As we close out the summer season, the Truckee – North Lake Tahoe real estate market reflects a unique blend of stability and opportunity. August was marked by consistency in sales volume, with a total of 123 homes sold, mirroring July’s figures yet representing a modest 7% decrease compared to the same period in 2023, which saw 133 transactions. Despite this slight drop, the market continues to exhibit resilience, with key metrics pointing to a well-balanced environment for both buyers and sellers.
Steady Sales Volume
August wrapped up with 123 homes sold, nearly on par with the previous month and only a slight decline from last year’s 133 sales. This consistency in sales suggests a healthy interest in the region, particularly as we transition from the bustling summer months into the quieter fall season.
Month-over-Month Total Sales Transactions
Price Growth
Median home prices saw a 7% increase from July, bringing the median sold price to $1,245,860. This represents a slight 3% increase year-over-year, reinforcing the market’s stability. The steady growth in median prices signals sustained demand for homes in the Truckee – North Lake Tahoe area, even as inventory expands.
Month-over-Month Total Sales Transactions
Negotiation Space for Buyers
Homes traded at approximately 3.4% below asking price in August. This small gap between list and sold prices could provide savvy buyers with an opportunity to negotiate favorable deals while still reflecting the area’s overall robust demand.
Inventory on the Rise
One of the most notable shifts in the market is the increase in inventory. August saw the available months of supply rise to 5.19, a 13% jump from the year prior. New listings are entering the market, providing a wider selection for buyers, though some homes have lingered on the market longer than anticipated. This rise in supply can be attributed, in part, to a slower pace of sales turnover, as we observe more homes remaining on the market longer.
Months of Inventory
Extended Days on Market
Homes in August took an average of 31 days to sell—essentially double the 14-day median we saw in July and year-over-year. This extended timeframe hints at a shift toward a more balanced market, where buyers are taking more time to weigh their options as more homes become available.
Median Days on Market
Luxury Segment
The luxury real estate segment had huge turnout for the month of August, with homes over $2M selling up 48% from the month prior. Of note, another 8 figure deal posted when the lakefront 3795 Belleview Avenue closed $963K under asking for $15,986,690 (who came up with this number?!). Here’s a price point break down of sales in August:
- 47 sales <$1M
- 76 sales >$1m
- 31 sales >$2m
- 5 sales >$5M
- 1 Sales >$10M
Martis Camp had its busiest month of the year so far, with 4 homes transacting. Of note, 10536 Olana Drive sold off market, all cash, and full asking for $$9.89M.
Lahontan reported zero sales, a rarity for such a large community with a wide spectrum of price points. Of note, older vintage homes are taking a while longer to sell, relative to newer more contemporary offerings.
Schaffer’s Mill had a slower month with only 1 home changing hands. 9388 Heartwood Drive closed at full asking, all cash, for $3.45M.
Gray’s Crossing had a very active month with 4 homes closing. Of interest, 11623 Henness Road closed $162K under asking down to $2,908,000.
Old Greenwood had its best month since 2020, in terms of the number of sales in a single month. I was fortunate enough to represent the Buyers on their purchase of 12385 Caleb Drive and I was able to successfully negotiate $90K off the asking price.
Northstar Village had a quiet month with no newer village condos transacting. That will surely change, as now is the time to purchase a ski-centric property. Ideally, you want to purchase between the end of Labor Day and the end of October in order to capitalize on excited sellers and to get a full season of skiing in.
Northstar community had a big showing with 4 homes selling. 441 Lodgepole closed $25K over asking up to $1.8M. This community should continue to stay busy all the way up to, and just past, when the lifts start spinning on the mountain.
The Incline Village, Nevada real estate market in August 2024 has shown intriguing shifts that offer insight into both buyer and seller behavior. Median sales prices remained robust at $1,688,000, reflecting a year-over-year increase of 20.6%, though a modest 3.7% decline from July 2024. Despite fewer closed sales—down 47.7% compared to August 2023—buyer interest is still strong, with homes trading at 96.1% of their list price. A notable increase in median days on market, up 64.7% from July, suggests buyers are taking more time to evaluate options, potentially a result of the expanded inventory, which saw an 8.9% rise from the previous month.
Inventory levels reached 221 active listings, with a substantial 32.5% increase in the months’ supply of inventory to 9.6 months, signaling a shift towards a more balanced market. New listings grew 2.1% compared to July, providing prospective buyers with fresh opportunities. This uptick in inventory, coupled with homes lingering longer on the market, opens the door for more negotiating power for buyers while sellers can take advantage of the strong price per square foot, which climbed 10.3% to $909. As we transition into the cooler months, this evolving market dynamic positions Incline Village as an appealing destination for both investors and families alike, and with careful navigation, it remains a prime opportunity for real estate success.
Looking Ahead: A Positive Outlook
As we move past the hustle and bustle of summer and into the post-Labor Day period, it’s natural for the market to enter a quieter phase. However, the fundamentals remain strong, and the increased inventory offers an excellent opportunity for buyers seeking to make a move before winter sets in. Sellers, too, can take heart in the fact that prices are holding firm, and serious buyers are still very much active in the market.
While the median days on market have crept up, this allows for a more thoughtful approach to real estate transactions, with buyers and sellers alike having the time to make well-informed decisions. The slight cooling in activity signals not a slowdown, but rather a shift to a more balanced and sustainable pace as the market adapts to evolving conditions.
The Truckee – North Lake Tahoe area remains a gem in the Sierra Nevada, with its blend of natural beauty and luxury living continuing to draw interest. As we move through the final months of 2024, there’s every reason to remain optimistic about the opportunities ahead. Whether buying or selling, now is the time to take advantage of this unique market dynamic.
Here’s to a strong close to 2024!
