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Housing Prices: Astronomical Growth for Central Oregon Cities 

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The Beacon Report for July was just released this week—a compilation of statistics based on Central Oregon MLS data. According to the report, the July median price for a single family residence in Bend was $364,000 and the average days on market dropped to 70 days, reflecting the high demand and low inventory levels.

This report also shows figures going back four years. An interesting statistic to compare was the median price. Since July 2012, the median price for a home in Bend has increased by more than $100,000. Redmond has also experienced significant price growth; the median price in July 2012 was $155,000, and the July 2016 median price was $262,000.

Still, when the median housing price is way up and wage growth levels have yet to catch up, many people find themselves renting because they can't afford to buy. Our current national homeownership rate is the lowest it has been in half a century, at 62.9 percent. Part of this figure can be accounted for by people who lost their homes during the recession and are still renting, as well as more rental households entering the housing market.

Overall, prices are continuing an upward trend in Bend—good news for home sellers, but not for entry-level buyers. There still are good deals out there for entry-level buyers, but they are moving very quickly.

Housing Round-up

LOW

20085 Mt Faith Pl., Bend, OR 97702

3 beds, 2 baths, 1,239 square feet,

.10 acre lot | Built in 2005

$244,900

Listed by Exit Realty Bend

MID

20781 SE Shea Ct., Bend, OR 97702

4 beds, 2.5 baths, 2,152 square feet,

.11 acre lot | Built in 2016

$364,950

Listed by RE/MAX Key Properties

HIGH

63325 South Rd., Bend, OR 97703

5 beds, 4 baths, 4,683 square feet,

3 acre lot | Built in 1980

$1,395,000

Listed by Morris Hayden Properties LLC

Photos and listing info from Central Oregon Multiple Listing Service

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