During the 4th quarter of 2023, home values rose 8.8% for the luxury market at Lake Tahoe.
While higher mortgage rates are stalling sales and home values in most markets, luxury home prices have risen at twice the pace of non-luxury homes. Affluent buyers are paying in cash, which has insulated this market from economic factors. Additionally, low inventory is another factor driving luxury home prices upward.
At the end of 2023, luxury listing inventory rose 19.7%, but supply is still below pre-pandemic levels. For comparison, the median price of a luxury home was at $1.17 million, up 8.8% year over year. Non-luxury real estate values only rose 4.6% during the same period and growing inventory for this segment has kept values steady.
Higher prices, additional sales and more luxury listings demonstrate how the luxury market is very active. A bull stock market also coincides with strong luxury sales as investors look for real estate holdings.
Almost half of luxury home purchases in the 4th quarter of 2023 were all cash buyers. This is a 40% increase from the same period in 2022. While non-luxury home sales fell 8.1%, luxury sales were only down 1.7% year over year.
Sotheby’s released its Luxury Outlook Report which identified other trends to watch for in 2024:
At the end of 2023, the North Lake Tahoe market had only 165 homes for sale, compared to 287 active listings during the same period in 2022. Lakefront homes increased in sales 9% year over year in the 4th Quarter of 2023. The median price of a lakefront increased 33%, setting a new record high.
Contact me today for more information on the luxury market at Lake Tahoe.
Lifestyle
A local’s insider guide to 4th of July weekend in Incline Village—bike trails, beaches, rosé, and the best view of Lake Tahoe fireworks.
Real Estate
Discover How to Secure the Best Home Financing Deals in Truckee
Real Estate
Want to Know What Your Lake Tahoe Home is Really Worth? Spoiler: Zillow Doesn’t.
Lifestyle
But hold up, Cap’n — before you cruise in like it’s your personal playground, here’s the lowdown on where to launch your boat in Lake Tahoe, how to navigate local rule… Read more
Lifestyle
Here’s your inside scoop on the most cultured events hitting Lake Tahoe this season
Real Estate
Discover Sustainable Enhancements to Boost Your Home's Worth in Truckee
Lifestyle
Here’s to the dads who taught us how to ski powder, fix a flat, grill a steak—and reel in a trophy trout. Happy Father’s Day, legends.
Lifestyle
Discover the Best Things to Do in Tahoe City, CA
Real Estate
Essential Inquiries for Prospective Homebuyers in Tahoe City
I understand the nuances of complex transactions, and am sensitive to the unique needs of the discriminating buyer and seller. My expertise as a leader provides my clients with a wealth of clarity and direction that translates into exquisite representation. Contact me now!