January 2023 Housing Market Report for Central Oregon
The first 2023 Housing Market Report for Central Oregon sheds light on the current real estate trends in Bend and surrounding areas. For all the hoopla and topsy-turvy turns of the market over the last year, one fact remains: December 2023 median home prices were slightly higher than December 2022. Surprising, right? Find out what other surprising insights are revealed by the data this month by reading the takeaways from the Bend, Oregon Beacon Report and MLS Data.
Video: Central Oregon Housing Market Update January 2023
December 2023 Beacon Report for Central Oregon
We mentioned that the median home price of homes that closed in December 2023 ($678K) was still slightly more than December 2022 ($675k), so what else does the most recent Beacon Report tell us?
Days on market for closed homes has slowed to 30, which is more than a seasonal slowdown. Central Oregon hasn’t seen homes on the market more than 30 days since the early months of 2020, when the pandemic—and the rush to live in Bend—began. Does this mean there is some normalcy and less real estate frenzy in store for our destination towns? Possibly.
Inventory and transactions are low, reflecting both a seasonal phenomenon and perhaps a timidness of those sellers who can afford to wait to sell their homes.
MLS Data for Bend, Oregon
The Beacon Report presents information on the homes that closed in the previous month, while the MLS data represents all active properties for sale in the market. So what does this more broad lens show us?
- Inventory is down from last month; again seasonality (SNOW!) and other factors could be at play.
- Median days on the market shot up to 81
- Less properties changed their price in December, which suggests houses are entering the market with a more realistic price tag. However, when the homes are priced high, they must take nearly 7% off their original asking price to calibrate with the market.
If you’re interested in real estate in Central Oregon, we’re here for you. We use up-to-date market information to help all our clients make informed real estate decisions. Contact us and we can make a strategy that works for you.
Read the full Beacon Report for Central Oregon January 2023
If you want all the details about all Central Oregon locations, download this printable report.