The first quarter of 2026 is in the books for Deschutes County, and the data paints a picture of a market that’s active, gradually normalizing, and offering more opportunity on both sides of the transaction than we’ve seen in several years. Here’s the full breakdown.
Q1 2026 At a Glance
- Closed sales (SFH): 412, up 8.4% from 380 in Q1 2025
- Median sale price: $618,500, up 2.1% from $605,800 in Q1 2025
- Average days on market: 58, up from 52 in Q1 2025
- Active inventory (end of Q1): 960, up 3.6% from 927
- Months of supply: 3.4, up from 2.8
- Sold-to-list ratio: 97.18%, down from 97.85%
- Median price per square foot: $327, up from $319
Transaction Volume
The 8.4% increase in closed sales is the most encouraging number in the report. After a sluggish Q1 2025, buyer activity rebounded as mortgage rates settled into the low-6% range. January was slow (as it always is), but February and March saw significantly more closings than the same months last year.
The increase was driven primarily by activity in the $400,000-$650,000 price band, which accounted for roughly 55% of all closings. The luxury segment (above $1 million) was relatively flat, with 38 closings compared to 36 in Q1 2025.
Pricing Trends
Median prices rose a modest 2.1% year over year, which is roughly in line with inflation. In real (inflation-adjusted) terms, prices were essentially flat. That’s healthy. The double-digit appreciation of 2021-2022 was unsustainable, and the current pace suggests the market is finding fair value.
Price per square foot edged up to $327, continuing a gradual upward trend. This metric is useful because it normalizes for home size. A 2,000-square-foot home at $327/sqft translates to $654,000, which aligns closely with the median for newer construction in Bend.
The sold-to-list ratio of 97.18% tells us that sellers are accepting prices about 3% below their asking price on average. This is a meaningful shift from 2022, when the average home sold above list price. It reflects the increased leverage buyers now have.
Inventory and Days on Market
Inventory at 960 active listings represents the highest Q1 level since 2020. Months of supply at 3.4 is trending toward balance but still technically favors sellers. For context, a fully balanced market would be around 5-6 months of supply.
Average days on market increased to 58, up from 52 a year ago. This means listings are sitting about a week longer before going under contract. For buyers, that extra week is meaningful, as it provides more time for due diligence, negotiations, and competing bids to thin out.
City-Level Detail
Bend
Median price: $685,000 (up 1.8%). Closings: 248 (up 7.4%). DOM: 54. The west side of Bend continues to command premium pricing, with median prices exceeding $800,000 in neighborhoods like NorthWest Crossing and Shevlin area. East Bend is more accessible, with medians around $550,000-$600,000.
Redmond
Median price: $465,000 (up 3.2%). Closings: 108 (up 11.3%). DOM: 48. Redmond posted the strongest sales growth in the county, driven by relative affordability and new construction. First-time buyers are increasingly looking to Redmond as Bend’s prices push them outward.
Sisters
Median price: $625,000 (down 0.8%). Closings: 22 (up 4.8%). DOM: 72. Sisters is a small market, so percentage changes can be misleading. The slight price dip reflects the mix of homes that sold rather than a meaningful decline in values. Demand remains strong but is constrained by very limited supply.
Sunriver and La Pine
Sunriver median: $545,000 (down 2.1%). La Pine median: $385,000 (up 4.3%). Sunriver’s vacation-home market is adjusting to higher rates and shifting short-term rental economics. La Pine continues to gain traction as the most affordable market in the Bend orbit.
Comparison to Q1 2025
The biggest differences year over year: more transactions, slightly higher prices, and notably more inventory. This combination, more sales despite more supply, suggests genuine demand recovery driven by improving rate conditions rather than artificial scarcity. It’s the kind of market fundamentals that suggest sustainable activity ahead.
Outlook for Q2 2026
Based on pending sales data and the current trajectory, we expect Q2 to bring continued improvement in transaction volume, inventory to peak in the 1,050-1,100 range by June (typical seasonal pattern), and median prices to hold steady or increase slightly.
The key variable remains mortgage rates. If rates stay in the 6.0-6.5% range, the market should continue its gradual normalization. A move below 6% would likely accelerate sales and could push prices higher. A move above 6.5% would slow activity.
We’ll be tracking all of these metrics in real time on our housing market dashboard. For historical data and trend charts, visit our reports section. And if you want to talk about what these numbers mean for your specific situation, reach out to our team.