Is Bonanza, OR 97623 a buyer’s or seller’s market?

The Bonanza housing market right now

In the three months ending August 31, 2026, 33% of homes in Bonanza, OR 97623 sold above their list price, the typical home went under contract in 144 days and there were 16 months of supply. More than six months of supply favors buyers, who usually have more time and more room to negotiate. With only 3 sales, these figures can swing a lot from month to month.

Compared with the same period a year earlier, the share selling over asking rose from 0%, homes sold more slowly (6 days then) and the median sale price rose 2% to $248,892. Overall, Bonanza is less competitive than a year ago, which gives buyers more room.

Within Klamath County, homes here sell more slowly than in any other ZIP code in the county, and sell more often over asking than in 85%.

Nearby, buyers who want less competition could look at Gilchrist 97737 (0% sold over asking) or Chemult 97731 (0% sold over asking), while Sprague River 97639 (100% sold over asking) and Merrill 97633 (50% sold over asking) are even more competitive.