As we reach the halfway mark of 2025, the Truckee–North Lake Tahoe real estate market has proven once again that it is resilient, desirable, and evolving in all the right ways. The first half of the year delivered a steady cadence of sales activity, building upon the momentum of recent years and reinforcing the region’s position as one of the most sought-after mountain destinations in the world.

Sales Keep Pace with Year Prior

With 398 residential sales recorded through June, the market matched pace with the mid-year figures from 2024 (390 sales) and now reflects levels not seen since the pre-recessionary years. This consistent upward trend over the past three years underscores a market that has recalibrated post-pandemic and continues to attract serious, lifestyle-motivated buyers—even amid economic uncertainty.

Mid-Year over Mid-Year Total Sales Transactions

Home Values Show Growth

The median sales price for mid-year 2025 reached $1,205,000, marking a 4.7% increase over the same period last year and coming just shy of the record high set during the 2021 pandemic boom. This strong price performance signals not only the enduring value of owning in the Truckee–Tahoe region but also renewed confidence from buyers seeking long-term investments in legacy properties and lifestyle-centric second homes.

Mid-Year over Mid-Year Sold to List Prices

Buyers Get Concessions – Sellers Get Great Values

While sellers had to negotiate slightly more this year, homes still sold at just 4.5% below asking price—a relatively narrow gap that indicates a healthy level of competition in the market. Buyers remain discerning, but motivated. Many are capitalizing on unique opportunities to purchase homes in premium communities like Martis Camp, Lahontan, Schaffer’s Mill, and Incline Village, where access to four-season recreation, modern mountain architecture, and generational living continue to drive demand.

DOM Remain Historically Low

Median days on market crept up slightly to 26 days, up from 23 at this point in 2024, but this modest increase is well within historical norms. In fact, DOM figures remain near record lows when viewed through a long-term lens, a testament to how quickly quality listings are still moving—especially when priced strategically and marketed effectively.

Median Days on Market

Truckee Luxury Segment

The luxury real estate segment across Truckee–North Lake Tahoe has demonstrated a measured return to historical norms in 2025, following the volatility of the pandemic boom and post-peak correction years. Year-to-date figures reveal stable sales volume, with most luxury communities—Martis Camp, Lahontan, Schaffer’s Mill, Gray’s Crossing, Old Greenwood, Northstar Village, Northstar Homes, and Mountainside—tracking near or slightly below their long-term average for number of closings. While median sales prices have softened modestly from the peak highs of 2021–2022 in some neighborhoods, pricing remains well above pre-2020 levels, reflecting the enduring desirability of mountain living and the limited supply of quality homes. Communities like Martis Camp and Mountainside continue to command premium pricing, while areas like Lahontan and Old Greenwood show renewed buyer interest thanks to broader inventory and strategic pricing. Perhaps the greatest success story for the mid-year is Schaffer’s Mill surpassing Lahontan in highest price per sqft sold. Traditionally, Lahontan was always at an arm’s length second place to Martis Camp but now that position belongs to Schaffer’s Mill. Overall, the 2025 luxury market is balanced, rational, and quietly active—positioned for a healthy second half as buyer sentiment improves with national economic tailwinds and expectations of rate cuts on the horizon.

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Incline Village / Crystal Bay 2025 Mid-Year Market Update

As we move through the halfway point of 2025, the Incline Village real estate market is showing clear signs of recalibration. The median sales price year-to-date sits at $1,250,000, representing a 24.5% decrease from mid-year 2024. While this headline may raise eyebrows, it’s important to place it in historical context: 2024 was an outlier year driven by a few ultra-luxury transactions, pushing median prices abnormally high. Today’s figures realign with pre-pandemic trends observed between 2017 and 2019—years when Incline Village was already recognized as a premier second-home market for affluent West Coast buyers. In fact, at $792 per square foot, pricing remains exceptionally strong on a per-foot basis, up 0.6% year-over-year, suggesting buyers are still willing to pay a premium for quality properties.

Closed sales dipped slightly to 95 transactions, down 5% from the 100 closings seen at this time last year, while median days on market held steady at 70—a notable sign of stability in what has otherwise been a slower-moving luxury segment. Inventory levels, however, tell a different story: new listings surged 21.4%, up from 224 in mid-2024 to 272 in 2025. This influx is creating more options for buyers and putting modest downward pressure on pricing, particularly in the $1–2M range. Sellers should remain strategic: properties that are priced well and presented with professional marketing continue to move. Meanwhile, buyers with long-term horizons are finding themselves in a rare position—access to more inventory, less competition, and negotiating power in a historically tight market. As the national economy shows signs of stabilizing and interest rates edge downward, expect Incline Village to reemerge in late 2025 as a high-conviction play for lifestyle and investment alike.

🏔️ Looking Ahead: A Positive Forecast with a Playful Breeze

As we cruise into the second half of 2025, the outlook remains bright—and perhaps even a little breezy, in the best way. With inflation cooling, interest rate cuts on the horizon, and consumer sentiment ticking upward, there’s an optimistic hum in the air across the housing sector. Here in Truckee–Tahoe, that optimism is amplified by the lifestyle our region promises: crisp alpine mornings, sun-drenched single tracks, and snowy slopes just a few months away.

Barring any dramatic macroeconomic surprises, we expect 2025 to mirror or even outpace 2024’s year-end results. Buyers are reengaging with clarity, sellers are pricing more strategically, and the market is rewarding well-positioned properties. This is not just a place to buy a home—it’s a place to build memories, legacies, and lives enriched by nature.

Whether you’re seeking a mountaintop retreat or looking to make a strategic move in the luxury space, the Truckee–North Lake Tahoe market continues to offer rare opportunities for those who move with intention. And I’m here to guide you every step of the way.