The first quarter of 2020 started strong, with median price and sales volume on the rise. In the second quarter, a global pandemic brought real estate showings to a brief halt as the world determined how to navigate sheltering in place. In Q3, we saw a strong recovery, with Lake Tahoe being a sought after location for those choosing to escape nearby urban areas. The recovery was, in fact, the sharpest growth rate seen in our market in over 15 years. In all micro-regions, sales volume of single-family homes increased over 49% year over year, representing a staggering surge of interest in Lake Tahoe. Median price followed suit, increasing by over 9% in each micro-region. In all regions except lakefronts (affected by a small sample size), median price is on a 5-year growth trend, leaving many to wonder where the ceiling may lie. Tahoe’s natural beauty appeals as a safe haven, however the upcoming months will determine if demand continues through seasonality and winter weather, when we typically see the market slow.
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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
