June 2023 Real Estate Market Update

June 2023 Real Estate Market Update - Bend, Oregon

The June 2023 Real Estate numbers were just published and, much like summer in Central Oregon, things are heating up quickly!

Number of Homes Sold: 157

•  +22% vs last month

Median Home Price: $745,000

• +11% vs last month

Days on Market: 7 Days

• +30% vs last month

Price per Square Feet: $371/sf

• +7% vs last month

As you can see from this month's numbers, the real estate market is going in a positive direction with more home sales, higher median sales prices, and a higher price per square feet. The biggest change to note is the Median Days on Market at 7 days, which is a big jump from May (10 days) and an even bigger jump from February (51 days!). 

Many buyers postponed their home search due to rising interest rates and jumped off the fence to take advantage of a smaller buyer pool and the hope of refinancing once the interest rates drop back down. If a home is well-maintained, priced right, and marketed correctly, the seller is generally receiving multiple offers and very likely cash offers. 

Another big change in the real estate market is the amount of inventory, which landed at 1.7 months in June vs 1.4 months in May and 1 month from January through March. More inventory provides Buyers with more options, however, it's still a Seller's market at this point.

These numbers are staying true to the typical rise of the real estate market coming into Summer and the demand for living in Bend remains high!

We're here to help you sort out the real estate market, whether you're here to buy, sell, invest or just talk numbers!  Give us a call anytime ~ 541-640-0688