April 2025 Market Update

Thoughts for Sellers

Continue to be aggressive on price due to higher rates and increased inventory putting pressure on home prices. With our market still fetching near all-time highs, pricing and marketing your home correctly will still fetch you a great result.

Thoughts for Buyers

We have seen Mortgage rates drop in early April due to investor concerns over new tariffs, which drove demand for bonds and pushed down yields. However, some buyers continue to be challenged by a higher-rate environment. With increased inventory and average days on the market, there are opportunities to seek deals for those who are ready to buy. Get creative with your financing to seek seller credits. 

Median Sales Price

Bend’s Median Sales Price increased by 2% YOY in March 2025, coming in at $794K. This was a 9% jump from February, however. As shown in the chart above, the trend line of our Median Sales Price has remained relatively stagnant since the Spring of 2022 rate hikes, other than some seasonality. March's impressive Median Sales Price # was driven by a higher percentage of homes selling in the <$1M category thus far in 2025, than we saw in 2024. Similar to the last two years, we do not expect this trend to continue, as inventories continue to build in 2025.

New Listings by Month

New Listings increased by 8% YOY in March with 313 as inventory continues to build this year. This is the first time we've seen over 300 new listings in a single month since July of last year, as we are starting to see Bend's seasonality kick in. 

Months of Supply

Months of Supply came in at 3.86 months in March 2025 -the most inventory we've had in a March since 2014, and supporting our belief that inventory will continue to grow in 2025. We are expecting upwards of 6 Months of Supply by this late Spring / early Summer.

Homes Pending by Month

Pending Units increased YOY for the 8th consecutive month, but this time just by 3% in March 2025. Pending Units remain significantly down since pre and peak-pandemic highs. Should Pending Units not keep up with our increased Listings, we do expect more downward pressure on home prices.

Financing Affordability

The Median Monthly Payment (w/ 20% down@ average FRM) for March 2025 came in at $4,512-continuing contribution to market stagnation, especially in the <$1M market. Early indications in April are signaling that tariff drama is releasing some pressure on the Bond market and driving rates downwards just a bit. Just how much? Time will tell.

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