Lake Tahoe real estate starts the year off with a bang. Quarter One saw sales volume rebound from Q1 2023 lows. In all micro-regions, the number of single-family homes sold increased year over year, with growth rates ranging from 35% to 131%. This still puts sales volume at the low end of the historical average, but certainly a substantial improvement over last year. Median price maintains a stronghold, highlighting the lack of supply and the constant demand for the Tahoe area. In the Tahoe Sierra MLS, median price ($1.325M) increased 8% year over year and falls only 5% shy of the record high we saw in 2022. In Incline Village & Crystal Bay, median price increased 45% year over year and reached a record high ($2.508M). Truckee also fell within 4% of the record high median price. Only the North & West Shores saw a dip in median price (16%), but still sat above the million-dollar mark at $1.115M. Both lakefront sales sold in off-market transactions, highlighting the advantages of working with well-connected agents. With supply is still plenty shy of the pre-covid era, we expect pricing to hold fairly steady as we head into summer’s real estate season, with the optimism from a strong Quarter One and a full Lake Tahoe from the bountiful winter.
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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
