Bend’s housing market got a boost in July, with the median home price climbing back to $750,000. June’s dip to $693,000 had some worried the market was sliding but it looks more like a much needed adjustment than the start of a crash. So far in 2025, the median prices have stayed fairly steady in the low to mid $700,000s, with occasional spikes when one price bracket dominates the sales for the month. Back in April, for example, a surge of million dollar plus home sales pushed the median up to $832,000. I expect more of these swings as interest rates shift leading to different types of buyers coming to the market and their influx leads to a segment dominating a month.
When it comes to sales activity, the number of homes sold has been steady compared to last year. What’s changing is inventory. Each month this year has seen 150–200 more homes listed than in 2024, and July hit the highest active listings since September 2022. More homes on the market usually means more downward pressure on prices. Still, plenty of homeowners are holding tight. With super-low mortgage rates locked in and homes they’re comfortable in, many sellers aren’t in a rush to move unless they get the price they want. That’s why we often see people “test the waters,” only to step back when the offers don’t line up with their expectations.