Lake Tahoe Real Estate May 2024 Market Report

The Lake Tahoe Real Estate Market Enters “Selling Season”

The Lake Tahoe summer selling season is now upon us and Buyers are excited for new listing as they become available. Demand for high quality inventory is strong, resulting in shorter marketing times, smaller list price to sale price discounts, multiple offer situations, and year-over-year increases to the median home price. Although the market is slightly off from the pandemic highs, the current median home price is historically strong, showing the resiliency of the Tahoe market through economic uncertainty related to inflation and high mortgage interest rates.

Lake Tahoe Real Estate Market Report May 2024 Highlights

• Homes are selling for 98% of the asking price, Up 2%
• Number of homes sold Up 7%
• Median home price Up 7% to $1,365,000
• High Sale: Northstar Luxury Ski Lodge at $6,045,000

Year over Year Market Conditions and Value Trends

 

Lake Tahoe Real Estate Year May 2024 Market Report Sales Chart

Lake Tahoe Real Estate May 2024 Market Report Sales Volume Chart

*North Lake Tahoe, CA and Truckee Single-Family Home sales including lakefronts. Data is taken from the Tahoe-Sierra Board of Realtors, MLS Areas 1-9.

Absorption Rate: 5.4 Months of Inventory = Balanced Market

The term absorption rate refers to a metric used in a specific real estate market to evaluate the rate at which available homes are sold during a given period of time. Here are the market statistics used to determine the absorption rate for the North Lake Tahoe, CA and Truckee real estate market.

Absorption Rate (single-family homes)

• 271 Sales in the Last 6 Months
• 45 Sales per Month
• 1.5 Sales Per Day
• 244 Current Active Listings
• 244 Listings / 45 Sales Per Month =5.4 Months of Inventory = Balanced Market
  • 1 to 3 Month Supply of Inventory = Seller’s Market
  • 4- 6 Months of Inventory = Balanced Market
  • 6+ Months of Inventory = Buyer’s Market

Over the last month, the inventory of active listings has increased as is common for the start of the selling season. We now have 5.4 months of single-family homes for sale, which is a sizeable jump from the inventory constrained winter months. Even with the increased level of inventory, there are still very few active listings in any given neighborhood. As the inventory of good quality homes goes up, we are seeing demand increase as buyers have been patiently waiting for desirable homes to hit the market. We continue to see multiple offers on high quality homes, so don’t procrastinate when you see a property that you love.

Pending Home Sales Provide Market Insight 

Pending sale activity shows transaction volume up 26% over April closings with the median pending home price up 7% year over year. Currently, there are 74 pending single-family homes in escrow with an average list price of $1,557,860 and a median price of $1,199,999. Out of the 74 pending sales, 66% are priced over $1M with 6 homes above $3M, and 3 listing above $4M. The average marketing time for the pending sales in at 45 days. The Tahoe real estate market remains stable and healthy despite stubbornly high interest rates and inflationary concerns.

Lake Tahoe Real Estate Market Report Archive

View All Tahoe Real Estate Market Reports
May 2023 Real Estate Market Report
May 2022 Real Estate Market Report

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