As the nation’s real estate market takes a hit from high-interest rates and a cooling economy, smart investors are on the lookout for places where the real estate scene is still buzzing. The city of Bend, right in central Oregon, is a perfect example of a market that’s holding strong. 

Current Real Estate Landscape in Bend

Despite a notable dip in home prices at the close of 2022, the real estate market in Bend has displayed remarkable resilience, and it has been on a trajectory of recovery and stabilization since January 2023.

According to Redfin, the housing market in Bend exhibits a degree of competitiveness, with homes typically attracting an average of 1 offer and selling within approximately 41 days. The median sale price for homes in Bend reached $696,000 last month, reflecting a 1.5% increase from the previous year. Additionally, the median sale price per square foot in Bend stands at $383, marking a 1.1% uptick compared to the previous year. 

This shows remarkable resilience in the Bend market when compared to the current overall national average. While the market has demonstrably slowed, it’s still clearly a hot market. Approximately 25.5% of homes in Bend sold above their listing price, underscoring the advantageous position sellers currently hold in negotiations. 

Impact of Mortgage Rates and Housing Supply

At first glance, the above statistics might not grab your attention. However, when you stack them up against the real estate trends across the country, they paint a picture of Bend as a notably robust market.

Nationwide, soaring mortgage rates have cast a shadow over housing markets. Yet, Bend, Oregon, stands out due to its unique conditions. Despite the prevailing high mortgage rates, Bend’s housing market remains buoyant, primarily due to a low housing stock coupled with high demand. In essence, while mortgage rates wield influence over market growth, the limited housing supply in Bend ensures a persistently active market, defying broader economic trends.

Why Invest in Bend?

Bend’s appeal extends to those relocating, making it an attractive destination for those seeking a vibrant community. This adds up to a win for investors. Here’s why Bend’s real estate market will not likely slow down any time soon. 

  • Deschutes River Proximity: Enhancing Bend’s scenic allure, residents enjoy recreational opportunities and a nature connection with the Deschutes River, which flows through the city.
  • Mt. Bachelor Access: Winter enthusiasts flock to Bend for easy access to Mt. Bachelor, a snow sports haven catering to skiing, snowboarding, and picturesque snowy landscapes.
  • Community-Focused Living: Bend thrives as a vibrant, community-driven city, fostering a sense of belonging through farmer’s markets, concerts, and various communal events.
  • Good Schools: highlights Bend’s robust educational infrastructure, boasting approximately 31 highly-rated public schools and an additional 16 private/charter schools.
  • Attractive Demographics: The city’s allure is further amplified by a substantial influx of people from younger generations, a particularly middle-market demographic, seeking housing solutions like multifamily residences.

Savvy investors pay close attention to micro hotspots, and Bend, Oregon, promises to be a rewarding destination with its resilient market dynamics. For a deeper dive into investment prospects in the Bend market, please visit our website at Cornerstone Commercial Investments. Explore the possibilities and unlock the potential of Central Oregon’s real estate resurgence.