Duke Warner Realty

October 2023 Real Estate Trends

As we moved through October, we witnessed the Central Oregon real estate market is still holding strong and thriving with activity. The remarkable growth of the market throughout the summer shows little signs of slowing down, even with wavering interest rates. Each month has proven a sustainable time for buyers and sellers. Bend and Redmond, which have consistently topped the list of most attractive real estate markets in Oregon and the country, continue to lead the way.

The start of the school year has done little to dampen the robust buyer and seller activity, a testament to the region’s desirability and ongoing demand. Potential buyers and sellers should make it a priority to stay informed about the real estate trends in Central Oregon to make well-informed decisions.

One significant change from previous years is the rise in active inventory, offering buyers an extensive range of available choices. This shift creates an excellent opportunity for buyers to find their ideal property in Central Oregon. With the stability in the mortgage industry positively affecting housing prices and boosting buyer confidence, the market’s overall stability improves.

Sellers should not be discouraged by the rising inventory or mortgages rates, as buyer demand in Bend and Redmond remains strong. The fall market, consequently, creates diverse opportunities for buyers and sellers to capitalize on the thriving real estate in Central Oregon. Whether you are looking to buy or sell in this dynamic market, now is the time to take advantage of the opportunities available.

Bend Market Report >>

Bend, Oregon is an unbeatable location, continuing to reign as one of the most coveted places to live in the country. With its vibrant microbrew pub scene, exceptional food, and abundant outdoor recreation opportunities, Bend offers an unparalleled lifestyle. Buyers show continued interest in Bend and its surrounding areas as spring approaches. Although September brought some economic and seasonal changes, including a slight softening of the average list price due to double interest rates, buyer enthusiasm remains high, resulting in a remarkable 98% sale price to asking price ratio. Homes in Bend typically sell within five to eight weeks, highlighting the area’s high demand for properties.

Inventory / Active

last year -> 354

Avg Days on Market

last year -> 15

Average Sale Price to List Price

last year -> 99%

# of Homes Sold

last year -> 137

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Redmond Market Report >>

Redmond is swiftly establishing itself as a dynamic central point in Central Oregon and a fantastic place to call home. The rising number of business opportunities in the area is attracting a growing population, resulting in a thriving real estate market. Home building, buying, and selling in Redmond continue at an impressive pace.

While Redmond experienced familiar market fluctuations, there was a notable increase in both the number of homes sold and their sale prices. Despite occasional shifts in mortgage rates, the region consistently achieves historical highs in housing prices. In fact, the average sale price in Redmond reached an impressive 99% of the asking price, reflecting the strong demand for properties in the area.

Inventory / Active

last month -> 195

Avg Days on Market

last month -> 18

Average Sale Price to List Price

last month -> 99.8%

# of Homes Sold

last month -> 65

October marks the end of summer season and the start of fall, bringing an exciting time for real estate activity in the region. With its breathtaking landscapes, abundant outdoor recreational opportunities, and thriving communities, Central Oregon continues to attract a multitude of homebuyers and investors. During the summer months, Central Oregon experiences a surge in real estate activity as buyers make the most of the warm weather and longer days to explore the area. This heightened demand creates a competitive market for both buyers and sellers. As a result, home prices tend to rise during this time, with buyers willing to pay a premium for their own slice of the Central Oregon paradise.

Winter is Almost Here in Central Oregon

The winter real estate market in Central Oregon is full of promise and potential. With the fall season behind us, there is a positive outlook for buyers and sellers in the region. The trends observed in September, such as an increase in active inventory and a stable mortgage industry, further contribute to the encouraging market conditions. To make the most of this vibrant market, it is essential to stay updated on the latest listings and market changes. Central Oregon’s winter real estate market presents a multitude of opportunities just waiting to be embraced.
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