As the mountain sun sets on July 2025, the Truckee – North Lake Tahoe real estate market continues to recalibrate with poise and purpose. Buyers remain value-focused, sellers are adjusting expectations, and the market is steadily evolving into a more balanced, strategic environment; one that favors thoughtful negotiation over frenzied bidding. While the fireworks of the pandemic-fueled housing surge are firmly in the rearview, what remains is a grounded market with real opportunity, for both buyers and sellers who are willing to play the long game.
July closed out with 85 residential sales, a modest 5% bump over June, yet a notable 33% drop year-over-year from July 2024’s 126 transactions. This divergence speaks to the shift in buyer urgency and confidence, driven largely by broader economic signals and a growing awareness that patience pays.
Month-over-Month Total Sales Transactions
Despite the pullback in volume, prices have proven resilient. The median sold price held steady at $1,210,000, inching just above June’s $1.2M benchmark and marking a 5% increase over July 2024. That kind of price stability, amid slower sales and growing inventory, reflects a market that’s found its footing, even as it cools from past extremes.
Month-over-Month Sold to List Prices
But let’s talk negotiation…because it’s back in fashion. In July, homes sold at a median 4.71% below list price, equating to roughly $60,000 under asking. Year-to-date, homes are averaging 5% below original list prices, confirming that buyers are driving harder bargains. The leverage is real and sellers are increasingly recognizing the importance of pricing strategy and presentation in this new landscape.
Inventory levels underscore this shift. July saw an 8.3% rise in listings from the previous month, and a staggering 39% increase year-over-year. With 7.05 months of inventory now available, this is the highest supply we’ve seen since well before the pandemic boom. For context, anything above 6 months is considered a buyer’s market, meaning negotiation is not just encouraged, it’s expected.
Months of Inventory
Adding to the cooling tone is time on market. Median Days on Market (DOM) jumped to 28 days, nearly doubling June’s 15-day pace, and twice as long as this time last year. This pause, however, isn’t panic-it’s prudence. Buyers are taking time. Sellers are recalibrating. And the market, as a result, is normalizing.
Median Days on Market
Truckee Luxury Segment
The luxury real estate market in Truckee–North Lake Tahoe held its ground in July, with several high-end sales but clear signs of a more deliberate pace. Price negotiation remains a theme, as most properties sold below asking, yet buyers are still investing heavily in premier neighborhoods. While sales volumes are lower than peak periods, median sold prices in top-tier communities remained impressively resilient. Strategic pricing, modern design, and lifestyle-rich amenities continued to drive the strongest results.
31 sales <$1M
54 sales >$1m
19 sales >$2m
7 sales >$5M
3 Sales >$10M
Martis Camp
A single marquee sale in Martis Camp closed at $12.195M (8625 Benvenuto Court), further cementing the community’s reputation as the crown jewel of Truckee luxury real estate. With a sold price per sqft of $2,059, this transaction represents one the top twelve highest price per sqft sales ever in the community. The home spent just 37 days on market, reflecting continued top-tier demand. Although only one sale closed this month, Martis Camp remains a barometer of high-end market strength and exclusivity.
Lahontan
Lahontan led all communities in July with three closed sales totaling $15.2M in volume, supported by a median sold price of $4.85M. Homes in this private, golf-centric enclave moved quickly, with a median DOM of just 21 days, underscoring strong buyer demand for turnkey luxury. The average price per sqft hit $1,112, with 7340 Lahontan Drive hitting $1,327 per sqft, making it the 3rd highest price per sqft ever sold in the community, reflecting both architectural pedigree and lifestyle value. Compared to June, Lahontan’s velocity and price performance remained solid, making it one of the month’s standouts.
