The median sales price of a single-family home dipped slightly in Bend December to $675,000, typical of this time of year, according to a monthly real estate report.

Still the price is more than $100,000 higher than December 2020, when the median for a single-family home in Bend sold for $524,000, according to the Beacon Report, which is produced by the Beacon Appraisal Group in Redmond.

Since 1997, the Bend single-family housing market has increased in price six fold, said Donnie Montagner, owner of Beacon Appraisal Group in Redmond. In January 1997, the median sales price of a single-family home was $117,000, compared to January 2021 when the median price of a single-family home was $683,000.

“Bend was a different community in 1997,” Montagner said.

The workforce in Bend was mostly factory and mill work and Bend still hadn’t found its tourism legs, Montagner said.

Today, people moving to Bend has affected housing prices as demand soared, he said.

“The in-migration sucks ups all the inventory and creates a vacuum,” Montagner said. “It causes a competition among buyers. The coming year should be interesting.”

To start the year in both Bend and Redmond, inventory levels declined to less than a month’s supply, according to the report.

In Redmond, the median sales price of a single-family home rose to $467,000 in December from $450,000 in November, according to the report. In December 2020, the median sales price in Redmond was $375,000, according to the report.

The Beacon Report uses the median sales price, which is the midpoint value of all transactions in a month.

In Sisters the median sales price for a single-family home in December was $645,000, higher than what it was in December 2020 when the price was $392,000. Inventory fell to about a quarter of a month’s supply, according to the report.

In Sunriver, the median sales price of a single-family home ticked downward a tad to $927,000 in December, compared to November when it was $965,000.