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Bend OR Real Estate - January 2024 Trends

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

Bend Home Prices Leveling Off

The January 2024 Bend real estate market shows some stabilization. Although the average and median price per square foot are both up, the average and median sales price on sold homes comparing January 2024 to January 2023 show little movement. The issue most Bend home buyers are still dealing with is lack of inventory which provides few choices for people looking to purchase. Although mortgage interest rates have come down from the high rates pushing 8% seen last fall, they are still in the mid sixes which also impact the purchasing power for home buyers.

When the January 2024 sales for Bend single family homes on less than an acre are compared with those from January 2023, the following changes can be seen:

  • Average sales price down 1.9% to $842,669*
  • Median sales price up 1.5% to $699,950
  • New listings down 14.7% to 99
  • Homes for sale down 28.4% to 204
  • Pending sales down 6.7% to 112
  • Sold homes up 2.3% to 89
  • Median days on market up 16.22% to 43
  • Average price per square foot up 7.4% to $407
  • Median price per square foot up 7.1% to $377
  • Percentage of list price received at closing up .5% to 98.8%
  • Dollar volume of closed sales up 1.1% to $74,997,509

Lack Of Inventory Still A Problem For Bend Real Estate Sales

Among the most significant figures in the January 2024 Bend market trends are the new listings and the number of homes for sale. With the number of new listings hitting the market down 14.7% to just 99 in January 2024 and the overall number of homes for sale down 28.4% to 204, the lack of available homes to purchase will typically drive prices up. However, home prices seem to have leveled off. Lowered mortgage interest rates have helped home buyers, but the high prices of Bend homes will continue to limit those who can afford to live here.

Bend Home Sales

Original blog can be read at Bend Premier Real Estate's blog.

Comments (5)

John Pusa
Glendale, CA

Hello Lynnea Miller very valuable detailed real estate report for Bend, OR. January 2024.

Feb 09, 2024 02:43 PM
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Hi John Pusa .  Thanks for checking in!  I hoe you are staying dry given all we have heard about the rain in Southern California.

Feb 09, 2024 03:17 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Lynnea Miller this is good information for both Buyers and Sellers in your area.

Feb 09, 2024 03:39 PM
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Hi George Souto . Thanks for checking in.  I am feeling the market in 2024 will be stronger than that seen in 2023. 

Feb 09, 2024 04:53 PM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

That is a very nice summary of what is currently going on in the Bend real estate market.  I hope that you are having a fun weekend!

Feb 10, 2024 04:56 AM