Bend's Luxury Home Sales Trending Up
As the American economy continues to improve and citizens have more confidence and money to spend on housing, the value of real estate has grown across the country. Bend is no exception. Bend's average home price has grown by roughly 10% per year since coming out of the great recession, greatly due to the demand on housing coming from new residents moving to Central Oregon in large numbers. For many of these new transplants, the real estate market in their original city is greatly inflated and home values way beyond those of Bend. When they sell, they can often pocket a large amount of cash from the equity in their home. This in turn has driven up housing costs within the city as these new Bend residents can afford to purchase property which is beyond the ability of many locals.
How High Can Bend Or Luxury Home Prices Go?
Unheard of in the recession, the sale of Bend million dollar homes has become much more common place. And the asking price of these homes continues to rise. Over the past 3 years, the activity in the Bend Luxury Home market has grown tremendously. Even homes priced over $2,500,000 are selling and spec builders are building homes at this level, which was unheard of just a few years ago. It remains to be seen how this trend continues.
The following graphs reflect both million dollar plus homes for sale and sold in the Bend real estate market:
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