The median sales price for a single-family home in Bend has risen 19.1% since May to $530,000, according to the monthly Beacon Appraisal Group LLC report.
In Redmond, the median single-family home price also rose in August to $355,000 from $338,000 the year before, a 5% increase, according to the report.
The median price represents the midpoint, with half the sales above and half below.
The number of days homes were on the market in Bend held to 10 in August, about the same as July, according to the data. That small window comes despite economic challenges of unemployment and job losses associated with containing the COVID-19 pandemic.
Despite the pandemic, real estate agents say there’s an influx of newcomers coming from bigger cities to Bend and Central Oregon, seeking a simpler life. In addition, many people are taking advantage of low interest rates, said Tina Perin, a real estate broker at Coldwell Banker Reed Bros. Realty in Sisters.
“COVID-19 has been a real motivator,” Perin said. “People are wanting to be in smaller towns because they can work from home. They don’t have to work in an office. “
Some sales, particularly in Sisters, are to people from metro areas seeking second homes in Central Oregon so they can get away.
“I think a lot of people have been thinking about things like this for a while,” Perin said.
While home prices were higher in Bend, the number of sales was also higher in August compared to last year. Last month, 296 homes were sold in Bend and 115 in Redmond. A year ago, 252 homes sold in Bend and 104 in Redmond.
In Sisters, the median single-family home price was $499,000, and there was two months of inventory.