As we welcomed the official start of spring in March, the Truckee – North Lake Tahoe real estate market reminded us that even in the most sought-after mountain destinations, market dynamics can shift quickly. With economic uncertainty lingering at the national level, both buyers and sellers have begun adjusting their expectations—and the data this month reflects just that.

Sales Activity

March wrapped with 51 residential sales, marking a 14% decline from February and a more notable 20% drop year-over-year compared to the 64 homes sold in March 2024. This deceleration isn’t necessarily a red flag—it’s more of a market pause, a reflection of cautious optimism from buyers waiting to see how broader economic trends shake out. That, coupled with good old fashioned seasonal dips market activity.

Month-over-Month Total Sales Transactions

Home Prices

Despite the dip in sales volume, pricing told a more nuanced story. The median sold price fell sharply month-over-month by 20%, landing at $1,185,000, but interestingly, that figure still sits 10% higher than March 2024. This suggests underlying strength in property values, particularly when homes are priced right and properly marketed. Buyers may have more leverage today, but demand for quality inventory remains steady.

Month-over-Month Sold to List Prices

Negotiation Power

Speaking of leverage—March saw homes trading at an average of 8.5% below list price, equating to a savings of roughly $110,000 based on the month’s median sale. These kinds of swings aren’t unheard of in our mountain market, but this one stands out. It could be a temporary correction—or it may be an early signal of buyers factoring in potential interest rate changes and economic headwinds later in the year.

Inventory Trends

Inventory held firm with 2.76 months’ supply, revealing that March was not the beginning of that upward swing in spring inventory hitting the market. However, currently I’m already seeing a noticeable uptick in new listings as the spring thaw sets in. Homeowners who bought pre-2020 and are sitting on significant equity may find this a strategic window to sell before market conditions evolve further.

Months of Inventory

Market Velocity

Interestingly, median days on market dropped to 38, a 24% decrease from February, indicating that well-positioned homes are still moving quickly. That said, it’s up 26% year-over-year, so buyers are taking a little more time—and negotiating harder—than they did during the frenzy of past seasons.

Median Days on Market

Truckee Luxury Segment

The luxury real estate segment in Truckee remained active through March 2025, with several marquee communities posting strong, albeit measured, performance. While broader market trends showed signs of recalibration, the upper tier continued to attract well-informed, lifestyle-driven buyers seeking mountain luxury with long-term value. With a total of nine sales across premier neighborhoods such as Martis Camp, Lahontan, and Northstar Mountainside, March highlighted both the resilience and selectiveness of the luxury segment. Price per square foot remained strong—especially in Martis Camp and Lahontan—while quicker-than-expected market times in several sales suggest that high-quality, well-positioned homes are still commanding attention and closing with confidence. To start, here’s a price point breakdown of sales for the month of March:

21 sales <$1M
30 sales >$1m
11 sales >$2m
4 sales >$5M
0 Sales >$10M

Grays Crossing
Grays Crossing saw two notable sales in March, totaling just over $5.5M in volume. Homes averaged 164 days on market, pointing to longer buyer decision cycles. The average sold price landed at $2.75M with a respectable $819 per square foot—still premium for the area but showing value-driven activity. One standout was 11620 Ghirard Road that spent 272 days on market before selling for $363K under ask from its original launch price, signaling selective buyer behavior.

Lahontan
Lahontan posted two sales, showcasing a wide range in luxury offerings. The average sold price was $3.23M, with the highest sale being 358 James McIver closing $195K under asking at $4.6M. With homes moving in just 67 days on average and a strong $1,256 per square foot, this community remains highly desirable, especially for buyers seeking quality architecture in a gated golf community.

Martis Camp
Martis Camp had a robust March with three closings totaling nearly $18.7M. The average sale topped $6.23M with homes selling at a staggering $1,616 per square foot. With average days on market just over 78, it’s clear that when homes are priced right, they move quickly—even at the ultra-luxury tier. Of note, 8196 Valhalla Drive closed a massive $597K below asking from its original launch price.

Northstar Homes
There was one sale in Northstar Homes this March, closing at $1.16M. 100 Basque sold quickly—just 24 days on market—and at $581 per square foot, offering a more approachable entry point into resort living within a ski-centric community.

Northstar Mountainside
Northstar Mountainside recorded one high-end sale at $3.2M, closing after just 25 days. At $990 per square foot, 14451 Home Run Trail captured premium value while demonstrating the continued demand for true slope side access, even in a market with broader price corrections.

Incline Village / Crystal Bay Market Update

The Incline Village real estate market in March 2025 reflected a season of recalibration, marked by a sharp 37.1% month-over-month drop in median sales price, which landed at $975,000—a 12.1% decline from March 2024. Despite the pricing correction, demand showed renewed momentum, with closed sales increasing 16.7% month-over-month. However, homes are taking significantly longer to sell, as the median days on market jumped to 157, more than doubling year-over-year with a 115.1% increase. These longer timelines, combined with 8.5 months of available inventory, point to a more buyer-friendly environment where strategic pricing and professional marketing are essential for sellers looking to stand out.

On the bright side, the market is showing signs of activity. New listings surged 60% from February, with 32 new homes hitting the market, and active inventory climbed 16.5% to 113 available properties. Despite homes selling below asking—with sellers receiving just 95.5% of list price—the median sold price per square foot held strong at $875, up 14.1% month-over-month. As we move deeper into spring, Incline Village is poised for increased engagement from buyers eager to capitalize on the growing inventory and negotiate favorable terms. If you’re looking to navigate this evolving market with clarity and confidence, I’m here to help you take the lead—because in Incline Village, timing, strategy, and local expertise make all the difference.

Looking Ahead

As we move into the second quarter of 2025, there’s a cautiously optimistic tone emerging. While inflationary concerns and economic forecasts are causing some buyers to tap the brakes, others see this as an opportunity—especially with sellers becoming more flexible and inventory expected to rise.

The Truckee – North Lake Tahoe region has always thrived on its unique lifestyle appeal, and that hasn’t changed. Whether it’s the draw of mountain air, lakeside serenity, or the sheer beauty of four true seasons, our market continues to offer long-term value for those thinking ahead.

So, if you’re contemplating a move—or simply curious about your home’s worth in today’s climate—reach out. Whether you’re planning your next big step or just want to talk shop over coffee, I’m here to help you navigate it all.

After all, real estate isn’t just about numbers—it’s about people, places, and possibilities. Let’s make 2025 your best year yet.