This article concerns the formation of price in Kathmandu’s land market. In Nepal, land has been for generations the bedrock of savings and household finance, an objectification of social status and a subject of intense political debate, up to and including the recent Maoist insurrection. In Kathmandu, however, the meaning of land has begun to change, mostly because of the rapid fluctuations in its monetary value. This article demonstrates how residents have used localized understandings of price and value formation to explain these changes, understandings that take as their reference point historical landlord-tenant relationships and not the machinations of market equilibrium. This article interrogates the notion that the market animates price, instead arguing that price can index a multitude of value formations.