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Bend Oregon Real Estate | January 2024 Trends
Bend Home Prices Leveling Off
The January 2024 Bend real estate market shows some stabilization. Although the average and median price per square foot are both up, the average and median sales price on sold homes comparing January 2024 to January 2023 show little movement. The issue most Bend home buyers are still dealing with is lack of inventory which provides few choices for people looking to purchase. Although mortgage interest rates have come down from the high rates pushing 8% seen last fall, they are still in the mid sixes which also impact the purchasing power for home buyers.
When the January 2024 sales for Bend single family homes on less than an acre are compared with those from January 2023, the following changes can be seen:
- Average sales price down 1.9% to $842,669*
- Median sales price up 1.5% to $699,950
- New listings down 14.7% to 99
- Homes for sale down 28.4% to 204
- Pending sales down 6.7% to 112
- Sold homes up 2.3% to 89
- Median days on market up 16.22% to 43
- Average price per square foot up 7.4% to $407
- Median price per square foot up 7.1% to $377
- Percentage of list price received at closing up .5% to 98.8%
- Dollar volume of closed sales up 1.1% to $74,997,509
Lack of Inventory Still a Problem for Bend Real Estate Sales
Among the most significant figures in the January 2024 Bend market trends are the new listings and the number of homes for sale. With the number of new listings hitting the market down 14.7% to just 99 in January 2024 and the overall number of homes for sale down 28.4% to 204, the lack of available homes to purchase will typically drive prices up. However, home prices seem to have leveled off. Lowered mortgage interest rates have helped home buyers, but the high prices of Bend homes will continue to limit those who can afford to live here.
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