The Bend, OR metro area housing market in February 2025 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased by 3.6% year-over-year, settling at $649,900. This decline contrasts with the Median List Price, which has seen a slight increase of 0.4% year-over-year, reaching $734,450. This divergence suggests a potential gap between seller expectations and buyer willingness, possibly influenced by broader economic conditions.

In terms of Price Per Square Foot, the market shows modest growth. The median Price Per Square Foot has risen by 1.6% year-over-year to $357.11, while the Median List Price per square foot has increased by 1.4% to $399.49. These figures indicate a steady appreciation in property value, albeit at a slower pace than previous years.

The volume of Homes Sold remains unchanged from the previous year, with 253 Homes Sold. However, Pending Sales have increased by 4.2% year-over-year, totaling 301. This uptick in Pending Sales suggests a potential increase in future closings, indicating sustained buyer interest despite the static sales figures.

New Listings have surged by 21.6% year-over-year, reaching 400, while inventory has expanded significantly by 32.3% to 1,004 homes. This increase in supply is further reflected in the Months of Supply, which has doubled to 4.0 months, a 100% increase year-over-year. The expanded inventory and supply may provide buyers with more options, potentially exerting downward pressure on prices if demand does not keep pace.

The Median Days on Market have increased by 16% year-over-year to 77 days, indicating that homes are taking longer to sell. This trend, coupled with an average sale to list ratio of 98.4% (a slight decrease of 0.4% year-over-year), suggests that sellers may need to adjust their pricing strategies to align with market conditions.

Interestingly, the percentage of Homes Sold above list price has seen a marginal increase of 0.4% year-over-year, now at 17.8%. This indicates that while overall market conditions may be cooling, there are still competitive scenarios for certain properties. Additionally, the rate of Price Drops has increased by 2.8% year-over-year to 20.6%, reflecting sellers' adjustments to meet market expectations.

The percentage of homes going off the market within two weeks has risen by 3.1% year-over-year to 32.6%, suggesting that well-priced homes are still attracting quick interest. This dynamic highlights the importance of strategic pricing in a market with increasing inventory and longer selling times.

Overall, the Bend, OR metro area housing market in February 2025 is characterized by a mix of stabilizing and shifting trends. While the market faces challenges such as declining sales prices and increased inventory, there are also signs of resilience, with steady Price Per Square Foot growth and rising Pending Sales. Buyers and sellers alike must navigate these conditions with informed strategies to achieve their real estate goals.