Planning to buy a home in ~5 years, should the down payment stay out of the market?

32, long-term retirement investing is separate, but I also want a decent shot at buying a place in around five years. Not locked in, but more likely than not.

Current overall split:
- 55% equity index funds
- 10% bond fund
- 35% cash

That 35% is basically future-home money. Part of me wants to invest some of it because five years is not tomorrow. The other part imagines the market dropping right when I finally find a place I like.