(Rolling Sage consists of 23 two-bedroom apartments for low-income workforce households | Photo courtesy of R&H Construction)
The Central Oregon housing market continues to display its resilience and adaptability in the face of challenging circumstances such as elevated inflation, high interest rates, and an ongoing inventory shortage, according to Redmond’s Beacon Appraisal Group.
In Jefferson County, the median price for a single-family home has remained fairly stable during the past year, hovering at around $340k. Yet one broker in Madras — which has multiple firms specializing in the sale of residential and commercial properties — described 2022 as “a crazy year,” with people from Seattle and Portland “throwing money at everything.”
“Madras is becoming a really cool place,” she said, “with more of everything, from recreational options to diverse international cuisines (such as Korean, Japanese and different Mexican regional styles), and a growing artisan community. We even have a monthly ‘last Thursday’ arts walk through downtown. Yet Madras still has its small-town values — the town is a little gem.”
The broker admitted that “there is not enough affordable housing here,” a common issue in Jefferson County and Central Oregon overall. One local initiative — a collaboration among Oregon Housing & Community Services (OHCS), Housing Works, and R&H Construction — received support from the City of Madras in the planning and permitting phase, as well as through donation of an acre of land. The project, called Rolling Sage (aka Red Canyon II) and located just north of the Madras commercial district, consists of 23 two-bedroom apartments for low-income workforce households.
Of the current MLS residential listings in Madras, lots start at $32k for .15 acre, and homes at $165k for an 896-square-foot structure. At the other end of the spectrum, a 703-acre lot is available for $3.2M, and a 6,520-square-foot, custom-built home on 65 acres — complete with a 2,800-square-foot barn and fenced pastures — can be purchased for $1.5M.
Developers and builders might be interested in one of Jefferson County’s “largest development opportunities” with three lots totaling 24.1 acres; two parcels on 843 acres for $1.2M; or a 19.5-acre lot with an asking price of $1.2M that offers both “a city and mountain view.”
Additionally, a 9.59-acre parcel that is part of the Madras Urban Renewal Plan, complete with U.S. 97 frontage, and water and sewer main at the property, is available for $900k, while the Industrial Zone has two flat, clear lots, each $100k and consisting of 1.08 acres.
