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Average Monthly Rent

The Central Oregon rental market began tightening in 2010 and faces heightened demand in the midst of constrained supply.  According to the Central Oregon Rental Owners Association, current vacancy rates have shrunk to 1.04 % as of March 2016, down from 12.4% in 2009.  

As in-migration to Central Oregon continues, demand for rental housing outstrips supply.  This exerts pressure on prices and generates a growing interest in multi-family residential construction, particularly in Redmond.  In the last year, two and three bedroom rental houses increased more on a percentage basis than apartments and duplexes; until supply increases, expect the rental market in the next few years to be persistently tight.

Average Monthly Rent (3 Bedroom House, listed in $)

Area

2010

2011

2012

2013

2014

2015

2016

Bend

969

1012

1231

1110

1,221

1,354

1,438

Redmond/Terrebonne

863

911

975

952

1,014

1,094

1,246

Madras/Culver

849

817

800

765

859

646

951

Prineville

809

847

835

755

895

835

880

La Pine

905

861

889

838

880

900

1,000

Sunriver

991

896

1086

1066

1,180

1,241

1,221

Sisters

913

850

922

875

898

NA

2,850

Source: Central Oregon Rental Owners Association (COROA); March 2015

 

Home Prices

Redmond’s residential housing sales, as with much of the country, peaked to all-time highs in 2006, declined in 2009, and now are continuously rebounding in 2016.

In addition to being focused on business friendliness, local leaders work to keep housing affordable as demonstrated by Redmond's current average home price of $275,938 and median price of $255,000.

Existing Single Family Home Prices (residential, less than one acre, $)

Median Sales Price

 

2008

2009

2010

2011

2012

2013

2014

2015

2016

Crook County

177,500

112,000

91,100

77,750

87,000

127,113

132,450

157,750

188,000

Bend

289,450

212,000

191,750

190,000

220,395

269,000

289,950

327,487

360,000

Redmond

216,000

147,500

123,450

116,000

132,000

175,000

196,275

223,266

255,000

La Pine

160,000

109,000

99,900

88,500

94,900

133,000

149,900

185,000

197,250

Sisters

367,450

286,250

223,750

198,500

245,000

300,000

269,078

330,000

372,000

Sunriver

555,738

402,000

417,500

375,000

347,500

364,000

367,500

375,000

390,500

Jefferson County

139,950

89,900

69,950

68,000

72,500

85,000

111,000

121,000

140,000

U.S.

196,600

172,100

173,200

166,200

180,200

197,100

208,300

222,400

244,800

Average Sales Price

Crook County

206,874

145,040

120,537

96,334

113,980

148,108

162,753

198,455

217,064

Bend

353,142

266,319

245,069

238,186

263,556

317,735

344,694

385,657

421,405

Redmond

245,204

170,739

142,402

137,214

148,086

197,015

217,263

244,904

275,938

La Pine

180,153

126,606

110,632

108,438

100,940

146,802

159,070

187,896

214,578

Sisters

437,636

372,483

295,488

248,953

292,960

317,442

316,253

376,894

420,843

Sunriver

628,979

458,614

455,550

398,948

381,530

408,326

409,227

421,927

447,299

Jefferson County

144,146

145,040

78,376

74,724

83,152

96,185

127,344

128,783

144,037

U.S.

242,700

216,900

220,000

214,300

225,500

245,500

225,300

226,400

NA

Sources: Central Oregon Association of Realtors (COAR), National Association of Realtors