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Bend Oregon Real Estate | October 2024 Trends
Bend Home Prices Up In October
The trend seen over the past four months changed in October when year over year Bend home prices rose rather than fell. Both average and median Bend single family home sales prices were up, perhaps a reflection of lower interest rates seen in September which enabled more home buyers to purchase higher priced homes or an unusual anomaly which was reflected with a large number of million dollar plus homes (over 35% of total home sales) closing. Typically in the fall, home sellers which did not sell their properties during the summer peak selling season will often discount their asking price - often generating offers. Of the sixty Bend homes that closed in October for over a million dollars, forty-seven closed significantly under their original asking price with many several hundred thousand dollars less than originally priced. For home buyers, this adjustment can lead to a purchase of a home that may have been perceived as overpriced in the summer.
When Bend single family home sales on less than an acre for October 2024 is compared with sales from October 2023, the following changes can be seen:
- Average sales price up 26.6% to $1,002,561*
- Median sales price up 8.3% to $795,000
- Average original listing price down 5.4% to $869,896
- Median original listing price down 3.1% to $695,000
- New listings up 2.7% to 154
- Homes for sale up 16.7% to 434
- Pending sales up 51% to 145
- Sold homes up 7.4% to 145
- Median days on market up 158.8% to 44
- Months of supply up 14.3% to 3.2
- Average price per square foot up 10.6% to $447
- Average percentage of original price received down 1.8% to 94.9%
- Dollar volume of closed homes up 35.9% to $145,371,317
Bend Pending Home Sales Up in October
When Bend home sellers price their properties for today's current market, Bend home buyers purchase. Fall is among the best times for home buyers in Central Oregon. After the end of summer, those who need to settle before school starts are out of the market and home sellers who didn't sell, but still need to, are more motivated to accept an offer. The pending home sales for October reflect this trend. For those who have delayed their home purchase, now may be among the best time of the year to make an offer.
