Subscribe and receive email notifications of new blog posts.
RSS Feed
1
NorthWest Crossing Real Estate Market Trends
NorthWest Crossing is one of Bend's Most Popular Neighborhoods
Originally developed as the "affordable" option to most of Brooks Resources' subdivisions in Bend, NorthWest Crossing quickly became one of the the most popular neighborhoods within the city, attracting many California transplants as well as locals to the healthy lifestyle characterized by the community. The initial style of homes - mostly craftsman bungalows - has evolved over the years with later phases built in the more modern design now desired by many. However, the resale value of the original craftsman homes has increased dramatically and the appeal of the neighborhood has remained among Bend's most favored.
What are the Market Trends for NorthWest Crossing Homes?
NorthWest Crossing experienced the same market trends most of Bend had during the past three years with Covid creating a huge spike in demand for homes, leading to multiple offers and rising prices. Although home prices have leveled off over the past year, lack of inventory has kept them from dropping. The median home price in NorthWest Crossing is well over $1,200,000.
New inventory in NorthWest Crossing has been limited. The project has been mostly built-out with little new single-family home new construction. Therefore, homebuyers looking to purchase in the neighborhood are relying upon resales. Potential home sellers are not listing their homes during the past year the way they have in previous years.
With less inventory comes fewer sales. As we are seeing within our Central Oregon market, most listings are arising from homeowners having to sell rather than making a change based on a new need. For instance, we are seeing new listings resulting because of divorce, death, elder need or job transfer out of the area and not due to lifestyle change requiring a larger or smaller home. With interest rates now over 7%, potential home sellers with 3-4% mortgage rates are making their current homes work for them rather than selling and paying the much higher rate in their replacement home. Until this changes, we will continue to see home prices in NorthWest Crossing remaining high resulting in limited sales.
Privacy Policy / DMCA Notice / ADA Accessibility
