Bend's Spring Market Finally Popped in May

After a surprisingly soft April — when the median home price came in at $699,000 — Bend's market came roaring back in May 2026. The median home price jumped to $795,000, a gain of $96,000 month over month and more than 13% in a single month. Year over year, that puts prices up more than 5% from this time last year, and within striking distance of Bend's all-time record high.

What Drove the Jump

The short answer: more million-dollar homes closed in May than in April. In April, sales over $1 million made up 28% of closings. In May, that share climbed to over 32%. That concentration of luxury sales pulled the median upward.

But the story doesn't stop at the top of the market. The highest number of individual sales actually occurred in the $1,000,000–$1,200,000 range — and the second highest cluster landed between $550,000 and $600,000. That gap in the middle tells you something real about who is buying in Bend right now: the market is stratified, with strong demand at the high end and at the mid-range, and not much in between.

Price per square foot climbed to $381, up 11% from April and essentially flat compared to last year.

More Sales, Moving Faster

May saw 157 closings, up 5% from April and up 8% from last year. Homes are also going pending faster — 13 days on average in May, compared to about three weeks at this same time last year. That's a meaningful shift in pace.

Cash buyers accounted for roughly 30% of sales, down from 38% a year ago. More buyers are financing their purchases now, even with interest rates largely unchanged. That broadening of the buyer pool is worth noting.

Inventory Gives Buyers More Room

Supply has grown to three and a half months, which gives buyers meaningfully more options than they've had in recent years. That said, homes are still moving quickly, so the market remains competitive. It's a better environment for buyers than we've seen in a while — but it's not a slow market.

What This Means for You

If you're a seller, the data is encouraging. Demand is healthy, luxury sales are strong, and activity at the $550,000–$600,000 range shows the broader market is participating too. Pricing your home correctly still matters — but you're not fighting an uphill battle.

If you're a buyer, the combination of more inventory and faster-moving homes means you have options, but you can't afford to sit on a good listing. At 13 days to pending, well-priced homes are not waiting around.

For investors specifically, the stratified price distribution is worth watching. The concentration of activity at the $550,000–$600,000 tier — roughly half the price of the top-selling range — points to where real volume is happening in Bend's market right now.

Looking Ahead to June

Bend's market is heading into summer with real momentum. If you want to know what Suzanne and Sarah are predicting for June — whether you're timing a purchase, planning a sale, or evaluating an investment — reach out directly and they'll walk you through it.

And if you're serious about building your real estate investment strategy in Central Oregon, check out the PRIMO Private Money Academy and join us at the next monthly investor meetup. These are the rooms where the real conversations happen.