As we move into the heart of the selling season, the Truckee–North Lake Tahoe real estate market has delivered its most decisive performance of the year. May 2025 marked a pivotal moment—a surge in momentum that clearly sets this market apart from broader national trends. While many primary housing markets across the country are grappling with buyer hesitation and economic uncertainty, our mountain communities are proving yet again that demand for luxury, lifestyle-driven real estate remains resilient and—this month—exceptionally active.

Sales Surge Into Summer

May ended with 80 residential sales, a remarkable 36% increase from April and a 12% jump from the same time last year. This kind of double-digit growth, both month-over-month and year-over-year, is a strong indication that buying season has not only arrived—but is outperforming expectations. Buyers are showing up in force, and homes are moving faster than they have in months.

Month-over-Month Total Sales Transactions

Prices Bounce Back, But Leverage Still Favors Buyers

For the first time in five months, the median sold price reversed course, ticking up 3.7% from April to $1,112,625. While this marks a healthy monthly gain, prices still trail 6.1% below last May, giving buyers continued pricing power—especially in negotiations. In fact, homes in May traded at 5.3% below asking price, translating to a median discount of roughly $62,000. Year-to-date, buyers have negotiated an average of 3.8% below list, demonstrating that while demand is surging, savvy buyers are still setting the tone on final pricing.

Month-over-Month Sold to List Prices

Inventory Floods the Market — A Red Flag or Reset?

Here’s where things get even more interesting: inventory jumped a staggering 52% from April, and a hefty 42% over last May. Historically, May sees a moderate 3.5% uptick in listings. This year’s flood of new inventory could signal growing seller anxiety—perhaps driven by concerns over future market stability or broader economic signals. Whether it’s opportunistic timing or a collective sense of “now or never,” this surge in listings is something we’ll be watching closely in the months to come.

Months of Inventory

Homes Selling Faster—A Sign of Real Demand

The median Days on Market (DOM) dropped 32% in May, down to just 13 days—a clear indicator that homes priced appropriately are moving quickly. While this DOM matches closely with the 14-day median from May 2024, the speed of sales aligns directly with the dramatic jump in transaction volume and reflects a buyer pool that’s highly engaged and ready to move.

Median Days on Market

Truckee Luxury Segment

The luxury real estate market in May was vibrant and active, with significant momentum across several of the region’s most prestigious communities. Higher-end buyers continued to show up, particularly for turnkey, well-located properties, even as sellers adjusted pricing expectations. The return of multiple offers in some submarkets—alongside steep discounts in others—underscores a market in transition, driven by timing, product, and pricing precision.

36 sales <$1M
44 sales >$1m
19 sales >$2m
2 sales >$5M
0 Sales >$10M

Martis Camp
The crown jewel of the region, Martis Camp, saw a single sale with the closing of 8300 Kenarden Drive. The home closed 4.8% below it’s original listing price ($300K) down to $5.99M. Though volume was limited, the price point affirms Martis Camp’s role as the region’s top-tier destination for ultra-luxury buyers. Expect additional activity in the coming months as inventory levels rise and summer visitors return.

Lahontan
Lahontan recorded two transactions for the month of May, most notably with the closing of 10234 Dick Barter. I personally represented the Buyers and was able to negotiate $250K off the asking price, and we got it all done within 21 days with a loan. While not a standout in terms of volume, these sales support the narrative that Lahontan remains a steady performer in the gated golf community space. The buyer demand remains focused on architectural quality and privacy, both of which this transaction reflected.

Schaffer’s Mill
Schaffer’s Mill had a record breaking month with the closing of 9235 Brae Court, which set the record for the highest sale ever recored in the community when it sold $185K under asking and all cash for $6.8M. This sale reaffirms Schaffer’s Mill’s position as a sought-after community for buyers seeking newer construction, private amenities, and year-round lifestyle appeal. Of note, While April was quiet for the neighborhood, this transaction marks a strong return to form. The home’s premium finish level and location within the community highlight the type of product that is resonating most with today’s luxury buyer—move-in ready, modern design, well-appointed, and turn-key.

