2024 Truckee – North Lake Tahoe Real Estate Market Report
With 2024 firmly in the rear view mirror, its clear that the Truckee – North Lake Tahoe real estate market showcased a year of resilience, growth, and a return to balance. After the whirlwind of the pandemic years, the region has settled into a more normalized rhythm, allowing both buyers and sellers to navigate the market with greater confidence. This year demonstrated a compelling narrative of steady gains in home values and market volume, juxtaposed against evolving inventory challenges and extended time on the market. Here is an in-depth look at the year’s performance and what it means for our beloved community.
Market Highlights and Performance Metrics
Sales Activity
2024 closed with 1,010 sales, marking a modest 2% increase from the prior month. This steady growth underscores the strength of demand in the Truckee – North Lake Tahoe area, even as other markets across the country faced headwinds from rising interest rates and economic uncertainty. The region’s unique appeal as a four-season destination continues to draw buyers seeking lifestyle-driven investments.
Year-over-Year Total Sales Transactions
Median Sold Price
The median sold price climbed to $1,140,000, reflecting a significant 5.5% increase compared to 2023. This upward trend speaks to the enduring desirability of the area, bolstered by its natural beauty, high quality of life, and limited housing stock. Homeowners in the region are seeing meaningful equity gains, solidifying Truckee and North Lake Tahoe as premier real estate markets in Northern California.
Year-over-Year Median Sold Price
Total Market Volume
The total market volume surged by 8%, reaching an impressive $1,671,483,782. This milestone showcases the market’s robustness and the sustained confidence of both buyers and investors. Despite challenges in inventory, the overall dollar value of transactions highlights the area’s economic vitality and allure.
Year-over-Year Median Volume Sold
Negotiation Power Returns to Buyers
Homes in 2024 traded at approximately 2% below asking price, a clear indicator that the frenetic pace of the pandemic-era market is firmly behind us. This shift signifies a healthier balance between buyers and sellers, where thoughtful negotiations and realistic pricing strategies play a pivotal role. Buyers are now entering the market with renewed negotiating power, a refreshing contrast to the bidding wars of recent years.
Average Days on Market
Homes took longer to sell in 2024, with the average days on market rising to 56 days. This represents a 24% increase from the prior year. While this may suggest a cooling in market velocity, it also reflects a move toward a more deliberate and measured pace of transactions, allowing buyers and sellers to make well-informed decisions.
Median Days on Market
Truckee Luxury Market 2024 Performance
Over the years, there has been a significant increase in sales of homes priced above $1M, particularly in the $2M+ and $5M+ categories, highlighting the growing demand for luxury properties. Meanwhile, sales of homes under $1M have steadily declined, reflecting the shift toward higher price points in the market. The data for 2024 shows sustained activity in the luxury segment, with notable strength in the $5M+ and $10M+ tiers, underscoring the resilience and desirability of high-end real estate even amid shifting economic conditions.
Martis Camp
Martis Camp’s 2024 real estate market demonstrates a blend of exclusivity and resilience. While the number of sales has decreased to 23 compared to 29 in 2023, the median sold price has reached an impressive $7,250,000, showcasing sustained demand for high-end properties. The average price per square foot has also surged to an impressive $1,926.26, reflecting the continued premium value of Martis Camp homes. Interestingly, despite the high price point, the median days on market (DOM) remains low at just 85 days, indicating a relatively swift market turnover for such exclusive homes. This data highlights the community’s strong appeal among luxury buyers, even in a year with fewer transactions.
Lahontan
Lahontan showcased a notable market performance in 2024, despite a drop in sales volume to just 10 transactions compared to 13 in 2023. The median sold price settled at $3,522,638, reflecting a slight adjustment from the previous year’s high of $3,900,000. However, the average price per square foot surpassed the $1,000 milestone for the first time, reaching $1,015, signaling a growing premium placed on Lahontan properties. Additionally, properties moved relatively quickly, with the median days on market (DOM) declining to just 69 days, a significant improvement from 93 days in 2023. These trends underline Lahontan’s enduring appeal among luxury buyers, even in a constrained market.
Schaffer’s Mill
Schaffer’s Mill experienced a strong year in 2024, with 22 sales marking a slight increase from 19 in 2023. The median sold price rose significantly to $2,875,000, a nearly 10% jump from the prior year’s $2,620,000, reflecting growing demand for luxury properties in the area. Despite the increase in prices, homes moved quickly, with the average days on market (DOM) holding steady at 71, while the median DOM dropped to just 46 days, showcasing heightened buyer interest and efficient transactions. Additionally, the average sold price per square foot reached $891, slightly lower than 2023’s $939, but still indicative of the high value buyers place on Schaffer’s Mill real estate.
