In 2024, the median home price in the Eastern Sierra experienced a slight decline, decreasing from $555,000 to $496,000. Using the median home price, rather than an average, excludes extreme outliers and provides a more accurate representation of overall market trends. Over the past five years, the Bishop area’s median home price has grown by 28%. Despite the slight price drop, the number of properties sold increased by 8% compared to the previous year.
Nationally and statewide, sales prices of existing single-family homes have generally trended upward over the past several years, although the market began to shift in 2021 and 2022. Locally, home prices peaked in 2006 before experiencing a steady decline through 2011. Over the past six years, factors such as historically low interest rates, limited housing inventory, and the pandemic contributed to rising home prices. However, inflation and rising interest rates in recent years have softened the housing market.
Interest rates for a 30-year fixed mortgage have remained relatively steady at around 6.9% in 2024, compared to 6.8% in 2023. These rates represent a sharp increase from the historically low rates of approximately 3% in 2021.
Housing inventory remains limited but is slowly increasing. As of December 2024, 24 homes were on the market, slightly down from 28 in December 2023. Homes priced between $400,000 and $500,000 currently have a supply of just 1.23 months, indicating that, without additional listings, the existing inventory would sell out in just over a month. An inventory level below six months is typically considered a seller’s market. In 2024, 53% of homes sold were priced at $500,000 or below.
Sales of homes priced above $500,000 continued to show growth, with 70 such properties sold in 2024, compared to 32 in 2019, 42 in 2020, 55 in 2021, 71 in 2022, and 57 in 2023.
Looking ahead to 2025, interest rates and housing inventory are expected to remain the primary drivers of market conditions. A trend toward lower interest rates and continued low inventory levels are likely to put upward pressure on home prices.
