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July
12
12
Redmond Oregon Real Estate | First Half 2024 Trends
Redmond Single Family Home Sales Strong
Redmond Oregon is a booming town. For those who live there, that is evident every day with new construction, new businesses, and new residents moving into this vibrant community. Over the past decade, the town's population has grown by 27% and has a large percentage of the town's residents being families with an average of 3.15 residents per home according to the city website. There is not a wide variation in home prices in Redmond with average and median sales price close over the past six months. Although home prices have risen, so have the numbers of pending and sold homes. The months of supply has grown, but Redmond remains in a seller's market, although not as extreme has was seen a year ago.
When the first six months of 2024 is compared with the first six months of 2023, the following changes can be noted for Redmond Oregon single family home sales:
- Average home sales up 14.5% to $581,892*
- Median home sales up 15.1% to $540,000
- Average original sales price up 7.8% to $619,976
- Median original sales price unchanged at $549,700
- New listings up 23.4% to 570
- Homes for sale up 31.6% to 208
- Pending sales up 18% to 446
- Sold homes up 11.7% to 363
- Average Days on market up 11.8% to 57
- Months of Supply up 34.6% to 3.5
- Average price per square foot up 1% to $315
- Average percentage of list price received up .5% to 99.3%
- Dollar volume of closed sales up 27.9% to $211,226,826
New Construction is Very Active in the Redmond Oregon Real Estate Market
In the first half of 2024, a full 25% of new listings and 32% of all sales were new construction.* Anyone driving through Redmond will see homes being built, and based on the demand, sellers are not sitting long on finished homes. The market trend for Redmond is that the town will continue to grow and home sales will remain strong. The demand is there and the new construction being built is fulfilling the niche that consumers are wanting. We anticipate that home sales will remain consistent through the rest of the year in Redmond.
*Data from Oregon Data Share, July 12, 2024