Average Monthly Rent
The Central Oregon rental market began tightening in 2010 and faces heightened demand in the midst of constrained supply. According to the Central Oregon Rental Owners Association, current vacancy rates have shrunk to 1.04 % as of March 2016, down from 12.4% in 2009.
As in-migration to Central Oregon continues, demand for rental housing outstrips supply. This exerts pressure on prices and generates a growing interest in multi-family residential construction, particularly in Redmond. In the last year, two and three bedroom rental houses increased more on a percentage basis than apartments and duplexes; until supply increases, expect the rental market in the next few years to be persistently tight.
|
Average Monthly Rent (3 Bedroom House, listed in $) |
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|
Area |
2010 |
2011 |
2012 |
2013 |
2014 |
2015 |
2016 |
|
Bend |
969 |
1012 |
1231 |
1110 |
1,221 |
1,354 |
1,438 |
|
Redmond/Terrebonne |
863 |
911 |
975 |
952 |
1,014 |
1,094 |
1,246 |
|
Madras/Culver |
849 |
817 |
800 |
765 |
859 |
646 |
951 |
|
Prineville |
809 |
847 |
835 |
755 |
895 |
835 |
880 |
|
La Pine |
905 |
861 |
889 |
838 |
880 |
900 |
1,000 |
|
Sunriver |
991 |
896 |
1086 |
1066 |
1,180 |
1,241 |
1,221 |
|
Sisters |
913 |
850 |
922 |
875 |
898 |
NA |
2,850 |
|
Source: Central Oregon Rental Owners Association (COROA); May 2018 |
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Home Prices
Redmond’s residential housing sales, as with much of the country, peaked to all-time highs in 2006, declined in 2009, and now are continuously rebounding in 2017.
Redmond's current average home price is $305,456 and median price of $278,900.
| Existing Single Family Home Prices (residential, less than one acre, $) | |||||||||||
| Median Sales Price | |||||||||||
| 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | |
| Crook County | 177,500 | 112,000 | 91,100 | 77,750 | 87,000 | 127,113 | 132,450 | 157,750 | 188,000 | 205,000 | 250,450 |
| Bend | 289,450 | 212,000 | 191,750 | 190,000 | 220,395 | 269,000 | 289,950 | 327,487 | 360,000 | 389,950 | 407,000 |
| Redmond | 216,000 | 147,500 | 123,450 | 116,000 | 132,000 | 175,000 | 196,275 | 223,266 | 255,000 | 280,000 | 278,900 |
| La Pine | 160,000 | 109,000 | 99,900 | 88,500 | 94,900 | 133,000 | 149,900 | 185,000 | 197,250 | 226,000 | 259,000 |
| Sisters | 367,450 | 286,250 | 223,750 | 198,500 | 245,000 | 300,000 | 269,078 | 330,000 | 372,000 | 379 | 376,030 |
| Sunriver | 555,738 | 402,000 | 417,500 | 375,000 | 347,500 | 364,000 | 367,500 | 375,000 | 390,500 | 485,000 | 402,500 |
| Jefferson County | 139,950 | 89,900 | 69,950 | 68,000 | 72,500 | 85,000 | 111,000 | 121,000 | 140,000 | 164,000 | 195,000 |
| U.S. | 196,600 | 172,100 | 173,200 | 166,200 | 180,200 | 197,100 | 208,300 | 222,400 | 244,800 | 245,600 | 309,700 |
| Average Sales Price | |||||||||||
| Crook County | 206,874 | 145,040 | 120,537 | 96,334 | 113,980 | 148,108 | 162,753 | 198,455 | 217,064 | 254,932 | |
| Bend | 353,142 | 266,319 | 245,069 | 238,186 | 263,556 | 317,735 | 344,694 | 385,657 | 421,405 | 453,304 | |
| Redmond | 245,204 | 170,739 | 142,402 | 137,214 | 148,086 | 197,015 | 217,263 | 244,904 | 275,938 | 305,456 | |
| La Pine | 180,153 | 126,606 | 110,632 | 108,438 | 100,940 | 146,802 | 159,070 | 187,896 | 214,578 | 249,788 | |
| Sisters | 437,636 | 372,483 | 295,488 | 248,953 | 292,960 | 317,442 | 316,253 | 376,894 | 420,843 | 397,854 | |
| Sunriver | 628,979 | 458,614 | 455,550 | 398,948 | 381,530 | 408,326 | 409,227 | 421,927 | 447,299 | 516,865 | |
| Jefferson County | 144,146 | 145,040 | 78,376 | 74,724 | 83,152 | 96,185 | 127,344 | 128,783 | 144,037 | 167,495 | |
| U.S. | 242,700 | 216,900 | 220,000 | 214,300 | 225,500 | 245,500 | 225,300 | 226,400 | 276,990 | 295,800 | |
| Sources: Central Oregon Association of Realtors (COAR), National Association of Realtors, US Census Bureau (May 2018) | |||||||||||