Northstar Mountainside
May also brought a notable Ritz – Carlton penthouse sale, with Ritz Residence 605 closing $150K below asking and all cash down to $2.55M. This deal underscores continued demand for true ski-in/ski-out luxury—especially among buyers looking to secure real estate that blends adventure access with modern architecture. While inventory remains limited in this enclave, well-located and well-designed homes continue to fetch top dollar.

Grays Crossing
Grays Crossing was particularly active in May with four sales, all closing between $1.36M and $2.865M. Of note, 11540 Ghirard Road went into contract after only spending 5 days on the market, ultimately closing tight at $2.865M. This surge in closings marks one of the most active months the community has seen this year, and a clear rebound from April, which posted fewer transactions. Buyers were drawn to newer construction and premium golf course frontage, signaling that demand for lifestyle-oriented communities is heating up.

Northstar Village
Northstar Village had a very strong showing in May, racking up four sales total. One of the those sales was a rare Village Walk townhome; Village Walk 6 closed $110K under asking down to $2.49M. With the 24/25 ski season way back in the rear view mirror, more units will becoming online as some homeowners will be looking to exit the market after first getting one last full ski season in.

Old Greenwood
Old Greenwood reported an uncharacteristically large number of transactions, with the community receiving 5 total sales. It’s always important to note that Old Greenwood is one of the smaller of the luxury communities so naturally turnover will be lighter. A key sale to point out is 12404 Caleb Drive, which is yet another offering from CE.inc who’s completed numerous builds in the Old Greenwood and Gray’s Crossing communities. The home closed full asking and all cash at $3.29M. Compared to April’s limited action, this massive uptick is a sign that value-driven buyers are finding opportunity in amenity-rich, club-oriented communities—particularly those with access to premier golf courses and resort privileges.

Incline Village / Crystal Bay Market Update

The Incline Village real estate market showed distinct signs of recalibration in May 2025, offering both challenges and opportunities for buyers and sellers navigating today’s high-value landscape. Median sales price fell to $1,249,000, down 13.1% year-over-year, while the median price per square foot dipped 5.1% to $771. At the same time, homes are sitting on the market for less time—median days on market plummeted nearly 50% to just 39 days, a sign that well-positioned listings are still attracting decisive buyers. These trends, combined with a 6.3% decline in sale-to-list price ratios, show a shift toward increased buyer leverage and greater price sensitivity across the market.

That said, the broader Incline Village market remains very much alive. Closed sales jumped 37.3%, signaling a resurgence of transactional activity as the summer season kicks off. Active inventory rose 36.6%, and new listings climbed 38.6%, giving buyers more options while increasing competition among sellers. As a result, sellers must lead with precision pricing and elevated presentation strategies to succeed in today’s environment. For luxury buyers, now is a strategic time to enter the market—value is improving, negotiations are back in play, and elite inventory is being unlocked. With the right representation and data-backed guidance, the summer ahead in Incline Village could be the most active—and opportunistic—we’ve seen in years.

Outlook: The Market is Writing Its Own Story
As we move into June and deeper into the summer selling season, the Truckee–North Lake Tahoe market is charting a confident, if unconventional, path. While some markets are still digesting the aftershocks of rate hikes and inflationary fears, our region is once again proving to be a haven for lifestyle-motivated buyers who value long-term investment, clean mountain air, and a community that continues to thrive.

Yes, there are questions to be asked—especially about inventory levels and seller motivations—but the data tells us that real demand is alive and well. And in a year where the broader housing narrative is muddled with mixed signals, that clarity is rare.

If May is any indication, 2025 isn’t just a rebound year—it’s shaping up to be a reawakening.

So tighten your boots, check your comps, and get ready. Summer’s in full swing, and the mountains are calling.