Bend Home Prices: $751K, Down 2.5% — 4 ZIPs Analyzed (2026)
$751,311. That’s what a typical home costs in Bend, Oregon — and for the first time in years, that number is moving in the wrong direction for sellers.
Bend’s housing market has cooled. Prices fell 2.5% over the past year even as the city added thousands of new residents. If you’ve been priced out of Central Oregon, the data suggests the window may be cracking open.
Quick answer: The average home price in Bend, OR is $751,311 as of February 2026, down 2.5% year over year according to Zillow.
Current Home Prices in Bend
Here’s a snapshot of where Bend stands right now:
| Metric | Value |
|---|---|
| Median Home Value | $751,311 |
| Year-over-Year Change | -2.5% |
| Lowest ZIP Median | $604,995 |
| Highest ZIP Median | $996,190 |
| ZIP Codes Tracked | 4 |
| Data as of | February 2026 |
That $751K median puts Bend well above the typical U.S. home price. But the 2.5% annual decline marks a shift. A year ago, Bend homes were averaging roughly $770K. That’s nearly $19,000 in lost value for the median homeowner.
The price spread across Bend is wide. The cheapest ZIP sits at $605K while the priciest tops $996K — a gap of nearly $400,000 within the same city. Where you buy matters enormously.
February’s number is essentially flat compared to January ($751,590), which tells you the decline has slowed. The steepest drops happened mid-2025, when prices fell from $770K in March to $750K by November. The bleeding appears to have stopped, but recovery hasn’t started yet.
Bend Home Prices by Neighborhood
All four tracked ZIP codes in Bend show significant price variation:
| ZIP Code | Median Home Value | vs. City Average |
|---|---|---|
| 97703 | $996,190 | +32.6% |
| 97707 | $726,220 | -3.3% |
| 97702 | $677,840 | -9.8% |
| 97701 | $604,995 | -19.5% |
Most Expensive
97703 dominates the top end at $996,190 — nearly a million dollars and 33% above the city average. This is Bend’s premium market, and it’s the only ZIP that approaches seven figures. Average rent in 97703 runs $2,338/month, the highest in the city.
Most Affordable
97701 is where budget-conscious buyers should look. At $604,995, it’s roughly $146K cheaper than the city median and nearly $400K less than 97703. Rent here is also the lowest at $2,123/month. 97702 comes in next at $677,840, about 10% below the city average, with rent at $2,237/month.
The gap between the most and least expensive ZIP is $391,195. You could buy a home in 97701 and have nearly $400K left over compared to 97703. That’s a meaningful difference for the same city.
Rent vs Buy in Bend
Renting is far cheaper on a monthly basis. Here’s what tenants pay across Bend’s ZIP codes:
| ZIP Code | Monthly Rent |
|---|---|
| 97703 | $2,338 |
| 97702 | $2,237 |
| 97701 | $2,123 |
| 97707 | Data not available for this metric. |
The average rent across the three tracked ZIPs is about $2,233/month.
Now compare that to buying. A $751K home with 20% down ($150K) means financing roughly $601K. At a 6.5% mortgage rate, that’s approximately $3,800/month in principal and interest alone. Add property taxes and insurance, and you’re looking at $4,500 to $4,900/month.
That’s more than double the average rent.
Even in the cheapest ZIP (97701), buying a $605K home would run roughly $3,050/month on the mortgage — still $900+ more than renting in the same area. The rent-vs-buy math doesn’t favor buyers right now unless you’re planning to hold for many years and betting on long-term appreciation.
Population Growth and Migration
Bend is growing fast — faster than most cities in Oregon.
| Year | Population |
|---|---|
| 2020 | 99,687 |
| 2021 | 102,412 |
| 2022 | 103,208 |
| 2023 | 104,707 |
| 2024 | 106,926 |
The city added 7,239 residents between 2020 and 2024, a 7.3% increase. Growth accelerated in 2023-2024, with the biggest single-year jump of 2,219 people.
How does Bend compare to the rest of Oregon?
| City | 2024 Population | 4-Year Growth |
|---|---|---|
| Bend | 106,926 | 7.3% |
| Corvallis | 61,993 | 6.3% |
| Tigard | 57,301 | 4.1% |
| Hillsboro | 110,337 | 3.0% |
| Salem | 180,406 | 2.5% |
| Beaverton | 98,302 | 0.8% |
Bend’s growth rate more than triples Hillsboro’s and is nearly 10 times Beaverton’s. That sustained population pressure is a key reason prices remain elevated even during a correction. More people competing for homes in a geographically constrained mountain town keeps a floor under values.
