Bend OR Real Estate - 2021 Trends and 2022 Predictions

By
Real Estate Broker/Owner with Bend Premier Real Estate 200009031

Lack of Inventory the Most Pressing Issue for Bend Oregon Real Estate

2021 has come to a close and the Bend housing market has broken records when it comes to volume, price and inventory levels. The huge influx of residents moving to Bend which started with the 2020 Covid-19 pandemic continued in 2021. Bidding wars, multiple offers, and a general lack of inventory drove prices higher than they have ever been. Builders have not been able to keep up with the demand and the supply shortage of building materials has impacted the pace by which new homes can be completed.

When 2021 is compared with 2022, the sale of Bend single family homes on less than an acre show the following trends:

  • Average sale price up 26.6% to $774,860*
  • Median sales price up 27.7% to $645,000
  • New listings up 2.4% to 2692
  • Homes for sale down 27.1% to 444
  • Pending sales up 3.6% to 2706
  • Sold homes down 4.2% to 2494
  • Median days on market down 54.5% to 5
  • Months of supply down 33.3% to 2
  • Average price per square foot up 30.2% to $379
  • Median price per square foot up 31% to $351
  • Average percentage of list price to sales price up 2.7% to 102.6%
  • Dollar volume up 21.2% to $1,932,499,813

That last figure for dollar volume is significant.  Although sold homes were down 4.2% in 2021 compared with 2020, the dollar volume was up 21.2% to $1.9 trillion in sales. Bend home prices have reached a level never seen before, and the demand doesn't appear to be ending anytime soon. Even in early January we are seeing multiple offers on some luxury homes as soon as they are listed. There may never be a better time to be a Bend real estate seller than now. 

Predictions for Bend Real Estate Sales 2022

As we have noted in previous blogs, industry experts believe that there will be an increase in mortgage interest rates in 2022, but at a level that is still historically low, most likely staying under 5%. Inventory levels for Bend single family homes will still be a serious problem which will continue to cause home prices to rise, but the experts believe this will be at a smaller rate of increase than we have seen over the past two years. We believe that supply shortages will continue to impact new home construction and challenge Bend builders who are trying to complete buildings on a timely basis. We also believe that people will continue to move to Bend as they have for decades. The lifestyle of the area will remain a strong reason for people to relocate to Bend.

Bend Oregon Real Estate Trends

 

Comments (12)

Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Great report, I have a sister living in bend. Mortgage rates will stay below 4% actually.

Inventory is a bigger issue this Jan than last, seems like you and I have similar markets.

Jan 11, 2022 05:36 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Lynnea... you could have been writing about the Greater Charlotte region in your report (just less expensive). Your predictions for 2022 are just what I've been telling my own clients.

Jan 12, 2022 04:53 AM
Rocky Dickerson
Realty One Group - Las Vegas, NV
Superior Service!

A lot of activity for sure. Looking forward to a whirlwind 2022

Jan 12, 2022 11:46 AM
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Hi Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets Our market is similar to that of your area - and we do have a lot of California transplants moving here!

Jan 12, 2022 11:49 AM
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Hi Rocky Dickerson - I agree. Better batten down the hatches for a wild ride in 2022.

Jan 12, 2022 11:49 AM
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Hi Nina Hollander, Broker - great minds think alike!  And do their homework. 😀

Jan 12, 2022 11:50 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Lynnea, great market update for Bend, and you could very easily be relaying the information on the Denver market.

Jan 16, 2022 10:15 AM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate Brokered by Real - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

Seems like there is a lack of inventory in many markets, Lynnea and supply/demand has pushed prices up. 2022 looks like another successful selling year and I do hope the mortgage rates remain as they are currently. The best to you!

Jan 18, 2022 06:38 PM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Families on the move will appreciate your local real estate reports.

Jan 25, 2022 10:24 AM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Over the weekend I was speaking with a guy that said he used to live in Bend and he told me how much it has grown over the years.

Feb 03, 2022 05:00 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Good Saturday morning, Lynnea.

Have a great day and a very special weekend.

Feb 05, 2022 09:57 AM
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Hi Brian England .  Bend's population was 20,000 when I moved here in 1985.  It is now over 100,000.  The town has changed tremendously - especially over the past 5.

Feb 06, 2022 07:17 AM
Brian England

That is what he was telling me and he said that he didn't care for the way it has changed so he moved away.

Feb 06, 2022 05:22 PM