Who Hit the Pause Button?

Winter has arrived in Bend, and with it, the market slowdown we expect every year. The difference this December is subtle but important: the pace has eased, yet the underlying fundamentals remain surprisingly resilient. Whether you're gearing up to buy in early 2026 or preparing your home for a spring listing, here's what you need to know about the latest market trends.

New Listings: A Seasonal Retreat

New listings slid again this month — roughly 20% fewer year-over-year. Not surprising for December.

Bend homeowners tend to wait out the holiday season, choosing to list once we hit clearer skies, longer days, and stronger buyer activity. Sellers are preparing for the traditional early-year surge, and many are waiting for the right moment to re-enter the market.

How long will they wait?

Typically just a few more weeks. January and February bring a substantial inventory rebound.

Active Listings: Still Low, But Finally Moving Up

Active inventory dipped again month-over-month but remains 2% higher than this time last year. That's a meaningful shift.

For years, Bend's biggest constraint has been inventory — or the lack of it. Even a small increase signals movement in the right direction.

But let's be clear:

Bend is still operating far below normal inventory levels. You'll feel the difference in January, when new listings start hitting the market in larger numbers.

Closed Sales: A Quiet Month, Not a Dead One

Closed sales remained flat compared to last November. Slower than expected, but far from a red flag.

The narrative that "nobody is buying" is simply untrue. Roughly 125 homes still closed in Bend last month — a strong reminder that opportunities exist even during the quietest time of the year.

The market didn't freeze. It just relaxed.

Days on Market: Slowing, but Predictably

Average Days on Market (DOM) crept into the upper 90s, up over 13% year-over-year.

This tells us two things:

1. Buyers are taking their time.
2. Sellers need to price and present their homes well for a quicker sale.

Homes in top-performing neighborhoods — NorthWest Crossing, Awbrey Butte, Discovery West, Broken Top, Tetherow — continue to move faster, especially when modernized and priced correctly.

Percent of Original List Price: Some Negotiation Room Returns

The average Bend home sold for 93–94% of original list price, meaning buyers received a decent discount.

This stat can be misleading because it's heavily influenced by overpriced listings that undergo reductions. Well-priced homes often achieve much closer to full price — sometimes more.

Still, buyers today have significantly more leverage than they did in 2021–2022, and sellers need to remain strategic.

Home Prices: Down Slightly from Last Month, Up from Last Year

Median pricing dipped again, settling just under $700,000, depending on the segment. But here's what matters:

Year-over-year, prices are down just 2%.

In a year that felt turbulent — interest rates, economic uncertainty, national headlines — Bend's pricing held remarkably steady. 2025 peaked in May and has been largely sideways ever since.

Expect a small dip in December before the usual January bounce.

Buyers asking "When is the best time to get a deal?"

Answer: Right now.

Bend is effectively on sale for the next few weeks before 2026 demand resets the price floor.

Interest Rates: Holding Steady

Mortgage rates remain in the 6.3% range, with no major shifts expected through the end of the year.

Industry outlook suggests a gradual decline through 2026 — not a dramatic drop, but a slow easing that improves affordability over time.

For buyers on the fence, this means:

- Waiting for the perfect interest rate isn't a winning strategy.

- Buying the right home and refinancing later remains the best long-term approach.

Final Thoughts: The Pause Is Temporary

Yes, Bend's market is quieter.

Yes, winter buyer activity slows every year.

But no — this is not a sign of weakness.

It's a seasonal reset.

If you're a buyer, December offers some of the best opportunities you'll see all year.

If you're a seller, now is the time to prep for a high-impact January or February launch.