Days on market ticked up slightly in Q1 2025, but list-to-sale ratios held firm and inventory remains historically low. Here’s a plain-language breakdown of what’s actually happening in the Bend market — and what it means if you’re buying, selling, or investing.
Prices: Holding Firm, Not Climbing Fast
Bend’s median sale price in Q1 2025 sits around $625,000 — down slightly from the $650K+ peaks of 2022–2023 but far above pre-pandemic levels. What we’re not seeing is a crash. The correction that some predicted never materialized in Bend the way it did in overbuilt Sun Belt markets. Inventory is still too constrained for prices to fall meaningfully, and demand from California and Washington relocators continues to put a floor under values.
The sub-$500K segment has nearly vanished in the Bend city limits. Most of what’s available under $500K is either in Redmond, La Pine, or Prineville — which creates opportunity for value-focused buyers and investors willing to look 20–30 minutes outside Bend proper.
Days on Market: Don’t Panic at 38 Days
The average days on market of 38 days in Q1 2025 is up from 22 days a year ago, but context matters: Q1 2023 was a post-rate-shock overcorrection. Properly priced, well-presented homes in desirable neighborhoods are still moving in 7–14 days. The 38-day average is being dragged up by overpriced listings that eventually take reductions or expire.
List-to-Sale Ratio: Sellers Still Holding Power
A 97.8% list-to-sale ratio means buyers are still paying very close to asking price — sellers are not being forced into large concessions. A balanced market would sit around 97–98%, so we’re exactly at that equilibrium point right now. Neither a buyer’s nor seller’s market in the aggregate, though individual sub-markets vary significantly.
The luxury market ($1M+) is actually a buyer’s market right now — there’s more inventory and more negotiating room above $900K. The sub-$700K market remains competitive with multiple offer situations still occurring on well-priced homes.
Inventory: Structurally Constrained
1.4 months of supply is still historically low. A balanced market requires 5–6 months of inventory. The structural shortage of housing in Bend — driven by geographic constraints (the forest to the west, expensive land costs, and permitting timelines) — means this isn’t a situation that self-corrects quickly. New construction is active but not fast enough to shift the overall supply picture meaningfully in 2025.
For buyers, this means being ready to move quickly and having your financing fully pre-approved before touring. We recommend a fully underwritten pre-approval, not just a pre-qualification letter — the difference matters when you’re competing.
What To Watch in Q2 2025
Interest rates remain the dominant variable. If rates drop toward 6% or below, expect a significant surge in buyer activity — there’s substantial pent-up demand from buyers who’ve been waiting on the sidelines. Conversely, any rate increase above 7.5% would likely dampen activity further in the move-up segment. The first-time buyer market below $500K remains active regardless because those buyers have fewer alternatives.
The tech sector relocation trend from Seattle and the Bay Area continues unabated. Bend consistently appears on national “best places to move” lists, and that visibility translates to real buyer activity from out-of-state.
Questions About the Bend Market?
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