June Lake Real Estate Trends
This year has been full of ups and downs. The real estate market has finally cooled due to interest rates and macroeconomic conditions. Interest rates are now in the 6.5%-7.5% range. That is a huge jump from just six months ago! We are mainly seeing cash offers on high-end properties. There is still a lot of financing happening on properties under $1,000,000. Interest rates and the housing boom hasn’t made buying a home any easier here in the Eastern Sierra, but prices are slowly going down from their record highs. Now properties are being listed under previous sales and some are still sitting on the market a long time. Price reductions are also becoming more common across the Eastern Sierra. We are keeping our eyes on the market, and we’ll let you know if any big changes happen.
The tables below will give you a good idea of the state of the local real estate market. We are comparing this year, 2022 Year-to-Date (YTD) with the previous three years. You can see the huge jump in the median home prices and the number of homes sold in recent years. This year however, the volume of home sales and appreciation (except in June Lake*) has finally started to slow down. We will likely see a similar number of home sales as in 2019, possibly even lower. Please let us know if you have any questions. We are always happy to help in any way!
Mammoth Lakes Real Estate Single-Family Home Highlights
Year | Median Home Price | Percent Change | Homes Sold |
2019 | $785,000 | - | 94 |
2020 | $885,000 | 11.30% | 133 |
2021 | $1,187,500 | 25.47% | 131 |
2022 YTD | $1,240,000 | 4.23% | 69 |
June Lake Real Estate Home Highlights
Year | Median Home Price | Percent Change | Homes Sold |
2019 | $510,000 | - | 18 |
2020 | $607,500 | 19.12% | 13 |
2021 | $700,000 | 15.23% | 19 |
2022 YTD | $882,500 | 26.07% | 9 |
Lee Vining/Mono City Real Estate Home Highlights
Year | Median Home Price | Percent Change | Homes Sold |
2019 | $304,500 | - | 4 |
2020 | $340,000 | 11.66% | 3 |
2021 | $433,000 | 27.35% | 3 |
2022 YTD | $445,500 | 2.89% | 4 |
*June Lake saw a huge jump in median home price this year compared to Mammoth Lakes and other Eastern Sierra Communities. $675,000 was the least expensive sale price in June Lake so far this year. There were quite a few exceptionally high sale prices this year which boosted the median sale price in June Lake. These properties included rare and unique properties (i.e. special USFS cabins, views, cute cabins in the woods, etc.). It’s possible that June Lake has been undervalued for a long time and now that the town is more robust people have noticed.
While no one can predict exactly what will happen with the real estate market, we are watching the market trends every day. We will keep you posted on any major changes to the local market conditions. If you’re ever curious about what we’re seeing in the local market, please don’t hesitate to give us a call!
If you'd like to take a deeper dive into the Mammoth Lakes real estate trends, check out our last blog here: https://www.buyselllovemammoth.com/2022/09/15/mammoth-lakes-real-estate-trends-august-2022/?source=179
Please contact us if you or someone you know is thinking about buying or selling real estate anywhere in the Eastern Sierra. We are always happy to help in any way!
Disclaimer: Based on information from the Mammoth Lakes Board of REALTORS and other various sources. All data including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.