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Redmond Oregon Real Estate - 2017 Trends
Redmond OR Home Prices Continue to Rise
Redmond has historically been a more affordable option for people moving to Central Oregon. Home and land prices in this vibrant town have remained lower than those in Bend, and with the commute between the two communities less than 20 minutes, Redmond has often been a first choice for many relocating to our area.
However, the growth in Central Oregon has pushed single family residential home prices in Redmond higher since coming out of the recession in 2012. In fact, over the past five years, home prices in Redmond have doubled with the average sold price now over $300,000.
When single family residential Redmond home trends are compared between 2016 and 2017, the following statistics can be seen:
- Average active home price up 4.5% to $368,000
- Average sold price up 15.4% to $322,000
- Number of homes for sale up 10.3%
- Number of homes sold down 34.1%
- Number of homes pended up 25.5%
- Average price per square foot up 6.3% to $169,000*
Demand for Redmond Oregon Real Estate Will Keep Driving Prices in 2018
Builders are working hard to keep up with the demand for new housing in Redmond, but inventory levels remain extremely low at 3 months (a balanced market is 6 months) and the average amount of inventory for Redmond over all of 2017 was roughly 2.5 months. Our expectation for 2018 is Redmond homes will remain in high demand and prices will continue to rise.
*Data from Central Oregon MLS.