Inside the Bend Real Estate Market | The Ladd Group

What Data Tells Us About Price, Demand, and Leverage

April’s data continues to reinforce a theme we have been discussing for several months now. The market is becoming more active, but not in a way that benefits every listing equally. Buyer demand is clearly present with pending sales increasing and homes that are priced correctly moving quickly. At the same time, buyers remain disciplined and highly selective. The market is not behaving like the frenzied conditions we saw during the peak years, but it also is not showing signs of broad weakness. Instead, we are seeing a market that is becoming increasingly competitive for the homes buyers perceive as offering strong value.

Mortgage Rates

Mortgage rates remained elevated through much of April compared to the brief dip below 6% earlier this year. While rates are still below the peaks we experienced in 2024, the move back into the mid-6% range appears to have had a noticeable impact on buyer behavior.

After several consecutive months where financed purchases were steadily increasing, April saw a shift back toward a larger share of cash transactions. This is an important development because it suggests some financed buyers may once again be pulling back as affordability pressures increase. We discussed earlier this year that many buyers appeared ready to re-enter the market if rates could sustainably move closer to 6%. What April may be showing us is just how sensitive portions of the market still are to even relatively small changes in borrowing costs.

That does not mean financed buyers have disappeared. They are still active and represent the majority of transactions overall. However, the data suggests the recent rise in rates may be filtering out some marginal buyers, particularly those already stretched on affordability.

Median Price

The median home price in April came in at $720,000. This is up slightly from the month prior, but down about 14% from the median prices we saw at this time in 2025. It is important to keep some historical perspective here. Despite the normal seasonal movements over the past 5 years, the current median is actually very close to where the Bend market stood during parts of 2021. In many ways, today’s pricing environment appears less like a declining market and more like a normalization after an unusually aggressive period of appreciation.

One of the more interesting parts of April’s data is that the share of cash transactions actually increased from 23% to 33%, while the median price remained relatively stable. Normally, we tend to associate cash purchases with more activity at the upper end of the market. The fact that the median did not move meaningfully higher despite the increase in cash activity may suggest that even higher-end buyers are becoming more value-conscious and disciplined in their purchasing decisions.

Inventory and New Listings

Inventory continued to increase during April as more sellers entered the market for the spring season. Available homes rose to 684 compared to 604 in March. Although buyers now have more choices than they did earlier this year, inventory still remains below where it sat at this time last year. This is an important dynamic because rising inventory alone does not necessarily create a dramatically easier market for buyers. The key question is whether supply is growing faster than demand. Right now, both appear to be increasing at the same time.

New listings are continuing the normal seasonal trend we typically see this time of year. However, the data still suggests many homeowners remain hesitant to sell, likely because of the mortgage rate environment and the persistence of the “rate lock” effect. Most sellers need to replace their home with another, and if they can’t replace it with something that makes financial sense, we are seeing those sellers more likely to wait on the sidelines. While inventory has improved from some seasonal lows, we are still not seeing the flood of listings that many expected. This past April we saw about 8% fewer new listings than we did in 2025, but that is well within the range of what we have seen in each of the past 5 year.

Pending Sales and Absorption

Pending sales jumped significantly in April, rising to 258 homes compared to 194 in March and 167 in February. This is one of the strongest signals in the report because pending sales reflect current buyer activity in real time. The increase in pending sales tells us that buyers are still very engaged despite elevated mortgage rates and increased inventory. In fact, demand appears to be absorbing much of the new supply entering the market. This is helping prevent inventory growth from dramatically shifting negotiating power toward buyers. At the same time, the market remains highly selective. Not every listing is benefiting equally from this increase in activity. Homes that are priced appropriately, updated, or located in highly desirable areas are seeing strong traffic and quick contracts. Listings that miss the mark on pricing or presentation are still struggling. Although the absorption rate changes based on price point, right now we are seeing about 25% of the market selling in any given month. If you are a seller, are you priced and prepared to stand out in the top 25% of the homes in your price point?

Days on Market (DOM)

Homes that went pending in April averaged just 11 days on market. While this is slightly slower than March’s extremely fast pace of 9 days, it is still dramatically faster than the nearly 20 days we saw this time last year. Also worth noting here is the days on market for active homes which currently stands at an average of 106. This is a big disconnect and reinforces an important point: Buyers are not inactive, they are simply selective and decisive. Many buyers appear to be watching the market closely and waiting for the right opportunity. When the right home becomes available, they are acting quickly. For buyers, this means preparation matters. Waiting too long on a well-positioned home can still lead to missed opportunities. For sellers, it reinforces that strong pricing and presentation continue to be rewarded.

Additional points to consider

Negotiation:

The sale-to-list price ratio remained strong in April (99.1%), continuing the trend we have seen over the past several months. Buyers are still negotiating in certain situations, but discounts are generally modest on homes attracting strong interest.

Pricing Strategy:

The sale-to-original list price also remained strong in April (96.7%). This means that on average, last month there was about 2.4% price reduction followed by the 0.9% negotiation mentioned above.

Closed with Concessions:

Seller concessions remain common in today’s market, particularly on financed transactions. While headline pricing has remained relatively stable, many sellers are still helping buyers with closing costs, repairs, or interest rate buydowns. This continues to be one of the ways the market is balancing affordability challenges without requiring large visible price declines.

Bottom Line

April’s numbers continue to point toward a market that is active, competitive in the right segments, and increasingly selective underneath the surface. Buyer demand remains present, pending sales have accelerated, and well-positioned homes are still moving quickly. At the same time, higher mortgage rates and growing inventory are preventing conditions from becoming overly aggressive.

What we are seeing is not a market driven by emotion or urgency across the board. Instead, buyers appear to be highly intentional. They are willing to wait for the right opportunity, but they are also willing to act decisively when they find it. One of the key things we will continue watching is whether inventory can grow faster than buyer demand, or whether demand continues absorbing much of the new supply entering the market. That balance will likely determine the direction of the market through the summer months.

We hope you find this information valuable and that it helps you move toward your real estate goals. If you have any questions about this month’s data or would like to explore how it applies to your specific situation, please reach out to your Ladd Group broker. If you do not have one, you can reach me directly at [email protected] or on my cell at 541-280-2132.