The COVID-19 Effect on Bend’s Real Estate Market

Written by: Laura Blossey

11750 NE Canyons Ranch Drive Terrebonne, OR 97760
Presented by Laura Blossey | Offered at $4,500,000 | MLS# 220111416

Bend, Oregon is the epitome of COVID-19 accelerated real estate sales. After only a few weeks’ pause in March from new restrictions, out of town buyers doubled down on Bend as the perfect escape from their respective cities. After evaluating the quality of life and relatively lower cost of living in Bend compared to our feeder markets like the Bay Area and Orange County/ LA, for example, Buyers have been even quicker to move here in the second half of 2020 than in past years.  Why Bend? Buyers are choosing Bend over other markets for many reasons, including the year-round outdoor lifestyle (skiing, hiking, mountain biking, kayaking on the rivers & mountain lakes, golf, horseback riding & more), easy direct flights to West coast markets for ease of visiting clients and friends & family, luxury amenities with a laid back lifestyle, and an overall better quality of life. Bend is the perfect escape from restrictive or chaotic worlds.

COVID-19 set the precedent for working from home, so people started asking themselves, why not work from home in another city? It’s now common for lenders to ask for written proof from Buyer’s employers that the Buyers can indeed work from home in Bend. Contingent purchases are more commonplace as Buyers are willing to put their homes on the market the minute they write an offer on a home in Bend, but even more so cash offers are dominating our sales. Bend has recently been named by WalletHub as the second-fastest growing city in the nation, with COVID-19 clearly a contributing factor.

Examples showing the accelerated growth in Bend since COVID-19 based on sale prices and days on the market (DOM) abound. One of my listings in a desirable neighborhood sold for $905,000 in April, 2020 after 171 days on the market with 2 price reductions. A home on the same street with almost identical specs is currently pending in just 10 days. Listings at all price points have yielded multiple offers – as many as 22! – and are selling for up to $200,000 over asking price which is a new phenomenon in our market since COVID-19.

This graph depicts a sharp increase in median price in 2020 compared to past years during June through September across multiple years. From just the same period a year ago, we saw a 2% decrease in median price in 2019 compared to an 18% increase in 2020. We will continue to be in a strong Seller’s market until new inventory can catch up with demand, but since most people don’t want to leave Bend we’ll rely on new construction to fill the gap.


WalletHub names Bend 2nd fastest growing city in the US

61794 Tam McArthur Loop Bend, OR 97702
Presented by Tebbs & Little Group | Offered at $3,899,000 | MLS# 220102501

From Central Oregon Daily

According to WalletHub’s recent report on 2020’s Fastest Growing Cities in America, Bend ranked second next to Fort Myers, FL.

WalletHub is a personal finance website that compares 515 US cities across 17 key metrics to determine where the most rapid local economic growth occurred over a period of seven years.

The factors considered in the release of this report ranges from population growth to college-educated population growth to the unemployment rate decrease.

Furthermore, WalletHub produced a separate ranking by city size.

Bend topped the report’s rankings for “mid-sized” cities, ahead of Meridian, Idaho, Enterprise, Nev. and Frisco, Texas.

Economic Growth in Bend (1=Fastest-Growing; 258=Avg.):

  • 11th – Population Growth
  • 43rd – Median Household Income Growth
  • 1st – Job Growth
  • 263rd – Poverty Rate Decrease         
  • 10th – Regional GDP Growth
  • 163rd – Unemployment Rate Decrease
  • 1st – Growth in Number of Businesses
  • 11th – Working-Age Population Growth
  • 87th – Median House Price Growth

Full article on Central Oregon Daily