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Bend Oregon Real Estate | March 2024 Trends
Bend Home Prices Up and Inventory Levels Down
Despite the trends for January and February 2024 in which prices seemed to stabilize, the sales price of Bend homes rose unexpectedly in March. The year over year figure shows both median and average Bend home prices were up over 12% and inventory levels were down. When coupled with the steep rise in prices, affordability remains a major problem for potential Bend home buyers.
When March 2024 is compared with March 2023 for Bend single family homes on less than an acre, the following trends are noted:
- Average sales price up 12% to $893,967*
- Median sales price up 13.2% to $760,000
- Average list price up 9.2% to $1,059,212
- Median list price up .9% to $797,000
- New listings down 13.8% to 175
- Homes for sale down 15.2% to 240
- Pending sales down 2.6% to 148
- Sold homes down 10.9% to 114
- Average days on market up 9.6% to 57
- Months of supply down 5.3% to 1.8
- Average price per square foot up 15.9% to $444
- Average percentage of list price received down .2% to 98.7%
- Dollar volume of closed homes down .2% to $101,912,279
Multiple Offers Seen on Some Bend Real Estate Listings
Even though home prices are up, Bend Premier Real Estate Brokers are experiencing multiple offers for their clients on certain well priced homes. These properties are not necessarily the least expensive, but they are priced for the current market and have the amenities for which multiple Bend home buyers are looking.
High Mortgage Rates Remain an Obstacle for Bend Real Estate Sales
With mortgage rates remaining just under 7%, sellers with lower mortgage interest rates that would normally be listing are holding onto their existing home, waiting for rates to drop before jumping into the market. This puts more demand on the remaining inventory which is keeping home prices up. However, the high mortgage rates are limiting the options of would-be home buyers; fully 24% of Bend home sales in March 2024 were cash and this is not anticipated to change as we enter the peak season for Bend Oregon Real Estate sales from mid spring through mid fall.
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