July 2023 Housing Market Report for Central Oregon
There is truly no place like Central Oregon in the summer! With rising temperatures and frequent events, Bend is the place to be, which is why summer is an opportune time to either list your home or start the house hunt. The July 2023 Beacon Report data for Central Oregon reflects this busy season through an increase in median price, closings, and months of inventory.
Watch Video: July 2023 Housing Market Report for Central Oregon
July 2023 Beacon Report for Central Oregon
With an overall increase in all categories, the July 2023 Beacon Report amplifies the rise in activity in the Central Oregon real estate market. While days on the market have increased to 13 days, the median price is not dropping. The median price is at $785K, which is the highest rate in the Beacon Report since before 2020.
Additionally, the number of closings has increased by about 8% as demand continues to drive the market activity.
Interestingly, and this is good news for those wanting to enter the Bend market at a lower price point, the price per square foot does vary depending on neighborhoods. According to Donnie Montagner, the difference in median sales price in Bend’s 4 major quadrant neighborhoods, continues to become a more significant factor in sales price:
In 2013-2014, there was about a $165,000 difference in median sale price between these areas. In 2022, there was a $285,000 difference in median sale price between NW Bend and NE Bend. So far in 2023, there is a $305,000 difference.
This neighborhood-specific intel is valuable for sellers too. As we saw earlier this year and last fall, overpricing is a sure way to slow down your home sale.
As a reminder, the MLS Data is more up-to-date than the Beacon Report, and it also represents all the properties on the market, unlike the Beacon Report, which only represents the properties that sold.
MLS Data for Bend, Oregon
Through looking at the MLS Data for July 2023 in Bend Oregon, we again see an all-around increase in all aspects of the data. Here are a few takeaways:
- There were 25% more listings this month! That influx provides the market with more inventory and more choices for buyers—more competition for sellers.
- While there were a few more days on the market, there are still plenty of closings, just less of a feeding frenzy when a great house goes live on the MLS. Phew!
- There were more listings with changed prices this month, yet they only decreased their prices by about 5%. This could be to suit the needs of Bend buyers better, and to ensure accurate pricing in the market.
This data certainly reflects a busy summer season for Bend’s real estate, but one that is steady. This should serve as an encouragement to buyers and sellers alike in that they can get close to what they want to either spend or sell for their home!
If you’re interested in buying or selling a home, don’t hesitate to reach out to us and a BendRelo agent will get in touch with you shortly!
Read the full Beacon Report for Central Oregon July 2023
If you want all the details about all Central Oregon locations, download this printable report.