Is Now a Good Time to Buy a House in Central Oregon?

It’s the question on every would-be buyer’s mind in 2025: Should I buy a home now—or wait it out? With mortgage rates hovering higher than a few years ago, home prices relatively steady, and inventory finally creeping up, there’s no one-size-fits-all answer.

But here’s what Central Oregon buyers should know before making a move.

📊 1. Prices Are Stabilizing—but Not Falling

In 2023 and 2024, many waited for a “crash” that never came. Now in 2025, the Central Oregon housing market—especially in Bend, Redmond, and Sisters—has entered a more balanced phase. While prices are no longer skyrocketing, they’re also not plummeting. For buyers, this creates a window of opportunity to negotiate more fairly without competing in aggressive bidding wars.

📈 2. Mortgage Rates Are Higher—but Predictable

Yes, interest rates are higher than the 2–3% lows of the pandemic era. But they’ve also stabilized in the 6–7% range in 2025, making monthly payments more predictable and allowing buyers to plan confidently. Many lenders now offer rate buydowns, adjustable-rate mortgages (ARMs), or refinance opportunities when rates eventually drop again.

🏡 3. More Inventory = More Choices

Central Oregon inventory has increased modestly, giving buyers more homes to choose from—including new construction, fixer-uppers, and properties in surrounding communities like La Pine, Terrebonne, and Crooked River Ranch. That means less pressure, more time to decide, and better odds of finding the right fit.

🛠️ 4. Renting Isn’t Getting Cheaper

Waiting on the sidelines can come at a cost. Rents in Central Oregon continue to rise, and every year you delay buying could mean more money spent without building any equity. If you're planning to stay in the area for 3–5 years or more, buying may still be the smarter financial move—even with higher rates.

🧮 5. The Key Is Affordability, Not Timing

Ultimately, the best time to buy is when you're financially ready. That means having a stable income, a down payment (even just 3–5%), and a clear understanding of your monthly budget. Programs for first-time buyers, VA loans, and down payment assistance are still available throughout Oregon.

✔️ So… Is Now the Time?

If you have steady income, a reasonable credit score, and plan to stay in Central Oregon for the next several years, buying now can be a smart long-term investment. Homeownership continues to offer equity growth, stability, and the freedom to build your ideal life.

If you’re unsure what you can afford, what’s out there, or what loan options apply to you—don’t go it alone. Reach out for a pressure-free consult and let’s walk through what’s possible together.

FAQs

❓ Is it better to wait for rates to drop before buying?

Not necessarily. While lower interest rates could reduce your monthly payment, waiting could mean missing out on a good property—or facing more buyer competition if rates drop and demand spikes. Buying now means you can refinance later if rates improve.

❓ What kind of credit score do I need to buy a home?

Most lenders prefer a credit score of 620 or higher. However, there are FHA and other programs that work with lower scores. The higher your score, the better your loan terms—but there are still options if your score isn’t perfect.

❓ Are there any first-time homebuyer programs in Central Oregon?

Yes. Programs like Oregon Bond, USDA loans, and local assistance through organizations like RootedHomes or Habitat for Humanity offer down payment help or lower-cost mortgage options. A good local lender can help you qualify.

❓ What’s the average home price in Bend right now?

As of mid-2025, the median home price in Bend hovers around $715,000, but there are more affordable options in nearby cities like Redmond, La Pine, or Prineville. New construction and townhomes may also offer better value.

❓ Is it cheaper to rent than to buy in Bend?

Short-term? Possibly. Long-term? Buying is typically better if you plan to stay 3+ years. Monthly mortgage payments may be similar to rent, but owning allows you to build equity, stabilize housing costs, and benefit from home appreciation.

❓ What if I’m self-employed or don’t have a “traditional” job?

You can still buy, but you’ll need to show two years of income history, usually through tax returns. A local mortgage broker familiar with Central Oregon buyers can guide you through what's needed.