Central Oregon's Real Estate Market update
The Central Oregon real estate market has seen significant growth over the past few years, with an increasing number of people drawn to the area due to its scenic beauty, recreational opportunities, and favorable weather conditions.
This growth has been driven by several factors, including an increase in the number of millennials entering the housing market, strong employment rates, and rising home prices in more expensive markets like California and Oregon’s Willamette Valley.
The region continues to experience strong demand for homes, with limited inventory resulting in a seller’s market. The median home price in the region is currently around $500,000, with prices higher in more desirable locations.
The pandemic has also had an impact on the market, with an increased interest in homes with more space and outdoor areas, as well as a surge of buyers from larger metropolitan areas seeking a change of pace and lifestyle.
The area’s popularity has resulted in a high number of new home construction projects, with many housing developments underway in Bend and the surrounding areas. However, due to the high demand for homes, these projects are unlikely to significantly affect market prices.
Investors looking to get into the Central Oregon market should keep in mind the region’s growth trajectory, as well as its increasing popularity among retirees and remote workers. The region’s strong tourism industry and proximity to popular outdoor destinations like Mount Bachelor, Smith Rock, and the Deschutes River also makes it an attractive option for vacation rental properties.
Overall, the Central Oregon real estate market remains a strong and desirable investment option, with a growing population, a strong economy, and a unique lifestyle that continues to draw in new residents and visitors alike.