With Lake Tahoe real estate market activity hitting national news outlets throughout the year, these numbers should come as no surprise. Here, we boil down the highlights and provide an analysis of single-family homes sold on the north side of the Lake Tahoe Basin including home sales between Incline Village and Rubicon Bay, plus Squaw Valley, Northstar and Truckee. What a year!
Highlights
- In the Tahoe Sierra MLS, single family homes sold increased by 55% year over year
- Median Price reached an all-time high in all micro-regions
- Sales Volume reached an all-time high in every micro-region except Lakefronts with 37 lakefronts sold, one shy of the 38 record in 2014
- 33% of Incline Village & Crystal Bay homes sold for over $2M
Market Analysis
As a result of the pandemic and Lake Tahoe’s prime location as an escape from nearby urban centers, 2020 saw dramatic and unprecedented sales activity. The number of homes sold increased by over 50% year over year in all micro-regions, and demand consistently exceeded supply. This, in turn, stirred a frenzy of buying, which affected prices. We saw over 10% increases in the median price of homes sold in each micro-region. Ultimately, we reached historic highs of both median price and sales volume across the board, with the minor exception of lakefront sales reaching the second highest sales volume in history (but still a 131% increase in homes sold over last year). While the Tahoe Sierra MLS saw 14% of home sales over $2 million, Incline Village & Crystal Bay showed 33% of sales over $2 million. With the end of the pandemic nowhere in sight and California continuing to be plagued by Stay at Home Orders, Tahoe remains desirable and demand continues into 2021. Fundamental shifts in behavioral and work patterns driven by COVID should keep Tahoe in the sights of buyers for at least the next 12-18 months. The 2020 run up in sales volume and pricing should temper some in 2021, but low inventory and strong buyer demand will keep appreciation rates in the high single digits through the upcoming year. Expect prices to continue to rise and multiple offer scenarios to remain commonplace. Buyers prepared with competitive and aggressive offers will be the ones to secure their piece of the Tahoe real estate pie.
Download the detailed report here.
Download past reports here.
View the graphs of sales volume and median price trends by micro-region by clicking the gallery images below.
Source: Tahoe Sierra MLS and Incline Village MLS
