This week the median list price for 97701 is $675,000 with the market action index hovering around 38. This is less than last month's market action index of 39. Inventory has increased to 151.
Average Days on Market
54
Price Decreased
58%
This week the median list price for 97702 is $722,297 with the market action index hovering around 40. This is an increase over last month's market action index of 39. Inventory has decreased to 190.
Average Days on Market
71
Price Decreased
62%]
The market has been cooling over time and prices have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we’re still in a Seller’s Market significant demand leaves little inventory available
This week the median list price for 97703 is $1,250,000 with the market action index hovering around 37. This is an increase over last month's market action index of 36. Inventory has increased to 138.
Average Days on Market
85
Price Decreased
48%
This week the median list price for Sunriver is $1,199,750 with the market action index hovering around 50. This is less than last month's market action index of 53.
Inventory has decreased to 16
Average Days on Market
48
Price Decreased
50%
This week the median list price for Sisters, OR 97759 is $1,100,000 with the market action index hovering around 40. This is an increase over last month's market action index of 37.
Inventory has decreased to 47
Average Days on Market
65
Price Decreased
60%
This week the median list price for Redmond, OR 97756 is $575,000 with the market action index hovering around 39. This is about the same as last month's market action index of 39.
Inventory has held steady at 180
Average Days on Market
73
Price Decreased
52%
This week the median list price for Prineville, is $520,000 with the market action index hovering around 39. This is an increase over last month's market action index of 37.
Inventory has increased to 109
Average Days on Market
88
Price Decreased
53%
This week the median list price for La Pine, is $499,000 with the market action index hovering around 32. This is less than last month's market action index of 33.
Inventory has decreased to 93
Average Days on Market
90
Price Decreased
39%
This week the median list price for Madras, is $429,769 with the market action index hovering around 31. This is less than last month's market action index of 36.
Inventory has increased to 55
Average Days on Market
84
Price Decreased
60%
Oregon Housing Market
Forecast 2022 & 2023
· According to Redfin, home prices in Oregon are up 8.7% compared to last year,
· The median price in Oregon is $520,000.
· Currently the number of homes sold is down 27.5% over last year
· 5,052 homes sold last month down from 6,927 homes sold at the same time in the previous year.
· The median days on the market was 27 days, from year over year.
· The number of homes on the market at this time in our state is 16,514 and this is up 9.8% year over year.
· The number of newly listed homes last month 6,523 and down 18.4% year over year.
· The average month of supply is now over 2 months, up from less than 1 month supply a year ago.
· 40.7% of homes in Oregon sold below list price recently, down 19.3 points year over year.
· 53.0% of homes in Central Oregon had price drops in the last 30 days.
Oregon Housing Market Forecast
· According to Zillow, the typical value of homes in Oregon is $524,718. This value is seasonally adjusted and only includes the middle price tier of homes. Oregon home prices have increased by 13.7% over the past year and 36.3% over the last two years.
· Zillow's forecast for most of Oregon is predicted to see a home price decline in 2023. Rising home values and listing prices, combined with limited inventory, indicate that Oregon's housing market is tilted toward sellers still. This trend would likely continue for the foreseeable future unless inventory were to grow, but it is predicted that rising interest rates will ultimately dampen the demand.
· Bend, OR home values are forecasted to rise 3.3% between July 2022 to July 2023, barring any unforeseen external factors.
Oregon Real Estate Appreciation Rate
· According to Neighborhood scout, Oregon's median home value is around $456,000.
· The real estate appreciation rate in Oregon in the latest quarter was 3.26%.
· In the last twelve months, it has been 20.%.
· In the last two years, it has been around 31%
· While the cumulative appreciation rate in the last decade has been around 127% for Bend, one of the Top ten highest appreciating cities in Oregon since 2000.
Will the Housing Market Crash in Oregon?
· There is undoubtedly a slowdown in the pace of home sales in the Oregon housing market,
· but it is more of a return to normalcy.
· So far this is neither a crash nor a bubble;
· Housing demand is still present.
· The slowdown has been helpful for buyers who were weary of being outbid in a hot Oregon real estate market but the challenge continues to be low inventory and higher mortgage rates.
Factors That Influence the Oregon Housing Market Outlook
· When there is a boom in the housing market, it is partially caused by a rise in job growth and a decline in the unemployment rate.
· Both of these factors work together to bring about the boom.
· It is impossible to break the connection that exists between the economy and the market for homes.
· Both the robustness of the economy and the amount of job creation affect the purchasing power of those who are considering buying a property.
· The unemployment rate is low and many of Oregon’s sectors have made recoveries since the start of the pandemic.
· According to new data released by the Oregon Employment Department, the state's unemployment rate remains low.
· The state's unemployment rate remained at 3.5% in July 2022,
· This reflects the national unemployment rate.
· Population growth, particularly household growth, leads to an increase in housing demand. In the long run, population decline leads to a decrease in housing demand.
· In 2021, about 4.25 million people lived in Oregon. This was a slight increase from the previous year when about 4.24 million people lived in the state.
· However, the Portland metro area saw a 0.2% drop in population from July 2020 to July 2021, an estimated 2,511,612 residents. On the other hand, Central Oregon continued to see rapid population growth — among the fastest in the nation.
· The Bend metro area in central Oregon, which includes all of Deschutes County, saw its population grow 2.7% — the 13th fastest growth among the nation’s 355 metro areas — to an estimated 204,801 residents. That’s a boost of about 5,446 people in the year ending July 2021, census numbers show.
· Home prices are directly affected by demand, which, according to real estate experts, isn't going away anytime soon.
· However, they are not rising as quickly as they once did, and Oregon real estate agents predict that prices will level off due to rising interest rates.
· Moderate price appreciation has historically been accompanied by a six-month supply.
· Construction has slowed for much of the pandemic, owing to labor shortages and supply-chain issues that have made certain materials difficult to obtain.
· Oregon's housing supply is still well short of a balanced real estate market.
https://www.noradarealestate.com/blog/oregon-housing-market/
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