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Bend Luxury Homes | 2024 Trends
What Happened With Bend Luxury Homes in 2024?
2024 was a year that reflected changes for Bend Oregon real estate. The high end luxury home market had more listings and more activity in 2024 compared with 2023. In particular, homes listed in all categories over $1,000,000 had strong sales with the only exception in the $1,300,000 to $1,599,999 category in which there was a 14.4% decrease in home sales. In this same category, days on market were up over 113% with an increase of 85% in months of supply (up to over 5 months). Based on an earlier 2024 review of the Bend luxury market, it was determined that many listings taken in this price point required price reductions, sometimes significant reductions, in order to receive offers.
Despite this anomaly, overall more listings in almost all categories (the exception was the $1,000,000 to $1,299,000 which was flat), led to more opportunities for buyers looking for homes. And sellers were willing to entertain offers below asking price and negotiate repairs, something that was rare during the peak home selling years during Covid. On average, almost all homes in these categories sold for 95 to 96% of the original list price which shows that negotiations occurred in many sales.
The increase in new listings led to a seller's market in some of the categories and Bend Premier reported on this for 3rd quarter, 2024. But when the data was evaluated over a 12 month period, the changes over the course of the year were not as dramatic. Never-the-less, it remained a seller's market in some of the Bend luxury home categories and for sellers hoping to get top dollar, patience may have been needed.
What Will Happen with Bend Luxury Home Sales in 2025?
Experts believe that mortgage interest rates will remain in the 6 to 7 percent range during 2025. When buyers and sellers have confidence in this figure, even though it is higher than experienced during Covid, it is easier for them to plan their real estate purchase or sale. Uncertainty often leads to inaction, while confidence in an outcome, even if that outcome is not what was desired, can lead to action. We believe that 2025 will continue to have good sales in the Bend luxury home market as both buyers and sellers will take action in their Bend real estate transaction.