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Central Oregon Real Estate Trends - July 2019
Real Estate Trends in Bend, Redmond, Sunriver and Prineville
We focus a lot on the real estate market trends for Bend and Redmond, but Central Oregon also encompasses many other towns and areas, all with their own charm and unique lifestyle. Housing prices and types of homes vary in these towns and it is interesting to see how each community compares with the next. While Bend has seen the bulk of growth over the last 3 years, Redmond was the fastest growing town in Central Oregon in the second quarter 2019 according to the multiple listing service. Sunriver, Central Oregon's most known resort community, has maintained a relatively stable real estate market over the last 3 years, and Prineville, one of the most hard hit towns during the recession, is now seeing tremendous growth.
Housing Growth In Central Oregon Cities
While Bend has seen the greatest growth in Central Oregon after the recession, the trends have slowed and there has been a decline in single family homes sales between 2018 and 2019 while Redmond and Prineville have continued growing during that same time. The chart below shows the number of sold single family homes on less than an acre in Bend, Redmond, Sunriver and Prineville. Each bar reflects 12 months of sales. As you can see, Sunriver sales are relatively stable year after year. Very little new development has occurred in Sunriver and sales in this town are almost all resales. For Bend, after years of tremendous growth, the last twelve months is showing a decrease in sales, down almost 9%, with Redmond up over 8% and Prineville, surging 20% from 2017 to 2018.
Housing Prices in Bend, Redmond, Sunriver and Prineville
Home values have risen in all 4 communities; since 2017 Bend's home prices are up 17% with the average home costing over $520,000. It makes sense to consider that the price of a Bend home has made the town too expensive for many. While Bend home sales have slowed while prices have risen, Redmond and Prineville are both seeing increases in sales with homes priced considerably less than Bend. Prineville's homes are less than half the cost of Bend and Redmond averages almost $200,000 less. No wonder people have discovered these wonderful towns and making the move there.
