November 2024 Market Trends

Happiest of holidays!

2024 is coming to an end and here is your final installment of my market trends before 2025 hits. It’s hard to believe that another year is in the books but with a bit of unpredictable predictability, the real estate market continues to keep us on our toes. November saw a 10% decrease from October in the median home price dropping to $714,000, the lowest median sales price since January and February 2024. The number of homes that sold for over a million dollars came down as well with 21% of homes selling for over a million in November versus 35% of homes sales in October.

From a year-over-year perspective there were lots of increases though. Between last month and November 2023 there were more new listings (120 vs. 86), more active listings (469 vs. 309), more pending listings (110 vs. 96) and more sold listings (123 vs. 105). Mortgage rates were better this past November than last year so that could be part of what we’re seeing or seller’s readiness to offload their property after holding off for a while. To put things in perspective though, all of these numbers are lower than what they were back in November 2019.

I’m sure 2025 will be just as interesting as we keep an eye on interest rates and a changing administration. Bend continues to be an incredible place to live and recreate. I feel very lucky to live here and incredibly fortunate to serve your needs as your realtor. As always, if there’s anything you need, I’m here to help.

I hope the holiday season finds you healthy and happy.

Here’s to a great 2025!