Deb Tebbs Group

Cascade Sotheby's International Realty

Bend Oregon Real Estate Market – What To Expect For 2017

 

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By The Deb Tebbs Group

BEND, Ore. – Planning on buying or selling a home in the Bend Oregon Real Estate Market during 2017? If so, you’ve come to the right place! In this article we will share with you several things you can expect from the local Real Estate market this year that will affect you if you’ve been thinking of buying or selling a home.

Rapid Growth Predicted For The 2017 Bend Oregon Real Estate Market

Over the last year we’ve seen rapid growth in the Bend Oregon Real Estate Market because more people continues to move to Bend from other cities in Oregon and the United States. When you factor in the new arrivals combined with a shortage of homes in Bend, home prices have continued increasing especially in the lower end of the real estate market where properties that are priced at $200,000 or below will get purchased very quickly.

Due to the rapid growth of the Bend Oregon Real Estate Market, many towns in the surrounding Deschutes County area have seen their home prices experience rapid growth as well, especially Redmond, Prineville, Sisters and La Pine where prices increased by 15 percent or more between 2015 and 2016.

Still Affordable When Compared To Seattle And San Francisco

The median home price in Bend reached $385,000 in September 2016, homes here are still affordable when compared to other cities, especially Seattle and San Francisco where the median home prices in those cities are $612,400 and $1,132,300.

Although some economists feel that we could see a slowdown in the Bend Oregon Real Estate market in 2017 due to higher mortgage interest rates, those rate increases could be offset by fast wage growth this year.

While a number of nonresidential projects have broken ground in Bend, Fratzke said most of them are government buildings or hotels. The only large-scale office building going up in Bend is Crane Shed Commons, a 50,000-square-foot building containing a mix of flexible office and creative space. The building, on SW Industrial Way, is slated to be completed in 2017. Howard Friedman, partner and principal broker at Compass Commercial, said the majority of space in the building is already under lease, and added that the building is leasing at around $2.25 per foot. – Source 

Hire A Bend Oregon Realtor®

To get started with buying or selling a home in the Bend Oregon Real Estate Market contact the Deb Tebbs Group by calling us at (541) 323-4823 or click here to connect with us online.

 

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