According to experts as quoted in USA Today, mortgage interest rates are expected to continue to modestly improve in 2024; the sub 5% rate is not expected to return, but the low to mid 6% rate should help the market stabilize. Single family home shortages will continue since new construction has not kept up with the demand, but new multi-family dwellings around the city will provide homes for renters. We predict Bend home prices will remain high, but the rate of home price growth will be modest. Builders will continue to build and demand for their product will continue. Home sellers will have more confidence in listing with a stabilization of mortgage rates, and more inventory will enable more home buyers to find a property that works for them. Sales will not be at the level seen in 2020/2021, but well priced homes may see multiple offers once again.
Average sales price up 1% to $874,647
Median sales price down .9% to $723,000
New listings down 24% to 1872
Homes for sale down 9.4% to 310
Pending sales down 16.9% to 1609
Sold homes down 22.7% to 1581
Average days on market up 70.8% to 41
Months of supply up 22.2% to 2.2
Average price per sq ft down 1.7% to $414
Average percentage of list price received down 1.3% to 99.2%
Dollar volume of closed homes down 21.8% to $1,382,816,893
Courtesy of Bend Premier Real Estate , full article: https://www.bendpremierrealestate.com/blog/2024/01/08/bend-oregon-real-estate-2023-trends-and-2024-predictions