Buyers in Bend must spend $2 million and up for a luxury property, says Grant Ludwick, Managing Partner of The Agency Bend. “Back in 2005, just 55 homes—less than 2% of our market—were priced at $1 million or higher,” Ludwick says. “In 2025, about 30% of homes in our market were priced above $1 million.” The pandemic drove demand for the area, particularly for remote workers, he says. “We got compared to places like Sun Valley and Bozeman, but we were much more affordable, with an average price of $800,000, compared to $1.1 million to $1.2 million in those locations,” Ludwick says. “Now $1.1 million isn’t enough for a luxury home.”

For $2 million, he says, you can get “a nice home on five to 20 acres, or a custom home without a lot of land in an exclusive neighborhood in the city with Cascade Mountain or river views. Within the city, most people buy primary homes, but outside the city there are resort communities where 80% of the homes are vacation properties that are typically more expensive than the city properties.”

The biggest demand now is for homes in the $2 million to $2.5 million range, which has just two months or less of supply, Ludwick says. “There’s more available—about three to four months of inventory—in the $1 million to $2 million range because there’s not as much demand there,” Ludwick says. “Local move-up buyers are waiting for interest rates to go down. The upper-end buyers typically pay cash.”