Redmond Oregon Real Estate Trends

Found 22 blog entries about Redmond Oregon Real Estate Trends.

 

Buying your first home is a major decision and an exciting milestone. Even though it can feel daunting at times, it has the power to change your life for the better. If you're looking to purchase your first home, you may be wondering what's happening in the housing market today, how much you need to save, and where to start.

Here are three things that can help give you the information you need to confidently pursue your dream of homeownership.

1. Consider All Options When the Number of Homes for Sale Is Low

Today, there are far more buyers in the market than there are homes available for sale. When that happens, it’s a good idea to do what you can to increase your pool of options. That could mean expanding your search to include

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Redmond Home Sales Strong Through 3rd Quarter 2021

Redmond OR Real Estate

We haven't looked exclusively at Redmond Oregon single family home sales for six months.  We know that home sales have been strong throughout Central Oregon with prices up and inventory levels down. But as a community without a lot of single family luxury homes, Redmond attracts a great number of people for whom Bend has become unaffordable.  Although a smaller community to Bend, Redmond has also had prodigious growth over the past decade.  The Covid lockdowns and work from home orders have also impacted Redmond with more people moving there than available inventory creating bidding wars and pushing home prices up. 

When we compare the first 3 quarters of 2021 with 2020 for Redmond single family

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Redmond, La Pine, Prineville and Sisters All Showing Strong Single Family Home Sales

Three Sisters and Horses

We have been focusing a lot on Bend real estate trends over the past year, but it is important to look at what has been happening in other cities in Central Oregon. We often look upon Redmond, La Pine and Prineville as wonderful towns in which home prices are more affordable and can be great options for buyers for whom Bend is too expensive. Sisters' home prices have been more comparable to those in Bend, but its unique lifestyle, size and location closer to the Willamette Valley make it a small town that may be a destination location for very specific buyers.

The real estate trends for Redmond, La Pine, Prineville and Sisters follow similar patterns to those

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Redmond Oregon Home Sales Reflect Great Buyer Demand

Redmond Oregon Real Estate

Redmond Oregon home sales have been in high demand over the past year.  Although not involving the high end homes that are now such a component of Bend real estate sales, Redmond real estate sales have been tremendously strong since the Covid-19 pandemic hit with home prices and inventory levels reflecting an extremely strong sellers' market.

We made a comparison of 1st quarter 2020 with 1st quarter 2021 single family home sales in Redmond on less than an acre. The following trends can easily be seen:

  • Average sales price is up 28% to $450,328*
  • Median sales price is up 22.6% to $400,000
  • New listings are down 9.1% to 291
  • Homes for sale are down 64.1% to 118
  • Pending sales are up
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Redmond OR Real Estate Trends Reflect Great Interest

Redmond Real Estate

Redmond, Oregon has often been thought as a more affordable option to Bend. And when we represent buyers looking to settle in Central Oregon, Redmond often becomes their choice when they discover what they can afford to purchase there versus what they can afford in Bend. And Redmond is growing with over 500 new construction homes either sold, pending or active in MLS over the past 12 months.* 

When Redmond single family home sales on less than an acre from 2020 are compared with those from 2019, the following can be noted:

  • Average sales price up 11.99% to $390,355
  • Median sales price up 12.1% to $359,900
  • New listings up 10.7% to 1266
  • Homes for sale down 13% to 309
  • Pending
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Central Oregon Cities Show Varied Growth

Bend Premier Real EstateOut of area buyers often think of Bend exclusively when they consider moving to Central Oregon. However, Central Oregon has several towns and small cities, all with their own urban "vibe" and lifestyle.  Bend is by far the largest town with its population now pushing 100,000. However, Redmond has been a great neighbor to Bend with home prices considerably less than the larger city to the south. 

Besides Bend and Redmond, Sisters offers both a closer location to the western half of the state plus a more intimate small town feeling, permeated by seasonal tourist traffic from nearby Black Butte Resort and such renowned festivals as the Sisters Quilt Show and the annual rodeo.

Prineville, Central Oregon's

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Real Estate Trends in Bend, Redmond, Sunriver and Prineville

Bend Oregon Real Estate TrendsWe focus a lot on the real estate market trends for Bend and Redmond, but Central Oregon also encompasses many other towns and areas, all with their own charm and unique lifestyle. Housing prices and types of homes vary in these towns and it is interesting to see how each community compares with the next. While Bend has seen the bulk of growth over the last 3 years, Redmond was the fastest growing town in Central Oregon in the second quarter 2019 according to the multiple listing service. Sunriver, Central Oregon's most known resort community, has maintained a relatively stable real estate market over the last 3 years, and Prineville, one of the most hard hit towns during the recession, is

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Redmond Home Sales Strong

Redmond Oregon Real Estate TrendsWhile the upward trends for Bend single family home sales have slowed over the past few months, Redmond home sales have remained strong. Redmond, located just 17 miles north of Bend, has long been known as a great place to live, with homes priced well below that of Bend. People relocating to Central Oregon have discovered Redmond's value and home sales in this great town have taken off.

When June 2019 is compared with June 2018, the following changes can be noted for Redmond single family home sales on less than an acre:

  • Homes for sale down 2.5% to 230*
  • Homes sold up 8.2% to 106
  • Homes pended up 7.6% to 99
  • Average price per square foot up 4.3% to $195
  • Average days on market down 3.8% to 101
  • Sold to
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Redmond OR Real Estate Sales Continue Upward Trends

Redmond Oregon Single Family Home Sales

Redmond single family home sales on less than an acre are still showing growth. Unlike Bend where the September data showed a decline compared with a year ago, Redmond Oregon home sales figures for September are up. The following compares Redmond single family home sales from September 2018 with September 2017:

  • Numbers of homes for sale up 2.7% to 224
  • Numbers of homes sold up 4.9% to 86
  • Numbers of homes pended up 2.4% to 84
  • Average price per square foot on sold homes up 8% to $190
  • Average number of days on market down 9.3% to 98
  • Months of inventory based on closed sales unchanged at 2.7
  • Average active price up 4.9% to $403,000
  • Average sold price up 6.5% to $344,000*
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Numbers of Central Oregon Single Family Homes for Sale Up

Bend Oregon Real Estate

One of the key components on the health of a real estate market is the inventory levels of the homes selling. In a balanced market, there are 6 months of supply.  In Central Oregon, there has been a great lack of inventory for several years in most of the cities which has led to a seller's market with rising home values, multiple offers and in some cases, a certain desperation for buyers to find a home.  Full price offers or even offers over asking have been the norm at certain prices for a while.  However, there appears to be a shift happening in much of Central Oregon with the number of single family residential homes available for sale rising.

The following chart shows the last two

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© 2020 Oregon Datashare (KCAR | MLSCO | SOMLS). All rights reserved. The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program of the Oregon Datashare. Real estate listings held by IDX Brokerage firms other than Bend Premier Real Estate are marked with the Internet Data Exchange logo or the Internet Data Exchange thumbnail logo and detailed information about them includes the name of the listing Brokers. Information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. The consumer will not copy, retransmit nor redistribute any of the content from this website. Information provided is deemed reliable, but not guaranteed. Listing courtesy of Bend Premier Real Estate. Data last updated: October 6th, 2022 at 5:31pm PDT.