As August wrapped up, the Truckee – North Lake Tahoe real estate market delivered a surprising jolt of activity; proof that even as summer winds down, the appetite for mountain living remains alive. After several months of recalibration, sales volume jumped dramatically in August, suggesting that repriced inventory is finally aligning with buyer expectations. What we’re seeing is a market that may be slower, but it is far from stagnant.
August concluded with 129 sales, a 52% increase from July and a 5% gain year-over-year. This surge is notable, particularly given the measured pace earlier this summer.
Month-over-Month Total Sales Transactions
Still, pricing tells a different story. The median sold price slipped 5.3% to $1,150,000, and is down 7.7% compared to last year, evidence that sellers are adjusting expectations to meet the market head-on. Yet once aligned, homes are moving, reinforcing that value continues to drive decisions.
Month-over-Month Sold to List Prices
Negotiation played less of a role this month, with homes trading dead even with list prices. This departure from prior months, where buyers routinely secured discounts, highlights a shift in psychology: when homes are priced at perceived market value, buyers are more willing to step forward without drawn-out negotiation battles.
Inventory, however, is moving in the opposite direction. Active supply dropped 7% from July and is down 26% year-over-year, leaving the market with 6.56 months of inventory; still historically elevated, but trending toward balance. The contraction suggests that repriced homes are being absorbed, particularly in desirable locations.
Months of Inventory
Meanwhile, median days on market climbed for the third consecutive month, rising to 39 DOM from 28 in July, and 32 last year. Buyers may still be taking their time, but the uptick in closings proves that patience doesn’t mean paralysis.
Median Days on Market
The Truckee–North Lake Tahoe luxury market surged in August, recording one of the busiest months of the year. With 129 total sales across the region, up 52% from July, the bulk of this activity came from sellers finally repositioning properties at perceived market value, prompting older listings to move. While median prices across the broader market dipped, luxury communities showed strong absorption, especially in Martis Camp and Gray’s Crossing, where multiple high-value sales pushed volumes well above July levels. Inventory contracted for the first time in months, signaling that buyers are taking advantage of repricing and value opportunities.
49 sales <$1M
80 sales >$1m
26 sales >$2m
8 sales >$5M
4 Sales >$10M
Martis Camp
Martis Camp once again commanded the top tier of the luxury spectrum, closing four homes for a total of $31.8M and a median sold price of $8.5M. This dwarfs July’s lone $12.2M closing, highlighting how multiple ultra-luxury transactions can swing totals dramatically. With average sold prices per home more than double those of Lahontan, Martis Camp remains the benchmark community for prestige sales, even as broader market conditions trend toward negotiation.
Lahontan
Lahontan remained steady in August with three sales totaling $11M and a median sold price of $3.7M. While July also posted three transactions, August’s values were slightly lower, reflecting a market that is active but price-conscious. Homes continue to trade in a competitive range, but sellers should note that buyers remain disciplined, only engaging when they perceive strong value relative to Martis Camp’s top-tier pricing.
Gray’s Crossing
Gray’s Crossing had a standout month with four closings totaling nearly $10.8M and a median sold price of $2.69M, up substantially from July’s single $2.13M sale. This flurry of activity reflects a healthy balance of price points, with buyers showing confidence in newer construction and lifestyle-rich golf properties. Importantly, Gray’s Crossing sales volume in August more than quadrupled July’s, a sign that adjusted pricing is meeting demand.
Northstar Homes
Northstar Homes recorded a single sale in August at $1.47M, slightly above July’s $1.30M closing of 252 Basque. The result shows stable demand for standalone residences in proximity to ski terrain, though pricing remains notably lower than golf and gated community counterparts. Quick closings suggest that well-located and properly priced homes continue to attract motivated buyers.
Northstar Village
The Village had a strong month with four sales totaling nearly $6M and a median sold price of $1.78M, far outpacing July when no closings were recorded. This burst of activity underscores renewed appetite for ski-in/ski-out convenience and turnkey condos, especially as buyers eye winter use. The rebound in Village sales highlights that competitive pricing paired with rental potential can unlock dormant demand.
Incline Village / Crystal Bay Market Update
The Incline Village real estate market closed out August 2025 with impressive momentum, as both pricing and activity levels climbed higher. The median sales price surged to $2,032,000, up 67.9% from July and 20.4% year-over-year, underscoring the strength of luxury demand in this highly sought-after enclave. Sales volume accelerated as well, with 44 closed transactions, a 63% increase over July and a staggering 91% gain compared to last August. While homes are taking longer to sell, median days on market held at 75, about 5% higher than last year; buyers are clearly willing to commit at higher price points when value and location align.
Inventory, meanwhile, continued to tighten, with new listings down 13.6% month-over-month and 22.4% lower than last year. This pushed months of supply down to 4.9, a dramatic 43.8% drop year-over-year, reinforcing a pivot toward a more balanced market that leans back in sellers’ favor. Even with homes selling at an average 96.2% of list price, buyers are competing for quality properties, driving median price per square foot up to $776, an 8.2% month-over-month increase. In short, Incline Village is proving resilient and dynamic, combining luxury pricing power with strong absorption. For sellers, it’s a call to list while inventory remains constrained, and for buyers, it’s a reminder that well-positioned opportunities don’t linger long in this market.
Looking Ahead: A Market Finding Its Rhythm
As we turn the page into fall, the Truckee – North Lake Tahoe market is trading summer urgency for autumn strategy. The national economy offers reasons for optimism: inflation has cooled, the Fed continues to hint at gradual rate relief, and consumer confidence is stabilizing. Locally, the narrative is clear; activity is up, pricing is recalibrating, and sellers who meet the market are rewarded with results.
In short, August was less about fireworks and more about finding balance. Like the changing leaves on the horizon, the market is transitioning; smoother, steadier, and more predictable. And for buyers and sellers alike, that stability is the real luxury.
Let’s enjoy the season ahead; because in Tahoe, every cycle brings fresh opportunity.