Bend Housing Market Trends
Here’s the month-by-month picture over the past year:
| Month | Median Value | Low ZIP | High ZIP |
|---|---|---|---|
| Mar 2025 | $770,403 | $620,082 | $1,013,121 |
| Apr 2025 | $766,788 | $616,114 | $1,009,807 |
| May 2025 | $762,301 | $611,908 | $1,005,026 |
| Jun 2025 | $757,355 | $608,203 | $998,818 |
| Jul 2025 | $752,799 | $605,132 | $992,544 |
| Aug 2025 | $749,976 | $603,422 | $989,592 |
| Sep 2025 | $749,232 | $603,284 | $990,281 |
| Oct 2025 | $749,984 | $604,236 | $992,581 |
| Nov 2025 | $750,721 | $605,082 | $994,157 |
| Dec 2025 | $751,319 | $605,641 | $994,923 |
| Jan 2026 | $751,590 | $605,630 | $995,992 |
| Feb 2026 | $751,311 | $604,995 | $996,190 |
The story is clear in two phases. From March to September 2025, Bend lost $21,171 in median value — a steady slide of about $3,500/month. Then from September onward, prices leveled off and have barely moved. The difference between September’s low ($749,232) and February’s reading ($751,311) is just $2,079 over five months.
The top-end ZIP (97703) tells a similar story. It fell from $1,013,121 to $989,592 before recovering slightly to $996,190. The million-dollar ZIP briefly dipped below that threshold.
Is Bend a Good Place to Buy in 2026?
The data points to a buyer-friendly shift, but not a buyer’s market.
Prices are down 2.5% annually. That’s meaningful — on a $751K home, you’re paying roughly $19K less than a year ago. The decline has also flattened, which suggests you’re not catching a falling knife.
But $751K is still a lot of money. Monthly carrying costs dwarf rent. And with 7.3% population growth over four years, demand isn’t disappearing.
If you’re buying to live in Bend long-term — five years or more — the math improves. You lock in a price during a dip, and population growth supports eventual appreciation. If you’re looking for a short-term investment or a deal, Bend probably isn’t it. This is a high-cost market that got slightly less expensive, not a bargain.
The most practical play: target 97701 or 97702, where entry points are $150K to $200K below the premium ZIP.
Bend Housing Market Outlook for 2026-2027
The three-month trend from December 2025 through February 2026 shows almost no movement: $751,319 → $751,590 → $751,311. Bend has hit a plateau.
If the current pace continues, expect prices to hover in the $748K-$755K range through mid-2026. The steep declines of spring-summer 2025 aren’t repeating. But the data doesn’t show any upward momentum either.
The one wildcard is population. Bend added over 2,200 residents in the most recent year on record. If that pace holds, sustained demand could push prices gently upward by late 2026 or into 2027. But for now, the trend line is flat.
Similar Markets in OR
If you’re exploring Oregon beyond Bend, consider these markets:
- Portland — Oregon’s largest city with a much deeper housing inventory and typically lower medians than Bend.
- Salem — The state capital at 180K residents offers a more affordable entry point into Oregon homeownership.
- Eugene — A college town with its own pricing pressures, but generally below Bend’s levels.
- Beaverton — Portland suburb with minimal population growth (0.8%), which may keep prices steadier.
- Grants Pass — Southern Oregon option for buyers seeking lower costs outside the I-5 corridor metros.
Frequently Asked Questions
What is the average home price in Bend?
The average home price in Bend is $751,311 as of February 2026. This represents the typical home value across all four tracked ZIP codes, which range from $604,995 in 97701 to $996,190 in 97703.
Are home prices going up or down in Bend?
Down. Bend home prices have declined 2.5% year over year. The drop was steepest between March and September 2025, when the median fell about $21K. Since then, prices have stabilized and have been essentially flat for five months.
Is it cheaper to rent or buy in Bend?
Renting is significantly cheaper on a monthly basis. Average rent across Bend is about $2,233/month, while a mortgage payment on the median home (with 20% down at 6.5%) would run roughly $4,500-$4,900/month including taxes and insurance. That’s more than double the rent.
What is the most affordable neighborhood in Bend?
ZIP code 97701 is the most affordable at $604,995 — about 19.5% below the city median. Rent in 97701 is also the lowest at $2,123/month. It’s the only ZIP in Bend where you can buy a home for under $650K.
Methodology
Home values are based on the Zillow Home Value Index (ZHVI), a smoothed measure of typical home values in the 35th to 65th percentile range. Rent estimates use the Zillow Observed Rent Index (ZORI). Population figures come from the U.S. Census Bureau Population Estimates Program (2020-2024 vintage). All datasets are publicly available. Housing data updated 2026-02-28.