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Bend Oregon Real Estate | January 2026 Trends
Lower Prices and Fewer Sales as Buyer Interest Begins to Rebuild
January opened the year with continued price softening and a clear slowdown in closed sales across the Bend single-family market. While overall activity remains lower than a year ago, buyer interest is beginning to reappear, particularly in pending sales. Inventory tightened noticeably as fewer new listings entered the market, setting the stage for a more competitive spring—provided sellers price realistically.
When comparing January 2026 with January 2025 for Bend single-family home sales on less than an acre, the following changes can be noted:
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Median sales price down 6.5% to $689,900
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Closed sales down 25.8% to 92
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New pending listings up 17.5% to 134
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New listings down 14.2% to 133
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Active inventory down 13.7% to 340
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Months of inventory up 17% to 3.9 months
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Sold price per square foot up 0.8% to $386
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Percent of original price received down 1.5% to 93.6%
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List-to-close days down 4.3% to 111 days
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Cash sales down 5% to 27.5%
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Sold volume down 31.1% to $77,714,495
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Unsold homes up 46.2% to 38
Tighter Supply, Slower Sales, and Growing Selectivity
January was defined by contraction. Fewer homes came to market, fewer sales closed, and overall dollar volume dropped sharply. Many Bend homeowners continue to delay selling, largely due to low existing mortgage rates, which helped keep active inventory lower than last year.
At the same time, rising months of inventory reflects slower absorption. Buyers are taking their time, negotiating more aggressively, and walking away from homes that don't justify the price. This is evident in both the continued decline in the percentage of original list price received and the sharp increase in unsold homes.
Price per square foot edged higher, reinforcing an ongoing trend: buyers will still pay for quality. Well-maintained, properly priced homes are selling, while listings that miss the mark linger.
Pending sales offer the most encouraging signal. Despite fewer new listings, buyer activity increased, suggesting demand is present and likely to translate into future closings as spring approaches.
Looking Ahead
January's data points to a Bend real estate market that is cautious but stable. Inventory remains limited, pricing has adjusted, and buyers are slowly re-engaging. The direction of the spring market will depend heavily on seller behavior. If listing activity remains constrained while buyer interest continues to build, competition could tighten quickly.
For now, the market rewards realism. Sellers who price for today's conditions—and buyers who are prepared to act decisively—are best positioned in early 2026.
