Central Oregon Real Estate Market Update: May 2026

The Central Oregon housing market continued its steady spring momentum in May, with sales activity increasing across much of the region and inventory levels remaining relatively stable. While median prices shifted in several markets, the underlying story remains one of healthy buyer demand and improving housing supply compared to recent years.

Bend Market Sees Luxury Sales Drive Median Price Higher

Bend's single-family home market experienced one of its largest month-over-month price increases this year, with the median sale price rising from $699,000 in April to $795,000 in May.

Rather than reflecting a broad increase in home values across all price points, the jump was largely influenced by the mix of homes that sold. More than 32% of May's transactions closed above $1 million, compared to approximately 28% in April. The largest concentration of sales occurred in the $1 million to $1.2 million price range, highlighting continued demand for upper-end properties.

Inventory increased slightly to a 3.5-month supply, giving buyers more options while still favoring sellers in many neighborhoods. Homes that were priced appropriately and presented well continued to move quickly, averaging just 13 days on market.

Redmond Maintains Stable Market Conditions

Redmond continued to demonstrate consistent market performance in May. The median sale price increased to $497,000, returning to a level more typical for the market after last month's drop.

Inventory remained steady at approximately three months of supply, while the number of completed sales increased modestly from April. These metrics suggest a balanced market where buyers have choices but well-positioned homes are still attracting attention.

As affordability remains a priority for many Central Oregon buyers, Redmond continues to be an attractive alternative to Bend for both homeowners and investors.

Sunriver Prices Shift While Activity Remains Steady

Sunriver's median sale price declined from $865,000 to $748,000 in May, though the overall market remained relatively unchanged.

The number of sales stayed consistent, inventory held at approximately four months of supply, and transaction volume saw a slight increase. Given the unique nature of the Sunriver market, monthly median prices can fluctuate significantly depending on the mix of vacation homes, investment properties, and luxury residences that sell during a given month.

The stable inventory and consistent sales activity suggest continued buyer interest heading into the peak summer season.

Sisters Continues to See Strong Buyer Interest

The Sisters market posted positive gains in May, with the median sale price increasing from $680,000 to $725,000.

Sales activity increased modestly, reflecting continued demand for the area's small-town lifestyle and proximity to outdoor recreation. Homes spent slightly more time on the market compared to April, though inventory remained unchanged at approximately five months of supply.

Among the major Central Oregon markets, Sisters continues to offer one of the more balanced environments for buyers and sellers, with enough inventory to provide options while still supporting home values.

What We're Watching This Summer

As we enter the summer selling season, several trends continue to shape the Central Oregon housing market:

• Inventory levels remain significantly healthier than they were during the pandemic-era housing boom.
• Well-priced homes continue to sell quickly despite higher mortgage rates.
• Luxury home sales remain a meaningful driver of median price movement, particularly in Bend.
• Buyers are becoming more selective, placing greater emphasis on condition, pricing, and location.

While market conditions vary by community and price point, Central Oregon continues to benefit from strong lifestyle appeal, limited long-term housing supply, and steady migration from other regions.

If you're considering buying, selling, investing, or simply curious about your home's current value, our team would be happy to provide a personalized market analysis and discuss what today's market means for your goals.