Is Now a Good Time to Buy in Bend Oregon?

Let’s Start With What the Data Actually Says

I’m going to skip the generic “it depends” answer and give you real numbers from the Bend market right now. Here’s what’s happening as of May 2026:

  • Median sale price: $675,000 (last 30 days)
  • Year-over-year price change: Down 10.3% from April 2025
  • Months of supply: 5.6 months
  • Active inventory: 1,131 homes
  • Median days on market: 6 days (April) — meaning well-priced homes go fast
  • Sale-to-list ratio: 95.9%

Now let’s unpack what these numbers mean for someone trying to make a decision.

The Case FOR Buying Right Now

1. Prices Are 10% Below Last Year’s Peak

Bend’s median sale price hit $750,000 in April 2025. This April, it was $674,900 — a $75,000 discount from a year ago. That’s real money. Whether this represents the bottom or just a pause in appreciation, no one can say for certain. But you’re buying at a meaningfully lower price than anyone who closed last spring.

Over the trailing 12 months, the median sits at $693,766 — so current prices are also below the annual average. On a month-to-month basis, prices are climbing again: up 3.8% from March to April 2026.

2. You Have Negotiating Power

The average buyer in Bend is currently paying 95.9% of asking price. That’s roughly a 4% discount off list, which on a $675,000 home is about $27,000 in savings. Compare that to the frenzy of 2021–2022 when homes were routinely going 5–10% over asking.

With 5.6 months of supply — right on the edge between a balanced and buyer-favorable market — sellers are more willing to negotiate on price, closing costs, repairs, and contingencies than they’ve been in years.

3. Inventory Is the Highest It’s Been in Years

There are 1,131 active listings in Bend right now. That’s real choice. Here’s the breakdown:

  • Under $400K: 212 homes
  • $400K–$600K: 188 homes
  • $600K–$800K: 232 homes
  • $800K–$1M: 116 homes
  • Over $1M: 383 homes

Whether your budget is $450K or $1.5M, you have options. That wasn’t the case two years ago.

4. The Luxury Segment Has Real Opportunity

If you’re shopping above $1M, there are 383 active luxury listings with a median asking price of $1,695,000. In the last 90 days, 151 luxury homes closed at a median of $1,385,000 — that’s a $310,000 gap between asking and selling. In the luxury segment, buyers have significant leverage right now.

The Case for Caution

1. Affordability Is Still Stretched

At the current median price of $675,000, the estimated monthly PITI (principal, interest, taxes, insurance) is roughly $4,000/month. That requires a household income of approximately $140,000–$150,000 to comfortably qualify. Bend’s median household income doesn’t reach that level, which means many local buyers are still priced out or stretching.

2. The Market Is Heating Up Fast

Here’s the paradox: the buyer-friendly data I just cited is already shifting. Bend’s market went from “Cool” (score 35) in January to “Hot” (score 65) in April. Median days on market dropped from 48 days to just 6 days in three months. The window of negotiating power may be narrowing as spring demand accelerates.

3. Year-Over-Year Prices Are Still Declining

While month-to-month prices ticked up in April, the year-over-year comparison still shows a 10% decline. If this trend continues, there’s a scenario where buying today means your home is worth less by next April. That said, local fundamentals — population growth, limited buildable land, lifestyle demand — make a sustained decline unlikely in Bend.

What the Smart Money Is Doing

Cash purchases made up 32% of all sales in the last 30 days. That’s a significant share and tells you that experienced investors and relocating buyers see value at current prices. When nearly a third of transactions are cash deals, it’s a signal that people with capital are deploying it here.

My Take as a Local Agent

Here’s my honest assessment: this is the best buying window Bend has offered since pre-pandemic.

You have prices 10% off peak, rising inventory giving you options, real negotiating leverage on most listings, and a market that’s just starting to heat up again. Waiting for prices to drop further is a gamble — especially when days on market are already plunging toward single digits, which typically precedes price increases.

If you can afford the monthly payment, you find a home you love, and you plan to hold it for 3+ years, the data supports making a move now. Buy at $675K today versus $750K a year ago, and you’re starting with built-in equity room if the market normalizes.

If you’re buying in the luxury market ($1M+), the math is even more compelling. Sellers are motivated, inventory is deep, and you’re getting homes at 80–85% of asking in some cases.

What to Do Next

Whether you’re relocating to Bend, upgrading, downsizing, or investing, the first step is understanding exactly what your budget buys in today’s market. I can pull real-time comps for any neighborhood, run an affordability analysis based on your specific situation, and help you identify the pockets of the market where the data says value is strongest.

Don’t just trust headlines — trust the numbers. And I’ve got all of them.

Related Resources

Ready to explore your options in Bend? Let’s talk numbers.

Matt Ryan | Ryan Realty
📞 541-350-8278
📧 [email protected]
🌐 ryan-realty.com

All data sourced from Central Oregon MLS, current as of May 2026. This is not financial advice — consult with a lender to understand your specific buying power.