|
HOUSING
With a wide selection of styles, acreages and sizes, prices vary in the region. Madras to the far northern boundary and La Pine to the far south both offer the most affordable housing, while Sisters and Sunriver offer some of the most expensive homes. Bend tracks below both of those communities and, given its size, has one of the broadest selections of home prices. Prineville and Redmond have been extremely popular communities to build new homes in last several years because of their relative affordability; both cities experienced strong increases in home prices from 2005 to 2007. Prices in nearly all Central Oregon communities have been moderated in late 2007 and into 2008, reflecting the West Coast impact of the national housing downturn, as the inventory of unsold home increases and prices are adjusting downward.
Cost of a Home
Both the average and median home costs reflected below are for residential properties on less than one acre)
|
Average Home Price
|
|
|
2007
|
2006
|
2005
|
2004
|
2003
|
2002
|
2001
|
2000
|
|
Bend
|
$426,044
|
$406,122
|
$334,570
|
$227,500
|
$195,000
|
$183,500
|
$168,950
|
$197,682
|
|
La Pine
|
$237,665
|
$202,331
|
$163,970
|
$135,000
|
$110,000
|
$90,640
|
$86,000
|
NA
|
|
Redmond
|
$286,543
|
$212,173
|
$226,238
|
$158,500
|
$148,567
|
$135,125
|
$125,000
|
$124,696
|
|
Sisters
|
$526,626
|
$514,259
|
$449,979
|
$308,500
|
$270,000
|
$247,500
|
$235,000
|
$275,070
|
|
Sunriver
|
$637,734
|
$627,345
|
$501,764
|
$393,500
|
$330,000
|
$315,000
|
$289,000
|
NA
|
|
Jefferson County
|
$187,367
|
$170,228
|
$131,493
|
$104,000
|
$95,000
|
$87,500
|
$87,000
|
$91,108
|
|
Crook County
|
$224,151
|
$212,173
|
$154,906
|
$114,928
|
$105,450
|
$99,400
|
$106,524
|
$95,753
|
|
Source: Central Oregon Association of Realtors
|
|
Median Home Price
|
|
|
2007
|
2006
|
2005
|
2004
|
2003
|
2002
|
2001
|
2000
|
|
Bend
|
$426,044
|
$351,978
|
$279,900
|
$227,500
|
$195,000
|
$183,500
|
$168,950
|
|
|
La Pine
|
$237,665
|
$183,500
|
$148,450
|
$135,000
|
$110,000
|
$90,640
|
$86,000
|
|
|
Redmond
|
$286,543
|
$262,749
|
$198,818
|
$158,500
|
$148,567
|
$135,125
|
$125,000
|
|
|
Sisters
|
$526,626
|
$460,000
|
$394,250
|
$308,500
|
$270,000
|
$247,500
|
$235,000
|
|
|
Sunriver
|
$637,734
|
$575,000
|
$462,500
|
$393,500
|
$330,000
|
$315,000
|
$289,500
|
|
|
Jefferson County
|
$187,367
|
$165,080
|
$133,500
|
$104,000
|
$95,000
|
$87,500
|
$87,000
|
|
|
Crook County
|
$224,151
|
$195,500
|
$149,275
|
$114,928
|
$105,450
|
$99,400
|
$106,524
|
|
Source: Central Oregon Association of Realtors
Average Monthly Rent
The rental market in Central Oregon does not follow the same patterns as the residential owned market. Rent costs have increased over the last several years at a very low rate. Below we show average monthly rental costs for a 3 bedroom home:
|
Rental Costs in Central Oregon for a 3 Bedroom Home
|
|
|
2007
|
2006
|
2005
|
2004
|
2003
|
2002
|
2001
|
2000
|
|
Bend
|
$1005
|
$992
|
$965
|
$935
|
$928
|
$929
|
$911
|
$852
|
|
Redmond
|
$885
|
$820
|
$919
|
$846
|
$844
|
$810
|
$746
|
$755
|
|
Madras/Jefferson County
|
$842
|
$740
|
672
|
$673
|
$688
|
$652
|
$689
|
$600
|
|
Prineville/Crook County
|
$846
|
$751
|
$748
|
$724
|
$724
|
$648
|
$597
|
$622
|
Source: Central Oregon Rental Owners' Association
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2007 Rental Costs in Deschutes County
|
|
|
2 Bedroom Apartment
|
2 Bedroom Duplex
|
2 Bedroom Triplex/Fourplex
|
|
Bend
|
$607
|
$607
|
$657
|
|
Redmond
|
$527
|
$527
|
$692
|
|
Madras/Jefferson County
|
NA
|
$555
|
NA
|
|
Prineville/Crook County
|
NA
|
$612
|
$467
|
Source: Central Oregon Rental Owners' Association
Comparative Housing Costs in Central Oregon
Comparative median home costs are provided below for other major metropolitan areas as well as smaller areas competitive with Central Oregon on either an economic or lifestyle basis.
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Comparative Housing Costs (in 000s)
|
|
Market (MSA)
|
2007
|
2006
|
2005
|
|
Kennewick-Richland-Pasco, WA
|
$169
|
$156
|
$154
|
|
Spokane, WA
|
$194
|
$184
|
$156
|
|
Boise City-Nampa, ID
|
$206
|
N/A
|
$147
|
|
Colorado Springs, CO
|
$218
|
$218
|
$206
|
|
U.S. Median
|
$218
|
$222
|
$219
|
|
Salem, OR
|
$228
|
$213
|
$178
|
|
Salt Lake City, UT
|
$232
|
$203
|
$174
|
|
Eugene-Springfield, OR
|
$240
|
$231
|
$198
|
|
Denver-Aurora, CO
|
$245
|
$250
|
$247
|
|
Redmond, OR
|
$250
|
$263
|
$199
|
|
Phoenix-Mesa-Scottsdale, AZ
|
$257
|
$268
|
$247
|
|
Portland-Vancouver-Beaverton, OR-WA
|
$295
|
$281
|
$245
|
|
Las Vegas-Paradise, NV
|
$298
|
$317
|
$305
|
|
Reno-Sparks, NV
|
$321
| |
