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December 2025 Bend Housing Market Update

As we move into the final stretch of the year, the Bend housing market is showing a familiar seasonal slowdown. However, the underlying story is more nuanced than the headlines often suggest. Prices softened in November, new listings pulled back sharply, and homes took longer to secure an accepted offer. At the same time, sales activity held up better than last year, reminding us that demand has not disappeared. Instead, it has become more selective and more price-sensitive.

This remains a market where the right homes move quickly, but the wrong pricing or positioning strategy is exposed faster than it would have been a few years ago. Let’s dive in.

Mortgage Rates

Mortgage rates hovered in the low-6% range through much of November. While that is meaningfully better than the 7% plus levels seen earlier in 2025, it has not solved affordability challenges. More importantly, mortgage rates do not move in lockstep with Federal Reserve announcements. Buyers waiting for the next Fed move often miss the reality that mortgage rates are driven more by bond markets and economic expectations than headlines.

As long as rates remain near current levels, buyer activity should continue, but with discipline. Buyers are still willing to act, but only when price and value align.

Median Home Price

The median price for residential properties in Bend declined to $737,450 in November. This is down from $777,500 in October, about a 5% monthly decline, and down roughly 5% year over year.

Monthly median changes can be misleading, particularly in months with lower transaction volume. Fewer sales mean the median is more sensitive to which segment of the market is active. That said, the year-over-year softening lines up with what many buyers are feeling. Looking at the chart below, it becomes very clear, we are essentially flat over the past 4 years. Pricing power exists only for homes that clearly justify it through pricing, presentation, and preparation.

New Listings

There were 115 new listings in November. This is down 33% from October and down 22% from November 2024.

Some of this is purely seasonal, but it helps explain why inventory is not surging despite slower conditions. Many sellers are choosing to wait rather than list at prices they feel compromise long-term value. Looking at this chart over nearly 20 years, it becomes very clear that there is nothing new in this data point. Things are fluctuating in a consistent pattern.

Pending Sales and Inventory

Pending sales totaled 158 in November. This is down slightly from October but up 36% year over year. This is one of the more important signals in the data. Demand is stronger than price movement alone would suggest. This is a subtle but important thing to note. Despite fewer new listings and as we will see in a second fewer active homes, the number of pending sales is showing signs of strength. Is this a one month anomaly or the sign of an emerging trend? It’s too early to say, but we will be watching closely.

Inventory stood at 633 active homes, down from October and essentially flat compared to last year. Using current inventory and closed sales, Bend is sitting at roughly 3.8 months of supply. This is not a distressed market, but it clearly favors negotiation. Said differently, with 3.8 months of supply, that would mean that on any given month, roughly 26% of the homes sell. If you are on the market right now, is your home in this upper 26% of the competition?

Days on Market

The time it takes to secure an accepted offer continues to rise.

Pending Days on Market: 67 days
Closed Days on Market: 60 days

The year-over-year increase in pending days on market is significant. It highlights a market that requires patience and precision. Homes that are priced well from the start still move efficiently, while overpriced or poorly positioned listings linger. One thing to point out here is that not every home will take two months to sell. Of the roughly 200 homes that are Pending at the time of this writing, about 18% of them went pending in less than 7 days. Each home is different and each situation is unique. It would be wise to not use the broad brush strokes of overall market data to formulate your individual plan. Talk with your Ladd Group broker/advisor to create a plan that keeps you informed and in the drivers seat.

Additional Market Signals

Negotiation
- Homes sold at an average of 97.74% of final list price, meaning buyers negotiated roughly a 2.3% discount.
Price Reductions
- The average sale-to-original-list ratio was 93.37%, implying sellers reduced prices by about 4.5% on average before negotiating further.
Cash Buyers
- Cash transactions accounted for 24.7% of sales, down slightly from October. Cash still matters, but it is no longer masking pricing mistakes.

Bottom Line

This is not a market defined by fear or frenzy. It is defined by discipline. Buyers have time and leverage, while sellers who adapt to current conditions can still achieve strong results. The gap between expectation and reality is wider than it has been in years, and that gap is where most deals succeed or fail.

We hope you find this information valuable and that it helps you towards your ultimate real estate goals. If you have any questions about this month’s content or would like to dive a little deeper into the data, please reach out to your Ladd Group broker. If you don’t have one, you can reach me at [email protected] or on my cell at 541-280-2132.

There are also several ways to reach the team, so please let us know how we can help.