Bend Market Reality Check

With Halloween in the rearview, it’s time to look back at October in Bend real estate. (All figures are for single-family residences only. Data is sourced from the local MLS and deemed reliable, though independent verification is recommended.

At first glance, you might think the market is heating up again. There were 189 closed sales — the most for any October since 2022 — and 729 active listings, the lowest since March. On the surface, it appears we’re heading back toward normal after a quieter summer.

Look a little closer, and the story for sellers shifts.

Key Market Indicators

Days on Market

Homes averaged 65 days on market, the longest October since 2011 (72 days) and 16 days higher than any October since. Buyers are taking their time.

% of Original List Price Received

Homes sold for 93% of the original asking price on average. (Example: list at $1,000,000 → ~$930,000 sale price)

This is the lowest October reading since 2011, and the first time it’s dipped below 94.2% during that span.

% of Homes Selling Above Original List Price

Only 12.7% of sales closed above asking — the lowest since 2019 (12.5%). Prior to that, you’d need to go back to 2008. Bidding wars? Not so much.

% of Homes Closing With Concessions

44.4% of sales included concessions, averaging $10,000 — the highest October level since tracking began in 2013. Sellers are negotiating more than they have in years.

What does it all mean?

Today’s market most closely resembles 2019 inventory levels mixed with 2011 buyer behavior — a fun combo only if you enjoy historical real estate trivia (Hi, that’s us!).

In 2019, Bend’s median home price was about $472,000, the average mortgage payment around $2,112, and median Oregon household income roughly $74,410 (Data according to the Federal Reserve Bank of St. Louis). Homes moved quicker — about 38 days on market.Fast-forward to today: the median sale price is $775,000, the average mortgage payment is near $4,649, and median income sat around $89,700 in 2024 (2025 data not yet available). Meanwhile, sales volume is down over 23% year-to-date, and the average time on market has climbed to 65 days.

For deeper context, the last time buyer behavior looked like this was 2011, just after the Great Recession — but the backdrop was dramatically different. Bend’s median home price was roughly $200,000, average mortgage payments were around $936, and median Oregon income was about $51,530. Since then, home values have climbed nearly 288%, mortgage costs have jumped roughly 397%, while income has grown only 74%.

In short, home prices and payments have far outpaced income growth, buyers are cautious, and sellers need a sharp strategy to succeed.

It’s not 2021 anymore — buyers aren’t racing, rates aren’t dropping tomorrow, and sellers who nail pricing and presentation still win. Everyone else… waits.

This article appears in the Source November 13, 2025.