01/21/2026
At first glance, December’s numbers look uneventful. Activity slowed, fewer homes came on the market, and prices edged lower. That description, while accurate, misses what is actually happening beneath the surface. When we compare December not just to November, but also to the same time last year, a clearer picture emerges. This is not a market losing momentum. It is a market that has become more selective, more segmented, and more sensitive to strategy.
For both buyers and sellers, the biggest risk right now is assuming that silence means inactivity.
Mortgage Rates
Mortgage rates remained relatively stable through December, generally sitting in the low-6% range. However, in the first few weeks of January, rates have dipped even lower and now sit right around 6% and for some borrowers, the upper 5% range. The chart below shows just how far we have come in the last year, which has no doubt helped with affordability. This past year, we have seen fewer buyers stretching to try to make numbers work and instead, those that can wait have been trying to remain patient for lower rates. We are now at rate levels we have seen only 1 other time since late 2022, and we will see how many of those potential buyers decide to take action.
Median Price
The median price in Bend declined to $731,000 in December, down slightly from $737,450 in November and down about 1.4% from $741,250 in December of last year.
We have been saying for some time, despite monthly changes in the median price, this market has remained essentially flat over the past 4 years. Sellers are slowly adjusting expectations, and at the same time, buyers are consistently pushing back on anything that feels misaligned with current value.
For buyers, this creates opportunity, but not across the board. Discounts are showing up through negotiation and price reductions, not through widespread price collapse. For sellers, it reinforces that pricing correctly from the start matters.
New Listings
There were 85 new listings in December, down from 115 in November. What makes this more interesting is that this is identical to the number of new listings we saw in December 2024. Despite lower rates (and mild weat