Home values in Tri-County area soar, outpacing state average

Home values in Oregon have been some of the most expensive in the country for many years. High value homes have traditionally been confined to the Portland metro area, the Willamette Valley and along the Oregon Coast.

But in rural areas of the state, average home values have typically been much lower. Affordable land, housing, and a cheaper cost of living have attracted people to the region since the time of the pioneers.

But with home values growing exponentially in Central Oregon, home values are shooting up in the tri-county area of Gilliam, Wheeler, and Sherman counties.

The Times-Journal examined the appreciation of homes in the tri-county area over the past decade and found that the average value of homes in the tri-county area outpaced the state average.

Nationally, the average home value grew by a staggering 119% between 2015 and 2024. The average home in the United States is valued at $387,600.

For Oregonians, the average home value in 2015 was $330,245 – today it is $480,428, a 45% increase. But home values in Central Oregon towns, such as Bend and Prineville, grew at rates that lapped the state average and outpaced the national average.

Home values in Bend grew by 118% between 2015 and 2024. Today, the average home in Bend is valued at $708,836.

Prineville, the former lumber town that offered a low cost of living and affordable homes to families and workers who were priced out of Bend, has followed suit. Home values in Prineville have grown by 133% in the past ten years and the average home today is valued at nearly $400,000.

Wheeler County is seeing a similar trajectory and according to data from Realtor.com, had Oregon's third highest growth in home values over the past decade.

Home values in Wheeler County were around $95,000 in 2015. Today, the average home value is $257,700 – a growth rate of 169%.

But while the estimated value of homes helps to paint a picture, the sale of homes in recent years helps to bring the demand for housing into focus.

When reviewing home sales from 2022 to 2024 in Oregon's frontier communities in Gilliam, Wheeler, and Sherman County – it is clear that the local housing market is hot. The Times-Journal looked at single-family homes sold that did not include ranches or large properties. Many communities are now seeing homes sell for big bucks.

Spray might be the best example. When examining single-family homes in the Spray zip code that sold between January 2022 and January 2024, more than ten homes sold. The average price was $379,856.

But the data also paints a mixed picture of estimated home values and what homes are selling for in other communities.

In Fossil, the estimated average value of homes is $216,793. But when looking at homes sold in the past twenty-four months, the average sale price is much lower, at around $125,000. But this is likely due to a limited housing stock available.

The opposite is happening in Condon. The average estimated price for a home in Condon is $150,795. But when looking at the average price that homes have sold for since 2022, the average sale price is $201,200.

Recently, Condon has had several homes listed at more than $300,000, with the current high listing being $340,000.

The most expensive home in Gilliam County sold for $500,000 in 2022. This is more than double the price for the most expensive home in 2015. This home was sold in Arlington, which has also seen a steady number of homes being sold for higher and higher amounts.

The estimated average value for a home in Arlington is $271,003. But of the fifteen homes sold in the past two years, the average sale price is outpacing this estimate. The average price of sale for homes in Arlington since 2022 is $288,585. Currently, a home is listed at $325,000 in Arlington.

Sherman County has seen similar changes in home values. In 2015, the average home value in Sherman County was just $124,842. Today, the average home is valued at $234,266 – an 87% increase.

Homes that have recently been sold back this up. Over the past two years, fifteen homes have sold in Moro for an average price of $258,244. In Grass Valley, about ten homes have sold for an average of $292,309. And in Wasco, the average sale price for more than ten homes sold was $220,416.

For communities on the interstate in the Columbia Gorge, those prices are growing ever higher. Rufus has had just five homes sold but the average price is $263,750.

With the limited housing stock in the tri-county area, the future of home prices and availability is uncertain.

Gilliam County, Wheeler County, and Sherman County have some of the oldest homes in the state. Several homes that are listed for sale were built at the turn of the century. Many have had poorly built additions or questionable remodels.

The sale of vacant lots is worthy of a separate article. Growth and new construction inside of the city limits has been challenging for many towns as lot owners do not want to see new homes developed.

Cities, such as Condon and Arlington, have taken matters into their own hands. The City of Condon sold the old baseball field to developer Amy Coy in 2021, and all six lots have been sold. The Pioneer Development Corporation (PCDC) has been active in Arlington for several years but recently purchased two lots at the old baseball field in Condon and plans to develop those lots into duplexes. Executive Director Rob Turrie says that Condon can no longer wait for developers to come knocking.

The Port of Arlington has also gotten into the housing game. The Port purchased the old Proctor property in Arlington, some 40 acres, with the intention of selling it to a developer for workforce housing.

Meanwhile, the few available homes in the tri-county region are being listed at higher and higher amounts.

Currently, a four-bed, three-bath home in Fossil is listed at $439,000. A home in Moro that sits on two-acres is listed at $499,900.

With many people being priced out of larger areas such as Bend, Hermiston, Portland, Boise, and beyond – it is likely to see home sales in the area continue to climb upward. And while many people may know of a home that sold for $60,000 ten years ago – don't be surprised to see such homes get scooped up for triple that amount in the years ahead.

Average home values:

NATIONAL - 2015: $176,500

CURRENT: $387,600 (119%)

STATE OF OREGON – 2015: $330,245

CURRENT: $480,428 (45%)

Bend – 2015: $324,024

CURRENT: $708,836 (118%)

Prineville – 2015: $170,846

CURRENT: $398,438 (133%)

Wallowa County – 2015: $199,142

CURRENT: $417,988 (110%)

Gilliam Co. Home values – $151,011

CURRENT: $220,232 (46%)

Sherman Co. Home values – 2015: $124,842

CURRENT: $234,266 (87%)

Wheeler Co. Home values – 2015: $95,829

CURRENT: $257,700 (169%)

Condon –2015: $87,309

CURRENT: $150,795 (73%)

Arlington – 2015: $190,644

CURRENT: $271,003 (42%)

Fossil – 2015: $116,224

CURRENT: $216,793 (87%)

Average price of homes sold in past 24 months (single family homes, excluding large acreage purchases):

Condon – 15 + homes sold average price: $201,200

Arlington – 15+ homes sold average price: $288,585

Lonerock – 0 homes sold

Fossil – 15+ homes sold average price: $125,475

Spray – 10+ homes sold average price: $379,856

Mitchell – 10+ homes sold average price: $256,166

Moro – 15+ homes sold average price: $258,244

Grass Valley – 10+ homes sold average price: $292,309

Wasco - 10+ homes sold average price: $220,416

Rufus - 5+ homes sold average price: $263,750

Kent – 1 home sold: $178,500

Editor's note: We realize that data for home values varies and that the best values come from county assessors, which is far more trustworthy. We used Realtor.com for this article for the sake of time – and when looking at recent home sales, the values corresponded with sale prices for the most part. Local realtors such as Mt. Valley Land Co., Jen Homer in Fossil and Linda Smith in Condon also have expertise in this area. We'll be doing a follow-up later this spring on housing trends and will ask for their input.