A Market in Motion

As the leaves pile up and Halloween decorations take center stage across town, it’s time to reflect on the summer that was in Bend real estate. It’s no secret that the real estate market has been in flux this year due to factors like high interest rates, larger inventories, and buyer uncertainties. With misinformation spreading rapidly online — where one source claims “this could be the best summer yet in real estate,” while another insists, “it’s the worst market we’ve ever seen”— one thing remains true: numbers don’t lie. All figures in this article represent single-family homes in Bend and are sourced from the local Flex MLS, deemed to be accurate.

Quarter 3 (July, August, September) is typically the busiest time of year for Bend real estate, producing the highest number of single-family home sales in 11 of the last 12 years. The only exception was 2022, when Q2 slightly outpaced Q3. This year, 655 single-family homes sold in Bend— up 14% from 574 in Q2 — and the strongest summer since 2022, when 675 homes sold.

While that’s a far cry from 2020, when sales peaked at 1,145, it still represents a healthy seasonal uptick in today’s market. A key difference between today’s market and that of 2022 is inventory. At the end of September, there were 828 active single-family listings compared to 576 in 2022 — a 44% increase and the highest September inventory since pre-COVID 2019 (866).

Digging deeper into the numbers, a few trends stand out. Homes sold for an average of 94.3% of their original list price — meaning a home listed at $1,000,000 typically sold for about $943,000. That’s the lowest third-quarter percentage since 2011 (92.5%) and nearly 8% below the peak of 100.6% recorded in 2021. Even more striking, just 11.5% of homes sold above their list price, the lowest Q3 figure since the Great Recession in 2008, when it dipped to 10.7%.

With more inventory and homes selling well below their original list prices, properties are naturally staying on the market longer. The average Days on Market in Q3 2025 was 32, the highest third-quarter average since 2012 (35 days). While that figure is high, September alone averaged 49 Days on Market — a number not seen in September since 2011.

Another key metric to watch is appreciation. Bend’s median home price for Q3 2025 settled at $775,000, up 2% from 2024 but slightly lower than 2023—and nearly identical to 2022. The median price per square foot landed at $399, $5 below 2022’s $404. Looking at the broader picture, the Bend market saw explosive 37% Q3 growth from 2020 to 2021 but has grown just 7% since, as the market works to correct itself after such unprecedented expansion. September’s unusually high Average Days on Market shows buyers continue to be patient and strategic — viewing more homes than in previous years and often waiting for price reductions. With inventory now at its lowest level since April, expect homes to gradually start selling closer to their original list prices. And if interest rates continue to drop, it could lead to a busier-than-normal fall for Bend real estate.

Nathan Powers is the director of Marketing/Business Development at Engel & Völkers Bend

This article appears in the Source October 16, 2025.