Schaffer’s Mill
Schaffer’s Mill recorded a $5.55M sale this July (9275 Brae Road), closing in just 15 days, one of the fastest DOMs this month. The home also represents the third highest home sale ever in the community. The price per sqft reached $1,111, aligning closely with Lahontan’s pricing tier. While limited in transaction volume, this sale reinforces buyer willingness to act decisively when quality inventory becomes available in amenitized, private communities. Compared to June’s activity, Schaffer’s Mill held firm on pricing and pace.
Old Greenwood
With three sales totaling $6.5M, Old Greenwood delivered steady performance in July. The median sold price landed at $2M, and homes here moved extremely fast with a median DOM of just 3 days—a standout figure across all luxury neighborhoods. The average price per sqft slowed to $697, representing a relative value opportunity compared to other luxury communities, likely helping drive the swift absorption of available inventory. Of note, 13299 Fairway Drive closed $300K under asking down to $2,995,000.
Gray’s Crossing
Gray’s Crossing saw a single sale this month at $2.125M (11606 Henness Road), closing after a longer-than-usual 115 days on market. With a price per sqft of $916, this home reflects the growing price point of modern construction in golf-adjacent communities, though buyer caution is evident in the extended DOM. Compared to June, activity slowed, signaling that homes here may require sharper pricing or elevated design to compete with offerings in other comparable communities.
Northstar Homes
July saw one Northstar Homes closing with the sale of 252 Basque for $1,297,000, trading 4.16% above list after just 14 days on market. This 3-bedroom, 2.5-bath home offered 1,789 sqft and sold at $755 per sqft, underscoring the continued premium for well-located properties in Northstar’s residential core. The quick timeline to contract highlights that competitively priced homes in desirable ski-adjacent neighborhoods are still drawing swift buyer interest, even in a market where negotiation power largely favors buyers.
Incline Village / Crystal Bay Market Update
As the summer season reached its peak, the Incline Village real estate market in July 2025 continued its course of price correction and rebalancing. Median sales price landed at $1,325,000, reflecting a 6.5% decrease from June and a sharp 24.4% year-over-year decline, a clear indicator that sellers are adjusting to today’s market realities. While this might appear alarming at first glance, it represents a market returning to rationality after a period of pandemic-fueled inflation. Despite softer pricing, buyers aren’t rushing in en masse: only 26 sales closed, a 13.3% monthly decline, showing that confidence remains measured, not absent.
Inventory, however, is building momentum. Active listings surged 12.3% month-over-month, while months of inventory ballooned to 9.2, a 29.5% increase that cements Incline Village firmly in buyer’s market territory. Sellers should take note: homes are now spending a median of 41 days on market, up 37.2% from June, with properties trading at just 97% of list price. This means buyers have regained the upper hand, pushing back on inflated prices and negotiating terms. But rather than a market in distress, what we’re seeing is a natural, and healthy, return to balance. For strategic buyers, this presents a rare window of opportunity; and for sellers, it’s a call to recalibrate, not retreat. Whether buying, selling, or investing, success in this market demands local expertise, data-driven strategy, and a steady hand. That’s exactly what I bring to the table.
Looking Ahead: A Market With Its Head in the Clouds and Feet on the Ground
As we ease into the second half of 2025, the Truckee – North Lake Tahoe market is starting to feel like your favorite pair of well-worn hiking boots: grounded, stable, and ready for the long haul. Yes, sales are down, yes, buyers are negotiating but prices are holding, inventory is healthy, and the stock market’s broader trend over the recent quarter is strong, with nearly +13% gains over three months.
Consumer confidence is slowly on the rise, interest rates are stabilizing, and whispers of rate cuts in the quarters ahead could awaken sidelined demand. Meanwhile, the Fed has signaled that inflation is cooling faster than expected, and while the national economy hasn’t taken off, it certainly hasn’t stalled. Here in the Sierra, that means one thing: strategic buying and selling is back, and so is long-term opportunity.
So, whether you’re considering a move, an investment, or simply seeking perspective, know this: our mountain market has traded chaos for clarity, speed for strategy, and hype for health. And in real estate, that’s a recipe for durable growth.
