The Bend, OR housing market is one of the most desirable in the country, with stunning scenery, a vibrant economy, and a high quality of life. As a result, home prices in Bend have been rising steadily in recent years, and the market is now considered to be very competitive.
There are a number of factors that are driving demand in the Bend housing market. These include:
- Desirable Location: Bend is located in a beautiful part of Oregon, with easy access to the Cascade Mountains, the Deschutes River, and other outdoor recreation opportunities.
- Strong Economy: Bend has a strong economy, with a low unemployment rate and a high concentration of high-paying jobs.
- High Quality of Life: Bend is known for its high quality of life, with excellent schools, safe neighborhoods, and a vibrant community.
Bend, Oregon Housing Market Report – September 2023
In September 2023, the median listing home price in Bend, OR stood at $874.9K, reflecting a significant 12.9% year-over-year increase, according to data by Realtor.com. This data indicates a robust and growing market, making it an attractive destination for real estate investments.
The median listing home price per square foot in Bend was $433. This metric is essential for buyers as it gives insight into the value they can expect for each square foot of property.
The median price at which homes were sold in Bend, Oregon, was $750K. This figure offers a benchmark for both buyers and sellers, helping them understand the market’s dynamics.
The sale-to-list price ratio in Bend was 98.66%, indicating that, on average, homes sold for slightly less than their listing price. Buyers might find some room for negotiation, but it’s still a seller’s market.
Market Balance
Bend, Oregon, maintained a balanced market in September 2023, where the supply and demand for homes were in equilibrium. This information is crucial for understanding the market’s competitiveness.
Median Days on Market
The median days on the market for homes in Bend was 66 days. This statistic helps sellers anticipate the time it might take to sell their property, while buyers can gauge the market’s pace.
Neighborhood Insights
Bend, Oregon boasts 13 neighborhoods, each with its unique characteristics. Among them, Aubrey Butte stands out with a median listing home price of $1.2M, making it the most expensive neighborhood. On the other hand, Mountain View is the most affordable neighborhood, with a median listing home price of $599K.
Are Home Prices Dropping in Bend, Oregon?
Based on the data from September 2023, home prices in Bend, Oregon are not showing a significant drop. In fact, the median listing home price has increased by 12.9% year-over-year, indicating a thriving real estate market in the area.
What to Expect in the Months Ahead?
The Bend housing market is expected to remain strong in the months ahead. Demand for homes is likely to remain high, while inventory levels are likely to remain low. This means that home prices are expected to continue to rise.
Buyers who are interested in purchasing a home in Bend can expect to face competition from other buyers. It is important to be prepared to act quickly and to have a pre-approval letter in place.
Sellers who are looking to sell their homes in Bend can expect to receive multiple offers and to sell their homes quickly. It is important to price your home competitively and to make sure that it is in good condition.
Bend OR Housing Market Forecast 2023-2024
As we look ahead to the housing market in Bend, Oregon, it’s essential to consider the insights provided by Zillow. The forecast for 2023-2024 sheds light on what both buyers and sellers can anticipate in the coming months.
Current Market Overview
As of September 30, 2023, the average home value in Bend stands at $725,317. While this figure reflects a 3.2% decrease over the past year, it’s important to note that the Bend housing market remains dynamic and in demand.
Homes in Bend are also moving swiftly, with an average of 20 days on the market before they go pending. This is a sign of a competitive market where buyers need to act quickly to secure their desired properties.
Key Metrics
- Median Sale to List Ratio (August 31, 2023): 0.994
- Percent of Sales Over List Price (August 31, 2023): 23.8%
- Percent of Sales Under List Price (August 31, 2023): 53.3%
- Median Days to Pending (September 30, 2023): 20
These metrics provide valuable insights into the Bend housing market’s current dynamics, with a significant portion of sales happening below the list price. Buyers should be aware of the competition and be prepared to act swiftly to secure their ideal homes.
Bend MSA Housing Market Forecast
Looking at the forecast for Bend’s Metropolitan Statistical Area (MSA), we can see the expected changes in home values:
- Base Date (30-09-2023): The starting point for the forecast.
- 31-10-2023: Home values are projected to increase by 0.5%.
