For many buyers in 2025, the question isn’t “Can I buy?” Rather, it’s “Should I buy now or wait?” With mortgage rates hovering in the high 6% range, home prices holding steady, and media headlines forecasting everything from soft landings to price drops, hesitation is understandable. In markets like Bend, where conditions are shifting quickly, buyers are left trying to make sense of mixed signals: rising inventory, longer days on market, and rent-vs-own tradeoffs all complicate the decision.
But market timing is only one part of the equation. In reality, the “right time” depends just as much on personal circumstances as it does on interest rates or supply curves. This guide unpacks what’s really happening in the Bend market right now, using current data, economic insights, and on-the-ground perspective. The goal is to help you make a smart and confident decision with the support of a local expert.
Let’s take a closer look at where things stand in Bend mid-2025, and whether buying now or waiting makes the most financial and practical sense for you.
The Market at a Glance: Bend Mid-2025
Bend’s real estate market has shifted noticeably in 2025. After several years of intense competition and rapid price growth, conditions have begun to moderate, giving buyers more breathing room, but also more to consider.
As of June 2025, the median sale price in Bend sits at $694,000, holding relatively steady year-to-date. While prices remain high, they’re no longer accelerating at the breakneck pace of recent years. More importantly, inventory is up significantly, with a 65% increase compared to last year. The market now offers 4.5 months of supply, the highest Bend has seen since 2019, signaling a transition away from the extreme seller’s market of the past.
Homes are also taking longer to sell. The median days on market is now 54 days, up from just 19 this time last year. And while there are still well-priced homes that attract attention quickly, the overall pace has slowed.
Buyer demand remains present, but it’s cooled. Most homes are receiving one offer on average, and bidding wars are no longer the norm. For buyers, this means less pressure, more choice, and more leverage, especially when working with a knowledgeable local agent.
Mortgage Rates and Affordability
Mortgage rates remain one of the biggest influences on buyer confidence in 2025. As of early July, 30-year fixed mortgage rates in Bend average between 6.7% and 6.8%, closely in line with national trends. While this is a drop from the 7.15% peak seen in May, it’s still well above the ultra-low rates buyers grew used to in 2020 and 2021.
Experts across the board agree: significant rate drops aren’t likely this year. Most forecasts suggest stability in the mid-6% range through the end of 2025. For buyers, this means waiting for a drastic improvement in rates may not be a practical strategy in the near term.
Affordability, however, is a real concern. Higher rates mean reduced buying power, and many buyers are finding that monthly mortgage costs exceed what they’d pay in rent. But it’s not all downside. Rising inventory has brought more options to market, giving buyers room to negotiate and explore homes that would have sparked bidding wars just a year ago.
In today’s environment, it’s less about finding the perfect rate but more about making the right purchase in the right market, with a strategy that allows for potential refinancing down the line.
What Happens if You Wait?
On paper, waiting can seem like the safer bet, especially when renting is significantly cheaper than buying. In Bend, average rents are hovering around $2,500/month, while the typical monthly cost of owning a median-priced home (mortgage, taxes, insurance, and maintenance) can run $400 to $800 more. For buyers focused on short-term savings, that gap is hard to ignore.
But waiting comes with trade-offs. Renting builds no equity, and sitting on the sidelines means missing out on any appreciation or principal paydown that comes with owning, even in a slower market. Current forecasts suggest home prices in Bend may stay flat or dip slightly by Q4 2025, with Redfin projecting up to a 1% year-over-year decline, while Altos Research leaves room for mild appreciation of 3% or so.
In other words, while you're unlikely to miss a major price drop by waiting, you're also unlikely to gain much ground financially, especially if mortgage rates stay steady or increase. For many, the real cost of waiting isn’t just about the price per se, but more about delayed ownership, lost equity, and continued exposure to rising rent long term.
Who Might Benefit from Waiting
While today’s market offers more breathing room for buyers, not everyone is positioned to make a move right now. If your plans are short-term or uncertain, whether due to job relocation, lifestyle changes, or hesitation about settling in Bend, waiting can be the more prudent choice. Buying only makes sense if you plan to stay for at least five years.
Buyers who are actively working to improve credit scores or save for a larger down payment may also benefit from holding off. Even a modest increase in credit can unlock better loan terms or reduce private mortgage insurance costs. Similarly, a stronger down payment can improve affordability and negotiating power.
Lastly, if you’re searching for a very specific type of home or hoping for more choices in certain neighborhoods, the continued rise in inventory could work in your favor. As the year progresses, new listings, especially from fall sellers or delayed construction completions, may offer more of what you’re looking for.
In these cases, waiting is less about market timing and more about positioning yourself to buy smarter.
Local Economic Health: A Long-Term Lens
Beyond pricing and interest rates, Bend’s long-term market outlook is shaped by strong local fundamentals. The region continues to see steady in-migration, with Deschutes County gaining nearly 1,850 new residents in the latest IRS data. People continue moving to Bend for its lifestyle, outdoor access, and growing professional opportunities.
The job market is one of the strongest in the country, with unemployment around 3.1% and local income growth exceeding 44% over the past three years. This economic strength supports housing demand and helps stabilize the market, even amid higher borrowing costs.
On the development side, major construction is underway. Projects like the 518-unit Wildflower development and the recent expansion of the urban growth boundary are adding multifamily and affordable housing options. City-led infrastructure upgrades (totaling over $26 million) are also paving the way for sustainable long-term growth.
Taken together, these trends point to a market with resilient demand and a healthy economic base. For long-term buyers, this reinforces the case for ownership: Bend remains a desirable, economically solid place to invest in real estate.
Work With Team Fitch Real Estate
Deciding whether to buy or wait in Bend isn’t just about interest rates or market reports; it’s about your goals, your timeline, and your financial position. The numbers show a market that’s more balanced than in years past, with opportunities for well-prepared buyers and valid reasons for some to hold off.
Whatever your situation, the key is making an informed decision grounded in local insight and practical strategy. Team Fitch understands the nuances of the Bend market and works closely with clients to navigate each step with confidence.
Contact Team Fitch today to discuss your real estate goals and get personalized guidance on whether now is the right time to make your move in Central Oregon.
