What Happened With Bend Luxury Home Sales the First Six Months of 2025?

Greg Powell
Jul 15
2 min read

Updated: Jul 18

Has the high-end market cooled, or is it simply shifting?

The first half of 2025 in Bend’s luxury real estate market has been a study in contrasts—solid demand in some segments, noticeable slowdown in others. If you’re a buyer, seller, or simply keeping a pulse on the Central Oregon high-end housing scene, here’s what you need to know.

📊 Luxury Sales Volume: Down, But Not Out

Compared to the same period in 2024, the number of closed luxury home sales (typically defined in Bend as $1.5M+) has dipped—by roughly 15–20% depending on the month.

But it’s not a crash. It's a recalibration.

While we saw dozens of high-end homes flying off the market in 2021–2022, the pace has slowed in 2025. Today’s buyers are more cautious and value-focused, especially with interest rates still hovering near 6.5%–7%, even for jumbo loans.

🏡 Inventory is Rising—Especially Over $2M

There’s been a noticeable rise in active listings priced above $2 million, particularly in areas like:

Tetherow
Broken Top
Awbrey Butte
Northwest Crossing’s custom builds

Some sellers who delayed listing in 2023–24 are now testing the market again. But increased inventory means more competition. As a result, price reductions are more common than last year.

📍 What’s Still Selling Fast?

Luxury homes that are move-in ready, modern in design, and energy efficient are still moving quickly—especially under the $2M mark.

Features that are attracting buyers in 2025 include:

Mountain modern architecture
Solar panels and high-performance insulation
Spa-like primary suites
Gourmet kitchens and outdoor living spaces
Privacy and unobstructed views

Also, homes close to trails, rivers, or ski areas continue to command premium attention.

💡 What About New Construction?

Custom-built luxury homes are still being commissioned, but build timelines remain long, and costs remain high. Buyers are factoring in both time and rising construction costs, making already-built modern homes more appealing than land-plus-build packages in many cases.

📉 Are Prices Dropping?

Prices at the top end have flattened—not dropped sharply. Sellers who priced above market in Q1 often had to adjust by spring. However, the median price per square foot in the luxury segment remains relatively steady, indicating that buyers will pay for quality, but not for outdated or overpriced listings.

🔮 What to Expect Heading Into Fall 2025

Expect slower negotiations and more informed buyers
Look for creative seller incentives, like rate buy-downs or furnishings included
High-end homes in the $1.5M–$1.9M range will likely see the most activity
Ultra-luxury homes ($3M+) may continue to sit unless they offer standout location or finishes