What is the housing market like in Oregon right now? Whether you are wanting to buy or sell a home, we’ve got you covered!
Oregon Housing Market-
The median home value in Oregon is $372,868. Oregon home values have gone up 3.5% over the past year and Zillow predicts they will fall -1.5% within the next year. The median list price per square foot in Oregon is $218. The median price of homes currently listed in Oregon is $378,900 while the median price of homes that sold is $359,600. The median rent price in Oregon is $1,850.
Foreclosures will be a factor impacting home values in the next several years. In Oregon 1.1 homes are foreclosed (per 10,000). This is lower than the national value of 1.2
Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Oregon is 0.6%, which is lower than the national value of 1.1%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Oregon homeowners underwater on their mortgage is 4.1%.
Bend Housing Market-
The median home value in Bend is $475,132. Bend home values have gone up 5.7% over the past year and Zillow predicts they will fall -1.3% within the next year. The median list price per square foot in Bend is $274, which is higher than the Bend-Redmond Metro average of $242. The median price of homes currently listed in Bend is $509,900 while the median price of homes that sold is $435,200. The median rent price in Bend is $1,950, which is higher than the Bend-Redmond Metro median of $1,898.
What does this mean for you? With so many out-of-state buyers coming to Oregon, and Central Oregon specifically, houses are barely on the market before they are swooped up, so if you are thinking of selling, it’s a great time to do so, even though with the pandemic, it may seem otherwise.
Give us a call so we can help sell your current home, and get you into a new one, and as always, don’t hesitate to call or email us with any questions you may have!
The Jones Group @ Sunriver Realty
17691-25 Bittern Lane, Sunriver-
25 River Village Condominium Tucked away in the NW corner of Sunriver Resort sits a quiet enclave that adjoins both the Deschutes River and the National Forest. This 3 bed, 2.5 bath, 2,136 s.f. condo makes for a perfect, easy living full time residence or second home getaway. Nightly rentals aren’t allowed so peace and quiet abound! Over the last couple of years this unit has been updated with hardwood flooring, quartz counter tops, stainless appliances, lighting fixtures, and window coverings. The complex has it’s own pool, large common area, and guest parking. So, there’s nothing to do but relax and enjoy! Start making Sunriver memories today…
Directions: Exit Circle 7 on Bittern. Turn left entering the complex, unit on your right.