Bend’s Housing Market Hits Inventory Milestone
For the first time in over a decade, Bend’s housing market is nearing balance. In May, the city approached the industry standard of six months’ inventory—meaning there are about as many homes for sale as there are buyers.
Before the pandemic, multiple offers at or above asking price were common in Bend. Since May 2022, Bend’s market has mostly seen about two months of inventory. But in June and July 2024, and again in April 2025, that stretched to four months.
The median sales price dipped slightly to $772,000 in May from a record $832,000 the previous month. Homes in Bend typically sell in about 22 days.
Paul Knighton, CEO of More Realty, still calls Bend a seller’s market, but a cooler one. He notes that seasonal factors, vacations, and buyers waiting for mortgage rates to drop (currently just under 7%) may explain the increase in listings.
“The fewer homes on the market, the more power sellers have,” Knighton said. “After nearly a decade of a hot seller’s market, things are finally cooling off.”
Redmond’s market is also loosening, with inventory rising to a three-month supply in May. The median price there dropped to $514,000, and homes now sell faster—around 17 days compared to 60 in January.
Other nearby areas show mixed trends: Sisters’ median price ticked up slightly to $794,000, Sunriver’s jumped to $1.04 million but with very few sales, and La Pine’s dropped to $365,000 with about five months to sell a home.
Knighton sums it up: “More inventory favors buyers. As we get closer to six months of supply, the market balances out, offering better opportunities for those looking to buy.”
Interested in understanding what these market shifts mean for you? Reach out to me anytime to explore your options and make the most of today’s evolving housing landscape!
