Bend’s January Market Snapshot

The year 2025 and its unpredictable market are now comfortably in the rearview. With interest rates briefly reaching three-year lows, the real estate market must be returning to some semblance of normalcy… right? Let’s take a look at what the January stats are telling us about the first month of 2026.

One important thing to keep in mind is that January is historically one of the slowest months of the year and does not necessarily represent what the market could look like in a few weeks—let alone a few months.

All information is sourced from the local Flex MLS and is deemed accurate but not guaranteed.

Supply of inventory represents the number of months of inventory. A general rule of thumb: under four months of supply is considered a seller’s market, while over six months is a buyer’s market.

“DOM” represents average days on market.

We will compare residential home data to January 2025 and segment it into three groups to identify potential trends in the market.

January 2025

Active Listings: 686 homes

Closed Sales: 169

$300,000 – $649,999: 240 Active | 54 Sold | 4.6 Months Supply | 54 DOM

$650,000 – $899,999: 162 Active | 55 Sold | 2.8 Months Supply | 67 DOM

$900,000 +: 261 Active | 57 Sold | 4.9 Months Supply | 70 DOM

Last year, lower-value properties (under $650,000) and higher-value properties (over $900,000) performed at relatively similar levels, with comparable numbers of active and sold listings. The hottest segment last January was the middle range ($650,000–$900,000), which matched the number of sales in the other segments despite having significantly lower inventory.

January 2026

Active Listings: 633 homes

Closed Sales: 140

$300,000 – $649,999: 200 Active | 55 Sold | 3.2 Months Supply | 55 DOM

$650,000 – $899,999: 141 Active | 44 Sold | 3.0 Months Supply | 66 DOM

$900,000+: 263 Active | 41 Sold | 5.9 Months Supply | 137 DOM

This January has seen lower-value properties become the most active segment of the market. Not only did this category record the highest number of sales, but it also outsold the same segment from last year with 20% less inventory.

The middle segment has remained active, though it has cooled slightly from last year, with inventory down 13% and sales down 20%. The most pronounced shift has occurred in the high-value segment.

Despite nearly identical inventory levels, sales dropped 28% from last January, creating a clear buyer’s market for luxury properties. These homes are now sitting on the market for more than four months on average.

Main Takeaways:

●After peaking last summer with sustained inventory above 1,000 homes from May through September, Bend has seen inventory decline each month and is now at its lowest level since March 2024.

●With lower inventory often comes fewer sales, but an 8% drop in inventory compared to a 21% drop in sales suggests buyers are still proceeding cautiously. The 140 closed sales mark the lowest January total since 2023.

●Accurately priced homes under $900,000 are moving quickly.

●Pricing has never been more important for higher-end listings. If a property is priced incorrectly at the start, sellers may find themselves chasing the market through multiple price reductions over several months before securing a sale.

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

This article appears in the Source February 19, 2026.