Fall 2025

The days are shorter, the tourists are gone (sort of), the leaves are changing color and starting to fall, the kids are back in school. The pace just seems slower.

While there’s a distinct air of caution and perhaps uncertainty in the air, the Bend real estate market saw it’s biggest month (not by much) of sales since September of 2022 with 180 transactions. Inventory remained limited with just four months available overall. The median price of a home hovered around the $710,000 level. We saw 41 sales (23%) over one million dollars; 56 under $600,000 (that’s 31%).  Also, as to be expected, 31% of purchases were cash transactions.

Despite the number of deals, both Buyers and Sellers seemed to be playing a bit of a cat and mouse waiting game . . . neither quite sure what the other was doing. More on that later.

High End Bend . . . $3,085,000

Move over Tetherow! Discovery West is on a roll . . . three of the top four most expensive homes came from this new community. It’s pretty amazing to see so much new development out on the extreme west side of Bend.

The big winner was a 4/5, 3912 square foot single level set on a half acre lot and backing to a community trail and a canyon.

The “sleek and sophisticated” mid-century modern aesthetic featured an open plan with large windows throughout. The property also offered a cool 698 square foot ADU and a three car garage (with a space large enough to accommodate one of Bend’s ubiquitous Sprinter vans ).

The new construction closed at full price at $789 per foot. Sorry about the use of the rendering above . . . the only item available on the MLS listing. We even sent out our ace photographer in a somewhat successful attempt to get a real shot  of this home. How did he do?

Bend’s Median Price . . . $712,450

Our resident prognosticator was not far off last month when he attempted to predict this month’s median price, “The median price will take a hit–probably moving to the $720,000 range.”

A nifty wrap-around covered porch and a quiet street (no HOA fees!) with friendly neighbors and room for dogs (or kids) to roam.

It went pending in 19 days and closed at $15,000 below list (at $418 per square foot).

As always, a comparison of median prices on the two sides of town:

East side       $599,995

West side      $1,080,000

Slumming It . . . $400,000

One of just 12 homes to sell for less than $500,000, this 3/2, 1638 square foot home was indeed an “investor special.”

Sited on almost an acre, the home featured nice bones, good sized bedrooms, a cozy stove, kind of a funky kitchen,

and what could be euphemistically called a “functional floor plan.”

The outdoor amenities included a paver walkway and patio as well as a deck with gazebo.

The garage conversion was not permitted; the hot tub was not functional and needed to be trashed. There may or may not have been heat.

Condition be damned . . . the home went pending in just 8 days and closed at $100 below list (at $244 per square foot).

Looking Ahead

As mentioned previously . . .180 sales (single family residential on less than an acre) . . . still not much to be too excited about as we take a more nuanced look at our tiered market.

The high end will continue to move; “scarcity is paramount.” Buyers with the means will pay for the right product (often with cash!). These purchases will not be interest rate sensitive, and will often be lifestyle based. A word of caution though . . . there are currently 46 active listings priced above $2,000,000.

The mid range ($750,000 to $1.5M) is another story. These transactions will require sharper pricing strategy to succeed. While demand will continue to be relatively strong, properties priced at realistic levels will be rewarded with fewer days on market and competitive interest. Homes clinging to to yesterday’s aspirational-based pricing will linger on the market and often require substantial price reductions to encourage buyers to re-engage. One lesson for sellers-” . . . precision matters . . . aligning prices with current conditions will be the surest way to ensure activity and avoid stagnation.”

The low end is the low end. Action will be predicated on just a couple of things–price and price!