October 2025 Market Report

Thoughts for Buyers

Mortgage rates have eased slightly, but not enough to spark a major surge in buyer activity—which makes this a strategic window to purchase. Many buyers are still waiting on the sidelines for further rate drops that may or may not come, creating opportunity for those willing to lean into a less competitive market and negotiate.

One smart approach is to focus on temporary or permanent rate buydowns rather than pushing solely for a lower purchase price. This can help reduce your monthly payment now, while positioning you to refinance later if rates do fall.

If rates remain elevated, we don’t expect a significant price correction. Many homeowners are still “locked in” to lower mortgages, keeping listing volumes limited and supporting price stability overall.

Thoughts for Sellers

Historically, Bend’s market slows sharply after mid-November, and this year appears no different. With listing volumes still hovering above 900 active homes and new listings trending down month-over-month, the next six weeks represent the final window of solid buyer activity in 2025.

If you’re planning to sell in the coming months, now is the time to act—and to do it strategically. Homes that are priced correctly and presented beautifully continue to move, while overpriced or poorly prepared listings are sitting longer and seeing markdowns. Focus on:
Compelling pricing to stand out amid increased competition.
Strong presentation—updated photos, thoughtful staging, and polished curb appeal.

Accessibility—make it easy for agents and buyers to tour your home.
For those not in a rush, now is also the time to start prepping for a late-winter or early-spring launch (Jan–Feb 2026). That window consistently delivers the best results in our market cycle, when buyer energy returns and inventory is at its lowest.

In short, sellers have two strong options: act now with precision, or prepare early for spring to capture renewed demand. Either way, thoughtful timing and presentation will be key in a market that rewards preparation over patience.

Median Sales Price

Bend’s median home price dipped to $704K—down 14% from the summer peak and slightly below last year. While some of this decline is seasonal, increased inventory (900+ active listings across Bend’s top three zip codes) and a 7% rise in months of supply suggest continued softening through Q4 2025. Expect the usual year-end trends: older listings withdrawn, markdowns after early November, and reduced new listing activity. Well-priced, well-presented homes will still attract buyers quickly amid limited fresh competition.  Interest rates have dropped over the past few months and flattened out in the past weeks.  The current drops are not enough to produce the additional buyer demand to ignite our market, so we expect to see the same basic market trends until rates change.

New Listings by Month

New listings by month came in flat to last year, a continued welcome change for sellers compared to the first half of 2025, where new listing volumes were growing at 10+ percent year over year.  Supply still remains near a 10-year high, which may present challenges for those listing in the next few months.

Months of Supply

Months of supply continues to follow our typical fall downtrend but is still sitting at a 10-year high, favoring buyers.  We expect to see the seasonal downtrend continue and expect months of supply to remain above 2024 levels.

Homes Pending by Month

Pending home sales came in flat year over year, matching the new listing trend.  This is a break in what we've seen in the prior months, where unit volumes were increasing year over year.  If this trend continues, we still expect to see our supply follow our natural seasonal tapering; however, it may be a bit more muted than in prior years.

Financing Affordability

The Median Monthly Payment (w/ 20% down @ average FRM) for Sept 2025 dropped to the lowest level we've seen in 1 year.  This was due to a large reduction in Bend's median sales price, accompanied by a .3% drop in rate.