Lake Tahoe Real Estate Market Update
In the first three quarters of 2023, all micro-regions with the exception of lakefronts continued to show a deep decline in the number of single-family homes sold. In fact, sales volume this year has hit decade lows. Median price has been far less impacted and, in all micro-regions, sits above pricing in 2021. The supply of available homes for sale remains at about half of pre-covid levels, which at least partially explains the retention of values. With a late start to summer, after our historic winter, lakefront sales began to rebound in Q3 but still hover around the lows we saw in 2009, yet median price reached a record high. In Incline Village & Crystal Bay, 14% of single-family homes sold above $5 million.
The ongoing discrepancy between the dramatic dip in sales volume compared to the minor movement in median price reminds us that post-covid pricing may be the new normal, despite slow sales. A burst in September real estate activity balanced the sluggish start to the season and is signaling a recovery of unit sales. Now, all eyes are on Q4 as we anticipate this fall momentum will bring a strong finish to the season, equalizing Q1.
- Single-family homes sold decreased 15% year over year, hitting a 14-year low.
- Median price increased 4% year over year.
- Average Days on Market was 44 days. In 2021, DOM was 37. In 2019, DOM was 77.
- 32 of 178 homes (18%) sold for over $2 million. 8 homes (4%) sold above $5 million.
- Single-family homes sold decreased 14% year over year, hitting a 12-year low.
- Median price decreased 10% year over year.
- Average Days on Market was 119 days. In 2021, DOM was 86. In 2019, DOM was 166.
- 56 of 99 homes (57%) sold for over $2 million. 14 homes (14%) sold above $5 million.
- Single-family homes sold decreased 25% year over year, hitting a 14-year low.
- Median price decreased 4% year over year.
- Average Days on Market was 44 days. In 2021, DOM was 27. In 2019, DOM was 66.
- 114 of 531 homes (21%) sold for over $2 million. 36 homes (7%) sold above $5 million.
For more information on the Lake Tahoe real estate market, contact Amie Quirarte.