Market Rebounds and Inventory Surges
In the first half of 2024, unit sales volume rebounded from the lows of 2023. All micro-regions saw an uptick in the number of single-family homes sold; however, the growth still leaves sales volume below pre-covid norms.
On the California side of the basin, median price decreased by 7% year-over-year. All other micro-regions saw an increase in median price. Most increases were under 20%, however quite noticeably, the median price of lakefronts jumped 78%. In the month of June, we had 25 single-family lakefront homes actively listed for ale between Incline Village and Rubicon Bay, a 66% inventory increase year-over-year, and the most active lakefronts we have seen in a single month since August 2019.
Market-wide, we see a 27% increase in inventory, offering buyers a greater selection of properties to choose from. After a few years of disruption, we now see the market shift towards an improved equilibrium between supply and demand.
The Q Take
Overall, the data points to a recovering and stabilizing market, with increased inventory offering more opportunities for buyers and a notable demand for premium properties driving significant price increases in specific segments.
Inside the Market Report
For more information on the Lake Tahoe real estate market, contact Amie Quirarte.