Market Overview
As of March 2025, Bishop’s housing market is presenting a nuanced picture:
• Median Listing Price: $650,000, marking a 7.8% decrease year-over-year .
• Average Home Value: $561,332, reflecting a modest 1.9% increase over the past year .
• Median Sale Price: $532,000, down 7.6% from the previous year .
• Price per Square Foot: $385, a significant 62.4% rise year-over-year.
• Average Days on Market: 129 days, indicating a slower pace in sales .
These figures suggest a market adjusting to broader economic factors, with a notable increase in value per square foot despite overall price declines.
Housing Inventory & Trends
Bishop’s real estate landscape is characterized by low inventory levels, with only 9 homes listed as of March 2025 . This scarcity, coupled with sustained demand, particularly for properties priced above $500,000, continues to influence market dynamics .
The limited supply contributes to competitive conditions, especially for mid-range homes, and underscores the importance of timely decision-making for buyers.
Outlook
Looking ahead, the Bishop housing market is expected to experience gradual growth:
• Short-Term Forecast: A projected 2.5% increase in home values over the next year .
• Long-Term Projection: An anticipated rise to approximately $505,241 by 2030, indicating an 11.9% increase over five years .
These projections suggest that, despite current fluctuations, Bishop remains a viable market for long-term investment
Lifestyle & Location
Bishop offers a unique blend of small-town charm and outdoor adventure, nestled in the Eastern Sierra Nevada. The area’s natural beauty, recreational opportunities, and community-oriented atmosphere make it an attractive destination for both residents and investors
Tips for Buyers & Investors
• Act Promptly: Given the low inventory, desirable properties may receive multiple offers.
• Secure Financing: Pre-approval can provide a competitive edge in a tight market.
• Consider Long-Term Value: Focus on properties that offer growth potential, especially those in sought-after locations.
• Stay Informed: Monitor market trends and consult with local real estate professionals to make informed decisions.
SOURCE: For current listings and more detailed information, consider visiting Zillow’s Bishop listings or Realtor.com’s Bishop page