- 31-12-2023: A further 0.4% increase is anticipated by the end of the year.
- 30-09-2024: The most significant change is predicted for this date, with a 2.9% increase in home values.
This forecast indicates that the Bend, Oregon housing market is expected to rebound and experience growth in the coming year. Buyers and sellers should consider these projections when making real estate decisions in 2023-2024.
Is Bend Real Estate Overpriced?
Whether Bend real estate is overpriced depends on your perspective and specific preferences. Bend’s average home value, although relatively high, reflects the area’s desirability due to its natural beauty, strong economy, and quality of life. It’s essential to consider your budget and what you’re looking for in a property. Working with a local real estate expert can help you make an informed decision based on your needs and financial situation.
Is Bend, Oregon a Good Place to Buy Real Estate?
Yes, Bend, Oregon is generally considered a good place to buy real estate. The area offers a unique blend of natural beauty, a robust economy, and a high quality of life. While prices have seen some fluctuations, it remains an attractive destination for those seeking a property. However, market conditions can change, so it’s crucial to do thorough research and consult with real estate professionals to make an informed decision.
Things to Consider When Investing in the Bend Real Estate Market
Investing in the Bend, Oregon real estate market can be a lucrative venture, but like any investment, it requires careful consideration and strategic planning. Whether you’re a seasoned investor or a first-time buyer, here are some essential factors to keep in mind when diving into the Bend real estate market:
1. Market Trends and Forecast:
Stay informed about the current market trends and forecasts for Bend’s real estate. Research data on home values, price fluctuations, and sales trends over the past years. Consider consulting local experts or real estate agents to get insights into the market’s trajectory and whether it aligns with your investment goals.
2. Location:
Choose your investment property’s location carefully. Different neighborhoods in Bend can have varying potential for growth, rental demand, and resale value. Consider proximity to amenities, schools, parks, and major employment centers. A prime location can significantly impact the property’s long-term value and rental income potential.
3. Property Condition:
Assess the condition of the property you’re interested in. Whether it’s a fixer-upper or a turnkey property, understanding the current state of the property is crucial. Calculate potential renovation or repair costs and factor them into your budget. A well-maintained property can attract tenants and provide better resale opportunities.
4. Rental Demand:
Evaluate the rental demand in the Bend market. If you’re considering buying a property for rental income, research the local rental market. Understand the vacancy rates, rental rates, and tenant preferences. A property in an area with high rental demand can generate consistent income and enhance your investment’s profitability.
5. Financing Options:
Explore your financing options and determine the best approach for your investment. Understand interest rates, loan terms, and down payment requirements. Factor in potential mortgage payments, property taxes, and insurance costs when calculating your investment’s overall financial feasibility.
6. Regulations and Zoning:
Familiarize yourself with local regulations and zoning laws that govern property investments in Bend. Different zones have varying rules regarding property use, renovations, and potential for short-term rentals. Compliance with regulations ensures a smoother investment journey and avoids legal complications.
7. Long-Term Goals:
Define your long-term investment goals. Are you looking for a property for rental income, future resale, or personal use? Understanding your goals helps you make decisions that align with your investment strategy. A clear vision can guide property selection, financing, and exit strategies.
8. Professional Guidance:
Seek advice from professionals, such as real estate agents, financial advisors, and attorneys. These experts can provide valuable insights, assist with due diligence, and help you navigate complex aspects of real estate investing. Their expertise can save you time, money, and potential pitfalls.
Investing in the Bend real estate market requires a combination of research, analysis, and informed decision-making. By carefully considering these factors and seeking expert guidance, you can make informed choices that lead to a successful and rewarding real estate investment journey.
Buying an investment property is different from buying an owner-occupied home. Whether you are a beginner or a seasoned pro you probably realize the most important factor that will determine your success as a Real Estate Investor in Bend, Oregon is your ability to find great real estate investments in that area.
According to real estate experts, buying in a market with increasing prices, low interest, and low availability requires a different approach than buying in a cooler market.
We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in U.S. growth markets. We can help you succeed by minimizing risk and maximizing profitability.
References:
- https://www.zillow.com/bend-or/home-values
- https://www.realtor.com/realestateandhomes-search/Bend_OR/overview