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23
Are Bend New Home Prices Leveling Off?
Bend New Construction 5 Year Trend
For the past few years, we have been reporting that Bend home prices have been rising. From almost no new construction during the great recession to now where it appears that new homes are being built all over town, Bend has recovered from the downturn. New home trends in Bend have gone from $430,000 to $591,000 asking price (up 37.5%) and $315,000 to $522,000 selling price (up 65.7%) over the past 5 years.* Ask any builder and they will tell you that land prices, rising material costs and labor shortages have driven the price of Bend new homes.
Bend Oregon New Homes Prices Steady
Compared with the last 5 years, there appears to be a change in asking prices for Bend new homes. From the peak asking price last April of $663,000. the average price since then has varied between $577,000 and $600,000 with the trend line flattening. Even allowing for seasonal variations going back 5 years, the decrease in the upward trend for the asking price seems to be holding steady. Does this mean that we have reached the top in Bend? We will keep following the trends this summer and see how the peak selling season impacts new home sales.
*data from Central Oregon MLS