As we approach the halfway point of 2026, the Bishop real estate market continues to demonstrate strength despite higher interest rates and ongoing affordability challenges. While the pace of sales has slowed slightly compared to last year, home values have remained strong and inventory remains limited across much of the market.

Home Prices and Sales Activity

One of the most notable trends so far this year has been the continued increase in home prices. As of May 31, 2026, the three-month rolling median sales price for homes in the Bishop area reached $629,950, an increase of nearly 22% compared to the same period in 2025.  While the date shows a substantial rise in home prices, I do feel this represents a larger number of higher priced homes selling, rather than home prices rising across the board.

At the same time, overall transaction volume has moderated. A total of 88 properties have sold year-to-date, essentially unchanged from the 89 sales recorded during the same period last year. However, total dollar volume declined approximately 21%, reflecting fewer higher-priced transactions and a shift in the mix of properties changing hands.

What Is Selling?

Single-family homes continue to represent the largest segment of the market, with 48 home sales reported through May. While that figure is down from 58 sales during the same period last year, other property types have seen increased activity.

Mobile home sales increased 25% year-over-year, rising from 16 to 20 transactions. Land sales experienced the largest increase, with 16 lots and acreage parcels sold compared to 9 during the first five months of 2025, an increase of nearly 78%.

These numbers suggest continued buyer interest across a variety of property types, particularly among buyers seeking more affordable housing options or future development opportunities.

Inventory and Days on Market

Inventory remains relatively constrained throughout the Bishop area. As of May 31, there were 27 homes actively listed for sale, down from 34 one year ago.

Homes are also continuing to sell quickly. The median days on market for homes was 14 days, compared to 15 days during the same period last year. Well-priced properties in desirable locations and those that are updated and ready to move in continue to attract strong buyer interest and often receive offers shortly after being listed.

Looking more closely at inventory levels by price range, the most competitive segments of the market remain between $400,000 and $700,000. Several of these price categories currently have less than one month of inventory available, indicating strong demand and limited supply. In contrast, inventory is more balanced in some higher price ranges, particularly between $800,000 and $900,000, where inventory levels are substantially higher.

Interest Rates and Affordability

Mortgage rates remain one of the biggest factors influencing buyer activity. As of the end of May, the national average for a 30-year fixed-rate mortgage was approximately 6.53%. While rates remain significantly higher than the historic lows experienced during 2020 and 2021, they have been relatively stable over the past several months.

Many buyers have adjusted to this higher-rate environment, and stable rates have provided more certainty than the rapid fluctuations experienced in recent years.

Looking Ahead

As we move into the second half of 2026, inventory levels and interest rates will continue to be the primary drivers of market conditions. Limited housing supply, combined with steady demand, has helped support home values despite fewer overall transactions.

For buyers, opportunities continue to exist, particularly in market segments with higher inventory levels. For sellers, properly pricing and preparing a property remains essential to achieving the best possible result.

As always, understanding local market conditions is far more valuable than relying on national headlines. The Bishop area continues to be a unique housing market driven by local factors, lifestyle appeal, and limited housing supply.

Statistics referenced are based on sales and listing data through May 31, 2026, for Bishop and surrounding Eastern Sierra communities via the Bishop Listing Service.

Jake Rasmuson is the Broker/Owner of Bishop Real Estate, a locally and family-owned company serving the Eastern Sierra for over 45 years. For more local real estate information, visit BishopRealEstate.com.