February 2022 Housing Market Update for Central Oregon
No surprises, here: The Central Oregon Beacon Report for February 2022 shows that Bend is low on inventory and median home prices are ticking up. Fifteen minutes up the road in Redmond, prices are significantly increasing, and also low on home inventory. Let’s dive into the details and the other communities.
In Bend, the median price for a single family home returned to $683,000 in January after a dip in December. This change is an $8000 difference from December’s median price of $675,000, a 1% change. Comparing year over year, January 2022 was 17% higher for Bend Median Home Price than January 2021. The median home price a year ago was $580,000.
Last month, the price per square footage in Bend, Oregon slid slightly to $356, down $1 from December.
Inventory continues its downward trend in Bend, so if you’re thinking of selling, this is a very strong time to be a home seller. There is less than half a month’s inventory of homes available in Bend. The number of home sales reflect this low inventory, with only 131 homes sold in January, down from 171 in December. Winter and early spring could be an advantageous time to list. Learn why.
In Bend, homes sold at an average rate of 9 days in January 2022, which is 3 days quicker than the December average.
Bottom line: the market remains competitive, and the team at BendRelo have the best tools to help you find and buy the right new home, or sell your current home. Learn more about our cash offer program.
REDMOND: FEBRUARY 2022 BEACON REPORT
Redmond’s median home price saw the highest increase in months- coming in at $500k for January 2022, representing a 7% increase. The average price per square foot increased to $266, which was a slight step up from last month. Days on Market for Redmond inched up to 14 days in January, mirroring the upward trend from the previous months. Inventory levels remain low at 0.5 months
SUNRIVER HOUSING MARKET NUMBERS
In Sunriver, the median sold home price decreased to $892k, which represents a 3.7% decrease from December. The average time spent on the market for sold homes was 6, which was one more day than December 2021. Inventory remains consistent at 0.25 months of inventory for sale.
SISTERS HOUSING MARKET STATS
The median home price in Sisters skyrocketed in one month — from $645k in December to $730k in January. The average days on market dropped from 8 days to just 3 days in the month of January- which proves that homes in Sisters are a hot commodity. Inventory remains steady at 0.25 months.
Read the full February 2022 Beacon Report for Central Oregon Here.