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: A Spring Surge
April concluded with 59 closed sales, marking a robust 16% increase from March. While this represents a 6% dip compared to April 2024’s 63 sales, the uptick from the previous month underscores a revitalized buyer interest as we transition into the warmer months.
Month-over-Month Total Sales Transactions
Pricing Trends: Navigating Adjustments
The median sold price in April settled at $1,072,500, reflecting a 9.5% decrease from March and a 7% decline year-over-year. This marks the fourth consecutive month of price adjustments, suggesting a market recalibration. Interestingly, despite the overall price dip, homes sold for approximately 2% above asking price in April, equating to a median of $22,000 over list. This anomaly, while rare, indicates that competitively priced homes are still attracting strong buyer interest.
Month-over-Month Sold to List Prices
Inventory Levels: A Welcome Increase
April witnessed a significant 33% increase in inventory from March and a 34% rise year-over-year. This influx provides buyers with a broader selection and may be attributed to homeowners capitalizing on accumulated equity amidst economic fluctuations.
Months of Inventory
Market Dynamics: Days on Market and Buyer Behavior
The median days on market (DOM) dropped sharply to 19 days in April, a 50% decrease from the previous month and closely aligning with April 2024’s 23 DOM. This swift movement suggests that well-priced homes are garnering prompt attention, as buyers act decisively in a market offering increased options and adjusted pricing.
Median Days on Market
Truckee Luxury Segment
The luxury real estate segment in Truckee showed signs of reawakening in April 2025, driven by an uptick in both high-end buyer interest and motivated sellers bringing premium properties to market. Schaffer’s Mill posted a record breaking sale, demonstrating demand for larger, newly constructed estates. Communities like Martis Camp and Lahontan continued to demonstrate their market leadership with multi-million-dollar closings, while Northstar properties—especially in the Village and Mountainside—moved swiftly, indicating a resurgence of demand for resort-proximate homes. While some properties took longer to find their buyer, others traded in under two weeks, showcasing the bifurcation between trophy estates and well-positioned turnkey listings. Overall, the luxury market delivered a solid performance in April, marked by confident pricing and selective but serious buyer activity.
26 sales <$1M
33 sales >$1m
15 sales >$2m
4 sales >$5M
1 Sales >$10M
Martis Camp:
Martis Camp led the luxury segment with 4 closings and a standout median sale price of $7.725M, reaffirming its position as the top-tier ultra-luxury enclave in the region. Homes here also commanded the highest price per square foot at a staggering $1,887. However, the median days on market extended to 88, reflecting a more patient, deliberate buyer pool. Despite slower velocity, Martis Camp continues to attract premium-level buyers. Of note, 10930 Almendral Court closed 8.14% below asking down to $10.1M, a difference of $895K.
Lahontan:
Lahontan recorded 3 sales in April with a median sale price of $3.25M. The median days on market was 48, suggesting a steady pace for high-end homes in this gated golf community. The median price per square foot came in at $787, signaling healthy valuations relative to land size and finish quality. Compared to March, volume held relatively stable, indicating consistent buyer interest in this legacy neighborhood. As a testament to buyer’s demand for new construction in the community, 245 Laura Knight closed on the button at $4.75M.
Schaffer’s Mill:
Schaffer’s Mill had a record breaking month with 9259 Brae Court closing at $6.55M, setting the record for highest price ever sold in the community. Overall, had a exceptional month with three sales ranging from $1.85M to $6.55M, showcasing its diverse product mix and growing luxury appeal. The highest sale exceeded its asking price by $65,000, highlighting competitive buyer demand for premium builds. Notably, two of the homes sold in under three weeks, while one took nearly 300 days—emphasizing how turnkey condition and pricing strategy can significantly influence market velocity. With sold prices per square foot well above $1,100 for two of the properties, and buyer’s craving newer, more modern construction, Schaffer’s Mill continues to position itself as a rising luxury leader in the Truckee market.
Old Greenwood:
Old Greenwood recorded two luxury home sales in April, with a wide range in pricing and property style. The median sale price came in at $2.275M, with one home selling quickly in just 18 days and the other taking 91 days to close. Price per square foot ranged from $615 to $834, reflecting variation in size, lot location, and interior upgrades. While not the highest volume community, Old Greenwood continues to offer a strong value proposition for buyers seeking a blend of resort living and golf course access. Of note, 12652 Caleb Circle closed 4.4% below asking down to $3.15M representing $145K. Being that this home is new construction, this home juxtaposes it’s higher price per sqft relative to Old Greenwood’s more vintage offerings.
Northstar Homes:
Only one home traded in the Northstar Homes area this April, closing at $1.795M with a solid $883 per square foot and 82 days on market. While the volume is light, the pricing signals strength in free-standing home inventory near the resort, especially with turnkey features.
Northstar Mountainside:
A single transaction in Northstar Mountainside closed at $4.65M, achieving $1,451 per square foot—a strong valuation by any standard. Notably, it moved quickly with just 15 days on market, suggesting highly targeted buyer demand for ski-in, ski-out residences with premium amenities. Of note, 15153 Boulder Place #17 closed at asking and within 15 days of launching at $4.65M. These large, 4 bed townhomes that back to ski trails come up very rarely, seeing as how there’s only 4 of them.
Northstar Village:
The Village saw two sales with a median price of $1.03M and a quick median DOM of 11 days, making it one of the fastest-moving markets in April. Price per square foot was a competitive $981, underscoring ongoing demand for centrally located resort condos with walkability to lifts, dining, and retail.
Incline Village / Crystal Bay Market Update
April 2025 was a month of mixed signals for the Incline Village real estate market, marked by sharp price gains, a slowdown in buyer urgency, and a significant rise in available inventory. The median sales price surged to $1,437,500—up a staggering 47.4% month-over-month and 17.3% year-over-year—indicating that luxury-tier properties dominated the sales mix. However, this price appreciation didn’t come with increased speed. In fact, the median days on market ballooned to 80 days, nearly doubling from March, suggesting that while high-value transactions occurred, buyers are moving more deliberately. List-to-sale price ratios declined slightly to 94.2%, and price per square foot dropped to $813—evidence that negotiation leverage may be shifting subtly back to buyers.
On the supply side, sellers are re-entering the market with renewed confidence. New listings jumped 59.4% from March, while active inventory rose to 146 homes—up 31.5%. Months of supply climbed to 9.1, an 88.1% increase year-over-year, pointing to a softer, more balanced market ahead. This influx of inventory is likely fueled by equity-rich homeowners recognizing a window of opportunity amidst national economic volatility and early signals of interest rate stabilization. For buyers, this evolving landscape presents more options and negotiating power. For sellers, pricing strategically is key to capturing attention. Whether buying or selling, navigating the nuanced Incline Village market in 2025 requires insight, experience, and precision—and that’s where I come in.
Looking Ahead: Optimism on the Horizon
As we progress through 2025, the Truckee and North Lake Tahoe real estate markets are poised for a season of balanced opportunities. The combination of increased inventory, adjusted pricing, and sustained buyer interest creates a landscape where both buyers and sellers can find favorable conditions. With the national economy showing signs of stabilization and consumer confidence on the rise, the local market is well-positioned for continued vitality.
Whether you’re considering buying, selling, or simply exploring your options, now is an opportune time to engage with the market. Let’s navigate this dynamic landscape together and make the most of the opportunities that lie ahead.
