While the value of a home—and the memories created in it—are “priceless,” purchasing a home is still a significant financial decision, especially given the volatility the housing market has experienced over the past decade.

Locally, we have seen the median home price increase from $257,000 ten years ago to a peak of $517,500 in December 2025—an increase of approximately 101%. More recently, prices have begun to stabilize as interest rates have risen.

There are differing opinions on where the market is headed. Some believe home prices will continue to rise as demand increases and interest rates drop. Others believe that if rates remain elevated and buyer uncertainty increases prices will remain stagnant.

In the Eastern Sierra, I believe limited housing supply and consistent demand will continue to support rising prices in some fashion. While we may see modest appreciation, it is unlikely we will return to the high single- or double-digit growth experienced in recent years.

If you are considering purchasing your first home—or moving into a larger property—it is important to evaluate your long-term plans. Consider the following:

  • Do you plan to remain in the area for at least 5 to 10 years?
  • Will you be satisfied with the neighborhood you choose?
  • Is your employment stable?
  • Do you anticipate changes in your household size?
  • Will you need a bigger or smaller yard in the future?

Real estate is not a highly liquid asset, and both acquisition and selling costs can be significant. Market conditions, property conditions, and pricing will all impact the time it takes to sell a home.

Another important consideration is your down payment. Will it leave you financially overextended? While some loan programs allow as little as 3.5% down, and 20% can help avoid private mortgage insurance, it is critical to maintain sufficient reserves for unexpected expenses.

How much home can you afford?

A general rule of thumb is to keep your mortgage at or below three times your annual income. For example, a household earning $150,000 annually should target a mortgage of $450,000 or less. Speaking with a lender early in the process will help you clearly understand your purchasing power and establish a comfortable price range.

The bottom line is this: trying to time the market perfectly is rarely successful. The right time to buy is when your finances are in order, your plans are stable, and the purchase makes sense for your long-term goals. In a market like the Eastern Sierra—where supply remains limited—waiting for the “perfect” moment can often mean missing a good opportunity.

If you are considering a purchase, take the first step. Have a conversation with a local Realtor and a trusted lender, get clear on your numbers, and put yourself in a position to act when the right property becomes available.

 Jake Rasmuson is the Broker/Owner of Bishop Real Estate which has been locally, and family owned for 45 years.