Gray’s Crossing
The 2024 real estate market for Gray’s Crossing showcased a slight dip in the median sold price, down to $2,472,500 compared to 2023’s $2,645,000, yet the market maintained remarkable strength with 24 sales, matching last year’s transaction volume. Notably, the average sold price per square foot ($821.48) slightly decreased from 2023 ($828.36), reflecting market stabilization after prior years of significant growth. Days on Market (DOM) metrics also highlight robust buyer demand, with a median DOM of 28 days and an average DOM of 66 days—both reflecting continued interest in this exclusive luxury community despite shifting market conditions. These trends underscore Gray’s Crossing as a resilient and sought-after neighborhood in Truckee’s luxury market.
Old Greenwood
In 2024, Old Greenwood experienced a notable rise in luxury market performance, highlighted by a significant increase in the median sold price to $2,895,000, compared to $1,524,500 in 2023—a staggering 90% jump. However, sales volume slightly declined, with only 7 transactions in 2024 versus 8 in 2023, suggesting a more exclusive buyer pool. The average sold price per square foot also saw a rise, reaching $760.39, reflecting the high demand for this premier golf-centric community. Days on Market (DOM) metrics, with an average of 108 days and a median of 68, indicate properties are taking slightly longer to sell compared to the previous year, reflecting a more measured pace in luxury home sales. Overall, Old Greenwood remains a highly sought-after destination for discerning buyers seeking exclusivity and luxury.
Village at Northstar
The 2024 real estate market for the Village at Northstar showcased a year of stability and demand for luxury ski properties. The median sold price held steady at $1,350,000, matching 2022 levels, though slightly below 2023’s $1,450,000. Sales volume saw a decline, with 17 transactions compared to 25 in 2023, suggesting a slightly lower turnover in this exclusive community. Notably, the average sold price per square foot reached a new high of $977.83, indicating strong buyer interest in premium properties. The Days on Market (DOM) figures reveal a mix of quick sales and measured transactions, with a median DOM of just 21 days, reflecting continued demand for Northstar’s unparalleled ski-in/ski-out luxury lifestyle.
Northstar Community
Out in the Northstar Community, the market reflected more of a balanced mix of growth and adjustment. The median sold price rose to $1,750,000, up from $1,620,000 in 2023, showing steady appreciation in this luxury neighborhood. Sales volume declined slightly, with 25 transactions compared to 27 in 2023, yet the total sold price reached an impressive $49,212,500. The average price per square foot dipped slightly to $650.35 from $669.91 in 2023, suggesting a leveling off in price acceleration. The average Days on Market (DOM) fell significantly to 62, compared to 85 in 2023, with a median DOM of just 41, indicating faster transactions and sustained buyer interest. Overall, Northstar remains a highly sought-after market for buyers looking for upscale mountain living with exceptional amenities.
Mountainside
Up at Mountainside the market demonstrated a significant shift, with only 2 sales recorded compared to 10 in 2023, signaling reduced transaction activity in this ultra-luxury segment. The median sold price for 2024 came in at $2,997,500, reflecting a slight decrease from 2023’s $3,087,500 but maintaining a strong position. Notably, the average sold price per square foot soared to $1,112.38, the highest on record, emphasizing the premium buyers are willing to pay for these exceptional ski properties. Days on Market (DOM) saw a substantial increase, with an average of 136 days, suggesting longer times to close deals in this exclusive market. These trends highlight Mountainside’s enduring appeal as a premier destination for luxury ski-in/ski-out living, even in a more selective buyer environment.
Looking Ahead to 2025
As we turn the page to 2025, the Truckee – North Lake Tahoe real estate market is poised for another year of opportunity. While inventory constraints and seasonal fluctuations will continue to shape the landscape, the enduring appeal of the region ensures that demand will remain robust. Buyers can look forward to more balanced negotiations, while sellers stand to benefit from the area’s ever-growing desirability and upward pricing momentum.
With the promise of fresh powder on the slopes and the invigorating renewal of spring just around the corner, the year ahead holds much to be excited about. Whether you’re seeking a mountain retreat, a year-round home, or an investment opportunity, Truckee – North Lake Tahoe remains a beacon of possibility.
Here’s to an adventurous, prosperous, and rewarding 2025 in the Truckee – North Lake Tahoe real estate market!
