Housing | Redmond Economic Development Inc.
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Home Prices 

Buyers and sellers are seeing a shift in the housing market. From 2021-2022, home sales dropped in the region by 42%. According to the Gardener report,  reasons that account for this drop in sales were, higher mortgage rates, an increase in inventory, and buyers anticipating mortgages and prices will fall in 2023.

According to the most recent Beacon Report, Redmond's current median home price mid-year of 2022 is $505,000. 

Existing Single Family Home Prices (residential, less than one acre, $)
Median Sales Price
  2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Crook County 87,000 127,113 132,450 157,750 188,000 205,000 250,450 250,000 257,000 372,000 390,000
Bend 220,395 269,000 289,950 327,487 360,000 389,950 407,000 432,000 440,000 580,000 683,000
Redmond 132,000 175,000 196,275 223,266 255,000 280,000 278,900 300,000 325,000 377,000 500,000
La Pine 94,900 133,000 149,900 185,000 197,250 226,000 259,000 270,000 234,000 315,000 452,000
Sisters 245,000 300,000 269,078 330,000 372,000 379,000 376,030 450,000 430,000 479,000 667,000
Sunriver 347,500 364,000 367,500 375,000 390,500 485,000 402,500 475,000 500,000 784,000 885,000
Jefferson County 72,500 85,000 111,000 121,000 140,000 164,000 195,000 224,000 228,000 277,000 356,000
U.S. 180,200 197,100 208,300 222,400 244,800 245,600 309,700 329,700 320,000 357,100 392,600
Sources: Beacon Report (Jan. 2023), National Association of Realtors (Jan. 2023)

Average Monthly Rent

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. Over the past twelve months rents increased 1.6%, the average apartment is estimated at $1,470/month, below the $1,700/month metro-wide average. Although prices today are 40.4% higher than they were a decade ago, renters can find apartments at a lower rate compared to some in the Bend area, according to Compass Commercial. until supply increases, expect the rental market to be persistently tight.

Sources: Compass Commercial Multi-Family Submarket Report (2023)