A recent article published in The Bulletin reported that the Redmond housing market continues to thrive with the median home price up 8.14% from the previous year. As personal investors in the Redmond housing market, we wanted to share with you why now is a great time to buy a home in this up and coming area. Redmond, which lies less than 20 miles from Bend, offers potential residents a warm and welcoming community with a population just over 27,000. Area builders have turned to Redmond where costs are lower than Bend in hopes that buyers follow.
A Glance at the Redmond Housing Market
According to the article published by The Bulletin, the Redmond area, which includes Terrebonne and Crooked River Ranch, saw the median sales price rose to $309,701, up 8.14% from the prior year. At the end of the third quarter, the median home price in Bend rose 4.93% from the same time in 2017 to $435,000. With a median home price difference of more than $100,000, the Redmond area becomes more and more attractive to builders and home buyers.
New home construction accounted for a larger share of sales in the Redmond housing market than Bend. Hayden Homes was responsible for more than a third of the new home sales in Redmond. Hayden Homes accounts for four neighborhoods in Redmond — Emerald View, Maple Meadows, Obsidian and Brooktree — making them the largest builder in town. Additionally, the first phase of construction as Dry Canyon Village, a master-planned community with more than 500 homes, is already underway. The city also approved Canyon Ridge, a development with more than 200 single-family homes, duplexes, townhomes and cottages.
At the end of the third quarter of 2017, 660 home sales occurred in Redmond, with 723 in 2018. The average number of days on the market also decreased from 110 to 106 in the Redmond housing market. Financially speaking, Redmond appears to be an attractive location for both individuals looking to purchases primary homes, as well as for investors.
Why Move to Redmond, OR
Located less than 20 miles from Bend, Redmond provides residents with a lower cost of living than Bend while still placing you close to everything that draws people to Central Oregon. Breweries? Check. Mountains and outdoor recreation? Check. Beautiful, well-constructed homes? Check. Easy access to a regional airport? You bet.
Central Oregon has cemented itself as a craft brewing Mecca and Redmond includes some of the area’s favorite taps. Cascade Lakes Brewing Company opened their doors in 1994, making them one of the oldest breweries in Central Oregon. Since then, several other breweries call Redmond home. Smith Rock Brewing Company opened in 2012 and since then has become a local’s favorite for beers like their Misery Ridge IPA. Wild Ride Brewing Co. opened their doors in 2014 and opened an expansive tasting room with a patio that has become a popular downtown destination in Redmond. Silver Moon Brewing may have their primary location and pub in Bend, but in 2016 they expanded brewing to Redmond.
Mountains and Outdoor Recreation
Located only nine miles from Redmond, one of Central Oregon’s most popular and cherished destination can be found. Make the short drive (or ride your road bike!) to Smith Rock State Park and enjoy exploring this natural treasure. Smith Rock has become a valued destination for rock climbers, hikers, mountain bikers, horseback riders and slackliners. Hike up Misery Ridge, which isn’t as daunting as it sounds, and enjoy stunning views of the Cascade mountain range and Monkeyface.
Mountain bikers love living, playing and riding in Redmond. In addition to trails at Smith Rock State Park, riders of all levels can find their favorite destination to throw up some dirt at the Northeast Redmond Trail Complex (The Radlands), the Maston Trails near Cline Butte and near the summit of Grey Butte.
Access to Redmond Municipal Airport (RDM)
For many potential residents, access to a regional airport comes as a standard requirement. The Redmond Municipal Airport (Robert’s Field – RDM) flies to destinations all over the west including direct flights to Portland, Seattle, San Francisco, Los Angeles, Phoenix, Salt Lake City and Denver. The Redmond airport includes a newly expanded state-of-the-art terminal facility, runways and taxiways. Located two miles from downtown Redmond, traveling has never been easier. Cut back on your commute time by living only a few minutes from the airport. Whether traveling for business or pleasure, you’ll love returning home from a flight and being able to be home in your own bed in no time at all.
Invest in Redmond Real Estate
Scott and I live in Bend, but own investment property in Redmond. We believe Redmond is a great place to invest and shows promise as an up and coming Central Oregon destination. Whether you plan on moving to Redmond full time or you are considering buying a home to use as a rental property, we can assist you in finding the perfect home to meet your needs. Owning a rental home in Redmond can be a great revenue stream for potential investors considering the strong growth in the area year after year.
Contact Tuttle and Tuttle for more information on the Redmond housing market and purchasing an investment property in the Central Oregon region.