2023 Bend Real Estate Recap

2023 Bend Real Estate Recap

🤩 2023 Bend Real Estate Recap: +7% vs. last year!

➕7️⃣% Despite spiking interest rates, Bend homes still appreciated an average of 6.93% in 2023 - in a year where some markets declined!

In 2022, our market grew over 12%, so at 7% in 2023 we are finally getting closer to a "normal" appreciation cycle, despite abnormal market conditions.

❔What was abnormal?

It's rare for both prices AND interest rates to rise at the same time. Usually higher interest rates would push home prices down.

❔What was different in 2023?

Low inventory kept prices high.

❔But why was inventory so low?

Well it's easy to see when you understand that 6 out of 10 homeowners are locked into sub-4% interest rates and weren't going to sell in exchange for a rate that was twice as high.

Looking at the overall Bend market in 2023, here's the stats:

🔼 Feb = BEST month for Bend Buyers

🔽 July = BEST month for Bend Sellers

🔽 Fewer sales than 2022

🔼 More days on market than 2022

💰 1 in 3 sales = cash, 🔼 17% vs 2022

December stats:

Median sales price - $725,000

Low # of sales - just 90

Long days on market - 29 days

35% of all sales paid for in cash

❔What does that mean?

🤑 Folks with cash are snatching up some of Bend's best deals!

Want to see those deals first?

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We scour the market every week and find:

🔹profitable flips

🔹vacation rentals

🔹house hacks

🔹seller financing

🔹long-term rentals that cash flow!

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SUZANNE MOORE

Licensed Oregon Realtor®

Realty One Group Discovery

📲 541-316-0396

📧 suzannerosemoore@gmail.com

👩‍💻 centraloregoninvestornetwork.com