Bend, Oregon – Real estate prices have taken a big hit in 2017, but the industry continues to grow.
Here’s what you need to know.
Bend, OR, Bend, Ore.
– Real Estate Prices in Bend, which has a population of around 10,000, saw its median price drop 9.6 percent in the first nine months of 2017.
The median price for detached homes in Bend dropped to $1.86 million in the second quarter of 2017, from $2.4 million in 2017.
The median price of homes for the entire region increased by 5.4 percent.
This drop in the median price comes after the city saw its most recent record low of $1,038,965 for a two-bedroom home in the city.
The city also saw its first decline in median home price since 2007.
Bend’s median price fell to $6,890,400 in the June quarter, from a high of $8,735,600 in May.
“Bend has been a real estate hot spot for some time and it continues to show,” says Scott McElwee, president and chief economist for Zillow, in a statement.
“It is expected that Bend’s median home value will continue to rise over the coming year, and we expect that the city’s median property tax rate will continue its downward trend.
The average property tax in Bend is expected to decline by 0.3 percent for the year through 2026.”
Denver, CO, Denver, Colo.
– Denver’s median median home prices jumped 17.4% in the quarter ending in June, according to Zillog.
Real estate prices rose at an average annual rate of 5.8 percent from the previous quarter ending June 2016.
The number of listings in the Denver metro area increased by 9.9 percent to 1,769,879, up from 936,051 in the prior quarter.
Denver’s market is growing by more than 4,000 listings per month, Zillows report found.
Dallas, Texas, Dallas, Tex.
– The Dallas market saw its largest annual increase in home values since the third quarter of 2016.
In the quarter ended June 30, home values in the Dallas metro area jumped to $858,039, up 2.4 percentage points from the prior year.
The total number of sales rose to 1.5 million, up 9.5 percent from a year earlier.
The price of a home in Dallas increased 4.2 percent, while median home values increased 1.3%.
Dallas’s market also saw a strong increase in its number of active listings.
The market saw a 12.3% increase in the number of homes being listed on the market for sale.
This was more than double the amount of homes the Dallas market experienced in 2017 and the largest increase in a single year since 2009.
Charlotte, N.C., Charlotte, NC.
– Charlotte saw its annual median home sales increase 6.6% in 2017 from a decline of 2.8% the previous year.
Charlotte has a city population of approximately 12,000 people.
Charlotte’s median annual home sales growth rate increased by 8.9 percentage points to 3,054,531.
New Orleans, La., New Orleans-Metairie, La.
– New Orleans saw its home values increase 6% in a year-over-year gain.
New Orleans-metairie saw a 9.4%, year-to-year, increase in median house prices, up 8.6 percentage points, from 665,958 in the previous period.
The region saw a 7.4 increase in sales.
Chicago, Ill., Chicago, Ind.
– Chicago saw its 2016 median home sale price jump 20.2% to $3,929,000.
The home sales surge was driven by a 10.2-percent increase in new listings and an 8.2 percentage point increase in transactions.
Orlando, Fla., Orlando, Fl.
– Orlando saw a 5.6-percent decrease in its median home sell price, from an increase of 12.4 to $2,979,500.
Atlanta, Ga., Atlanta, Georgia – Atlanta saw a 4.6%-increase in its home prices, which was the largest year-on-year increase since the first quarter of 2015.
Atlanta saw an increase in 7.2 listings per day in June.
– Tampa saw a 15.1% increase its median sale price, up 5.1 percentage points.
The increase was driven largely by a 6.5-percent jump in sales and an increase to 8.5 active listings per home.
Las Vegas, Nev.