A Flourishing Spring in the High Sierras

As the snow melts and the alpine lakes regain their deep blue splendor, the real estate market in the Truckee – Tahoe area welcomes the spring season with vigor and promising trends. This April, the real estate market in this cherished region not only continued its robust performance but also hinted at an exciting path ahead for homeowners and investors alike.

Market Overview

The April 2024 statistics reveal a dynamic market that retains its allure amidst the stunning mountain landscapes. Sales in April remained consistent with the previous month, marking 63 transactions. However, this figure represents a substantial 62% increase compared to April last year, which saw only 39 sales. This growth underscores a thriving interest and confidence in the region’s real estate offerings.

Month-over-Month Total Sales Transactions

The median sold price for properties escalated to $1,155,000, a notable 7.4% rise from March and a significant 33% increase from the same period last year when it was $895,000. Such impressive appreciation rates are a testament to the high value and desirability that homes in this area command.

Month-over-Month Total Sales Transactions

Moreover, homes this April were frequently selling above their asking prices, with the final sale price approximately 5% higher than listed, indicating strong buyer competition on attractive, well priced homes.

Inventory and Market Dynamics

The inventory of available properties expanded, with a 22% month-over-month increase and a remarkable 27% rise compared to April 2023. This greater selection offers potential buyers more opportunities to find their dream homes amidst the mountains and lakes, which is reflected in the median days on market. Homes spent an average of 23 days on the market in April, slightly less than in March, yet notably higher than the previous year by 53%. This increase in market time compared to last year allows for more deliberate decision-making by buyers, enhancing the quality of matches between buyers and their new homes.

Months of Inventory

Median Days on Market

Luxury Segment

The luxury real estate segment had a sluggish month, with only 363 Creeks End Court in Olympic Valley cresting the $5M mark (and just barely at $5.1M). Here’s a price point break down of sales in April:

  • 25 sales <$1M
  • 38 sales >$1m
  • 10 sales >$2m
  • 1 sales >$5M
  • 0 Sales >$10M

Martis Camp reported only a single closing, with cabin 8615 Huntington Court closing a massive 16% below original launch price from $5.85M down to $4.9M.

Lahontan and Schaffer’s Mill had an uncharacteristically quite month, both communities recording zero transactions.

Gray’s Crossing had two transactions in April, both of which were 3 bedroom single family homes. 11680 Ghirard Road closed $100K over asking to $2.25M, while 11209 China Camp Road took a massive price reduction, closing $335K under asking to $1.66M. China Camp spent 202 days on market; the home is next door to long-proposed development, which likely had some bearing on consumer desire and, thus, pricing.

Old Greenwood saw a single sale in the community with cabin 12478 Lookout Loop closing an impressive $155K over asking at $2.05M. The home only spent 3 days on market before it was snatched up.

The Village at Northstar so the most activity out of all the resort-centric Truckee communities with 3 condos closing escrow. Of interest, all three were three bed units and 2 of the 3 sales were ~13% (~$280K) below asking, demonstrating that one of the best times to purchase a Village condo is right around when the lifts stop spinning for the season.

Out in the Northstar community, 443 Lodgepole closed 9.7% below asking to $1.79M, while 1759 Grouse Ridge closed even steeper at 12% ($350K) below asking down to $2.5M.

Mountainside actually had some activity, with two townhomes closing in the community. 15032 Peak View Place closed tight at just 3% below asking to $2.89M, while 14053 Trailside Loop, after spending an eternity at 257 days on market traded 20.5% ($800K) below asking down to $3.1M.

Incline Village Market

As we transition into the warmer months, Incline Village‘s real estate market continues to present unique opportunities for both home buyers and investors. April 2024 has been a remarkable month, showcasing a blend of steady growth and emerging trends that signify a healthy and evolving market. This month, the median sales price in Incline Village saw an impressive increase to $1,225,000, which is up 10.5% from March 2024 and a substantial 7.7% from the previous year. This increase in property values, coupled with a 66.7% jump in closed sales compared to last year, highlights the growing desirability of this lakeside community.

Furthermore, Incline Village real estate shows a broadening base of market activity. New listings grew by 12.8% from the previous month, adding 33 new homes to the market, while active inventory rose to 110 properties, an indication of a more balanced market environment. Despite a longer median days on market at 104 days, which is up significantly by 42.5% from last month, the quality of homes and the lifestyle offered continue to attract serious buyers, evidenced by the 94.4% list price received on sold properties. These factors together suggest that while buyers are taking their time to purchase, they remain willing to pay close to asking prices, focusing on long-term value in Incline Village’s unique real estate offerings. This data indicates a market that is not only thriving but also stabilizing, offering both immediate opportunities and promising long-term growth prospects. As we look ahead, Incline Village is poised to remain a top choice for those seeking luxury and tranquility by the Lake Tahoe, making it an ideal time for potential buyers and investors to explore what this exquisite locale has to offer.

The Outlook

As we enter the vibrant spring season, the Truckee – Tahoe real estate market is showing strong growth and promising opportunities, with demand remaining steady and inventory returning to market. This region continues to offer robust market dynamics that support a healthy real estate scene, driven primarily by the intrinsic value of life in one of the most beautiful places on Earth. This is an opportune time for potential buyers and investors to engage with the market, promising a rewarding season ahead for new and established homeowners alike in one of the most picturesque settings in the High Sierra.