For the better part of three years, Central Oregon’s housing market could be summarized in two words: not enough. Not enough homes for sale, not enough time to make decisions, not enough negotiating leverage for buyers. That story is changing, and the inventory data tells us exactly how.
The Current Inventory Picture
Across Central Oregon’s three counties, active single-family home listings have been climbing steadily. Here’s where things stand as of late March 2026:
- Deschutes County: Approximately 960 active SFH listings, up from 927 a year ago (3.6% increase)
- Crook County: Approximately 185 active SFH listings, up from 163 a year ago (13.5% increase)
- Jefferson County: Approximately 110 active SFH listings, up from 98 a year ago (12.2% increase)
The percentage gains in Crook and Jefferson counties are particularly notable. These smaller markets have seen proportionally larger inventory increases as builders have ramped up activity and more homeowners have decided to list.
Months of Supply Is the Key Metric
Raw listing counts only tell part of the story. Months of supply (how long it would take to sell all current inventory at the current pace of sales) is the metric that actually defines market conditions.
Here’s the framework: below 4 months of supply favors sellers, 4 to 6 months indicates a balanced market, and above 6 months favors buyers. (For a deeper dive into this metric, see our detailed market reports.)
Current months of supply by county:
- Deschutes County: 3.4 months, up from 2.8 a year ago
- Crook County: 3.9 months, up from 3.0 a year ago
- Jefferson County: 4.2 months, up from 3.3 a year ago
Jefferson County is effectively at the balanced-market threshold already. Crook County is approaching it. Deschutes County still leans toward sellers, but the gap is narrowing quarter by quarter.
Year Over Year Trends
The important context is that this isn’t a one-quarter blip. Inventory has been rising for roughly 18 months across the region. The trajectory matters more than any single snapshot:
Deschutes County SFH inventory, March:
- 2024: 784
- 2025: 927
- 2026: 960
Crook County SFH inventory, March:
- 2024: 128
- 2025: 163
- 2026: 185
The year-over-year percentage gains have moderated (inventory grew much faster in 2024-2025 than in 2025-2026), which suggests we’re approaching a new equilibrium rather than heading toward oversupply.
What Is Driving Inventory Higher
New Construction
Builders have been active, particularly in Redmond and the areas east of Bend along Highway 20. New home completions in Deschutes County are running about 5% above 2025 levels. Many of these are in the $450,000 to $600,000 range, directly competing with existing homes for the same buyer pool.
Rate-Lock Thaw
While the rate-lock effect is still very real (most homeowners have rates well below current market rates), the grip is loosening at the margins. Life events, such as divorces, job transfers, retirements, growing families, don’t wait for interest rates. Each quarter, a few more homeowners who’ve been holding off decide it’s time to move regardless of the rate penalty.
Investor Exits
Some short-term rental investors, particularly in Sunriver and the vacation corridors, are liquidating properties as the economics of short-term rentals have shifted. Higher operating costs, regulatory changes, and declining occupancy rates in some areas have made the math less compelling.
What This Means for Buyers
More inventory is unambiguously good news for buyers. It means:
- More homes to choose from, which means less pressure to compromise on your priorities
- More time to make decisions (median days on market is stretching, giving you room to think)
- More negotiating leverage on price, inspections, and closing terms
- Better chances of including contingencies that protect you (inspection, appraisal, financing)
That said, this isn’t a buyer’s market yet, especially in desirable Bend neighborhoods. Well-priced homes in NorthWest Crossing, Old Bend, and the Mountain View corridor still move quickly. The change is most pronounced in the upper price ranges and in areas outside the core Bend market.
Start your search with our full listing database to see what’s available right now.
What This Means for Sellers
Rising inventory means your home has more competition. The implications are practical:
- Pricing precision is critical. In a low-inventory market, you can overprice by 5% and still get offers. In a rising-inventory market, overpricing by 5% means your listing sits while better-priced competitors sell around you.
- Condition matters more. When buyers have options, they gravitate toward move-in ready homes. Deferred maintenance, outdated finishes, and landscaping issues that buyers would have overlooked in 2022 are now reasons to move on to the next listing.
- Concessions are back. Seller-paid closing costs, rate buydowns, and home warranty credits are increasingly common. Budget for 1-3% in concessions when planning your net proceeds.
Neighborhood Variation
Market conditions vary significantly by neighborhood, even within the same city. In Bend, some subdivisions have months of supply below 2.0 while others are above 5.0. The factors that create these differences include school district boundaries, proximity to trails and recreation, lot sizes, and neighborhood age.
Broadly, we’re seeing the most inventory growth in:
- Southeast Bend (newer subdivisions with higher density)
- Redmond (particularly new construction areas)
- La Pine and the Highway 97 corridor south of Bend
- Vacation and resort properties
And the tightest inventory in:
- NorthWest Crossing and adjacent west-side Bend neighborhoods
- Sisters (geographically constrained, limited building)
- Established Bend neighborhoods with large lots
For a detailed look at inventory in specific areas, check our housing market data or talk to our team about the neighborhoods you’re interested in.