Lake Tahoe 3rd Quarter 2023 Market Report

Home values in the Lake Tahoe basin continue to show growth, even while the number of sales year-over-year is lower. The combination of high demand and low inventory is driving this trend.

 

For the 3rd Quarter of 2023, the average sales price for homes sold on the north shore of Lake Tahoe was $1.4 million. This is significantly higher than the 3rd Quarter of 2022 where the average sold price was $1.3 million. Additionally, homes were sold after only an average of 25 days on the market.

 

On the west shore, the average sale price was at $1.2 million, similar to last year, selling after only 30 days. Truckee had a median sale price of $1.9 million, which is significantly higher than the 3rd Quarter of 2022 at $1.3 million, selling after just 23 days on the market.

 

 

Only 10% of homes sold on the north shore were priced under $750,000, with 38% of homes selling over $1.5 million. In the 3^rd Quarter of 2023, a total of 73 single-family homes sold, compared to 103 sales for the same time last year.

 

 

On the west shore, 19% of homes sold during the 3^rd Quarter were under $750,000, with 27% of homes sold over $1.5 million. A total of 85 homes sold, compared to 75 sales during the same period last year, showing a 13% increase in sales.

 

 

In Truckee, 68% of sold properties during the 3^rd Quarter of 2023 were priced between $750,000 and $2 million. A total of 345 homes sold, compared to 495 during the same period, showing a 20% decrease in sales. Again, the lower inventory contributed to this drop, and homes sold an average of 23 days on the market, compared to 44 days last year. The list price compared to the sold price dropped 5% year over year.

 

 

For Incline Village, 57% of properties sold during the 3^rd Quarter of 2023 were priced over $2 million. 96 homes sold, compared to 114 during the same period last year, at a 16% decrease. The average sold price was at $2.7 million, slightly lower than the $3 million price last year.

 

If you are considering listing your property for sale, this is an excellent time since the inventory continues to remain low. Contact me today for a no-obligation value estimation of your property at Lake Tahoe.