellers should consider.
One of the most compelling statistics for buyers and sellers alike is the median days to pending, which as of July 31, 2023, is 12 days. This indicates that homes in Bend, OR are going pending within a short time frame, underlining the competitive nature of the market.
Bend MSA Housing Market Forecast by July 2024
MSA stands for Metropolitan Statistical Area. It is a geographical region encompassing a city and its surrounding suburbs, often used for demographic and economic analysis. In the context of Bend, Oregon, the MSA includes the city and its adjacent areas.
Looking into the housing market forecast for the Bend MSA by July 2024, data indicates a positive trend. Based on the provided forecast values, there is projected growth in the region's housing market. The forecast suggests a 0.9% increase by August 31, 2023, followed by a 1.4% increase by October 31, 2023. This growth trajectory culminates in a substantial 7% rise by July 31, 2024. These figures paint a picture of potential recovery and expansion in the Bend MSA housing market.
Addressing Common Questions
Are home prices dropping in Bend, Oregon?
Yes, home prices in Bend, Oregon have experienced a 7.3% decrease over the past year, according to data through July 31, 2023. This indicates a decline in average home values over that period.
Is Bend real estate overpriced?
It depends on the specific property and its location within Bend. While the average home value has decreased over the past year, the overall pricing of real estate in Bend can vary. It's crucial for buyers and investors to conduct thorough research, consider market trends, and assess property features to determine if a property's price aligns with its value.
Is Bend, Oregon a good place to buy real estate?
Yes, Bend, Oregon can be a favorable location for real estate investment. Despite market fluctuations, Bend offers a desirable quality of life, outdoor recreational opportunities, and a growing community. However, potential buyers should carefully evaluate their investment goals, conduct due diligence, and work with real estate professionals to make informed decisions.
Why is Bend, Oregon real estate so expensive?
The high demand for housing in Bend, Oregon is a key factor contributing to its expensive real estate market. The city's natural beauty, outdoor activities, and quality of life have attracted both residents and investors. Additionally, limited housing supply, regulatory factors, and the overall desirability of the area can also contribute to higher property prices.
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
