As the vibrant summer months of 2024 continue, the Truckee – North Lake Tahoe real estate market is showcasing a mix of stability and dynamic trends, particularly within the luxury sector. The June 2024 mid-year market data reveals a detailed analysis of these trends, highlighting the area’s status as a premier destination for alpine real estate and the mountain lifestyle that comes with it.
At mid-year, 2024 racked up 381 sales, a 9.8% increase from the prior mid-year at 347 yet a staggering 31% decrease from 2022’s mid year performance that was, essentially, the end of the hyperactive pandemic market. Sold price data indicates that the market continues on in this era of stagnation, where home values show no clear signs of trending upward or downward.
Average days on market for the first half of 2024 was 60, up sightly from the previous mid-year average of 55 and double from 2022 mid-year at 29. The average months of inventory at 2024 mid-year is 20% higher versus mid-year 2023, with an average of 3.1 months of inventory on the market for this mid-year time frame.
Market Overview
June 2024 concluded with 73 sales in the Truckee – North Lake Tahoe area, maintaining the momentum from May’s 71 sales but reflecting a 28% decrease from the same period last year. This slight dip in year-over-year sales volume is balanced by other positive market indicators, underscoring the ongoing demand for properties in this coveted region.
Month-over-Month Total Sales Transactions
Price Trends
The median sold price for homes in June 2024 was $1,160,000, marking a slight 2.1% decrease from May’s median of $1,185,000. Despite this month-over-month dip, the year-over-year comparison shows a solid 9.2% increase from June 2023, when the median sold price was $1,062,000. This long-term appreciation highlights the enduring value and attractiveness of real estate investments in Truckee – North Lake Tahoe.
Month-over-Month Total Sales Transactions
Sales and Listing Dynamics
One of the most compelling trends in June was the fact that homes traded at approximately 5.5% above the asking price. This indicates a highly competitive market where buyers are willing to bid above listed prices to secure their desired properties. Additionally, inventory continued its upward trajectory, with a 33% increase from May and a 22% increase from June 2023. The growing inventory provides a broader selection for buyers, contributing to the dynamic nature of the market.
Months of Inventory
Days on Market
The median days on market further tightened in June, dropping to just 11 days, a 21% decrease from May’s 14 days and consistent with the previous year. This rapid pace of sales highlights the efficiency of the market and the high demand for luxury homes. Buyers are acting swiftly to acquire properties, underscoring the market’s brisk activity.
Median Days on Market
Luxury Segment
The luxury real estate segment picked up slightly as the prime summer transaction period takes hold, with five homes >$5M changing hands. Of interest, June marks the ninth straight month where there’s been no 8 figure closings. The closest 8 figure deal was way back in November of 2023 when 9505 Dunsmuir Way in Martis Camp closed all cash, $445K below asking, down to $9.55M. Here’s a price point break down of sales in June:
- 29 sales <$1M
- 44 sales >$1m
- 11 sales >$2m
- 5 sales >$5M
- 0 Sales >$10M
Martis Camp returned this month after a quiet May with 3 transactions in June. Of interest, 8370 Valhalla Drive closed $1.1M below asking from it’s original launch price of $7.5M, down to $6.4M. The home spent 247 days on market; median YTD is 96. This is a unique property, and there are only a handful left in the community, in that the home is really the guest house that owners use while building the larger estate.
Lahontan reported zero sales for the month of June. There’s currently an abundance of inventory on the market, with older builds racking up days on market. Due to Lahontan’s wide range of vintages, the average year built for currently active homes in the community is 2010.
Schaffer’s Mill had a single transaction, 9010 Versant Court closed all cash, at asking, for $3.98M. The home expired in the market back in March when it was listed much lighter at $3.79M.
Gray’s Crossing has a pair of closings, with 10235 Annies Loop closing a massive $285K below asking from its original launch price of $1.59M down to $1.3M. On the other hand, 11063 China Camp Road closed a pinch over asking, up $5K to $1.9M. This was a unique single family home in Gray’s, in that it’s 1,730 sqft and 3 bedrooms, relative to the more common 4 bed homes with substantially more square footage.
Northstar also had a pair of closing out in the community, with 1120 Martis Landing and 389 Skidder closing at asking and $25K over asking respectively. The community continues to show high demand and desirability with quality homes going fast and for top dollar (Skidder only spent 2 days in market).
Old Greenwood, Northstar Village, and Mountainside all reported zero transactions for the month of June.
Incline Village Market
The Incline Village, Nevada real estate market exhibited robust growth and dynamic trends in June 2024, affirming its status as a premier destination for luxury homebuyers. The median sales price soared to $2,287,500, reflecting a substantial 22.0% increase compared to June 2023 and a 4.0% rise from May 2024. Despite a 15.8% year-over-year decline in closed sales, which totaled 16 in June, the market remains competitive, with homes selling at 97.9% of their list price. Notably, the median days on market increased to 59 days, a significant 103.4% rise from the previous month, indicating a slight shift in buyer dynamics and potential for strategic opportunities in the market.
The overall health of the Incline Village real estate market is underscored by the continued rise in inventory and new listings. Active inventory surged by 30.9% month-over-month and an impressive 45.5% year-over-year, bringing the total to 195 homes. New listings, however, experienced a slight decrease of 4.5% from May 2024, settling at 64. This expanding inventory, coupled with a 39.0% increase in months’ supply to 12.2 months, signals a well-supplied market ripe for discerning buyers. As the market authority in Incline Village, we are well-positioned to navigate these evolving trends, ensuring our clients capitalize on the opportunities presented by this dynamic and ever-growing luxury real estate market.
Outlook for 2024
As we enter the latter half of the year, the Truckee – North Lake Tahoe real estate market is poised for continued success. The blend of competitive pricing, increasing inventory, and quick sales turnover sets a promising tone for the months ahead. Buyers are keen to invest in this picturesque region, attracted by its unique lifestyle offerings and robust real estate market.
Looking forward, we anticipate a dynamic and prosperous remainder of the year, with possible spikes in transactions in late summer/early fall similar to the previous year. The allure of living in the stunning landscapes of Truckee – North Lake Tahoe remains strong, drawing in those seeking both investment potential and an exceptional quality of life.
The market’s resilience and growth are testaments to its lasting appeal. As your trusted real estate authority, I’m are dedicated to guiding you through this vibrant market, ensuring you make informed and successful real estate decisions.
Here’s to an exciting and fruitful second half of the year in Truckee – North Lake Tahoe, where each property represents a gateway to an extraordinary lifestyle.