Last year at this time, we reported that 2020 was an historic year in Lake Tahoe real estate, showcasing dramatic and unprecedented activity as a result of the pandemic shifting buying behavior and accessibility. In 2020, our Year End Market Report highlighted a massive spike in sales volume alongside a noticeable increase in median price, with both reaching record highs in all microregions (with the exception of lakefronts, where sales volume fell one home below the record). This year, we are seeing median prices once again reaching historic highs in all micro-regions, although by a much larger increase, with the minimum being a 24% increase in median price year over year (on top of the previous record high, that is!). The difference is that in 2021, all micro-regions are showing a decrease in sales volume, by a minimum of 14% and as high as 37% year over year. The decrease in sales volume may be due to limited inventory available, however it also may be indicative of the market reaching our threshold in pricing. On Lake Tahoe’s North & West Shores, median price has been on a 10-year upwards trajectory and this year alone saw a 41% increase in median price. We look forward to 2022 to determine if these trends are sustainable, or if we will begin to see a plateau as the market attempts to correct itself.
2021 Market Recap
- Single-family homes sold decreased 25% year over year.
- Median price increased 38% year over year and is on a 6-year growth trend.
- Median price reached an historic high.
- 236 of 1,199 homes (20%) sold over $2 million.
North & West Shore Recap
- Single-family homes sold decreased 25% year over year.
- Median price increased 41% year over year and is on a 10-year growth trend.
- Median price reached an historic high.
- 83 of 423 homes (20%) sold for over $2 million.
Incline Village & Crystal Bay
- Single-family homes sold decreased 37% year over year.
- Median price increased 37% year over year and is on a 4-year growth trend.
- Median price reached an historic high.
- 118 of 235 homes (50%) sold for over $2 million.
Lakefronts
- Single-family homes sold decreased 14% year over year.
- Median price increased 24% year over year and reached an historic high.
- 32 of 32 homes (100%) sold for over $2 million.
Truckee
- Single-family homes sold decreased by 25% year over year.
- Median price increased by 37% year over year and is on a 6-year growth trend.
- Median price reached an historic high.
- 153 of 776 homes (20%) sold for over $2 million