As November wrapped up in the Truckee – North Lake Tahoe area, the crisp winter air mirrored the cooling real estate activity. While this seasonal slowdown is expected, this month provided key insights for buyers and sellers alike. The market showcased shifting dynamics with a focus on opportunity, affordability, and preparation for what lies ahead for the new year.

Sales Activity

November concluded with 83 closed sales, marking a 22% decline from October’s numbers. However, this aligns closely with November 2023’s 82 sales, demonstrating consistency in year-over-year trends. The decrease reflects both seasonal patterns and buyers’ cautious navigation of current conditions.

Month-over-Month Total Sales Transactions

Pricing Trends

Despite fewer transactions, the median sold price rose 2% month-over-month to $1,000,000, signaling a degree of resilience. However, this is still 9% lower than the same period last year—a potential advantage for buyers looking to secure value in this softer environment.

Month-over-Month Total Sales Transactions

Negotiability for Buyers

Homes sold in November traded ~9% below asking price, a strong indicator that buyers can negotiate favorable deals during this traditionally quieter time. For further context, this is the highest deficit that I’ve seen for at least the last 2 years. For those looking to enter the market, now remains a prime window before competition ramps up in spring.

Inventory Challenges

Reflecting the seasonality of our mountain market, inventory took a notable dive, dropping 17% to just 3.54 months’ supply. This decrease signals fewer options for buyers as sellers opt to hold off listing until the snow melts and activity picks back up. Expect inventory to tighten further as winter deepens. For Sellers, there is pent up demand for quality product so if you have something special now may be the time to bring your home to market before spring competition dilutes its shine.

Months of Inventory

Days on Market

Homes lingered longer in November, with median days on market increasing to 47. This represents a 17.5% rise from October and a significant 34% increase year-over-year. For sellers, pricing and presentation remain critical, while buyers benefit from more breathing room to make decisions.

Median Days on Market

Truckee Luxury Segment

November was a noteworthy month for the luxury communities of Martis Camp, Schaffer’s Mill, and Northstar Homes, which collectively recorded 8 property sales. Martis Camp stood out with 3 sales, including 2 remarkable transactions over $10 million, reaffirming its position as Truckee’s premier ultra-luxury enclave. These high-value sales underscore the continued demand for exclusive mountain properties with world-class amenities.

Schaffer’s Mill led in volume with 4 sales, showcasing strong interest in its family-friendly atmosphere and golf-centric lifestyle. Meanwhile, Northstar Homes recorded 1 sale, as buyers continue to gravitate toward its year-round recreational opportunities and access to world-class skiing. Overall, these November results highlight enduring demand for luxury homes in Truckee’s most prestigious communities as we head into the winter season.

Here’s a price point breakdown of sales for the month of November:

  • 41 sales <$1M
  • 42 sales >$1m
  • 13 sales >$2m
  • 3 sales >$5M
  • 2 Sales >$10M

Incline Village / Crystal Bay Market Update

November 2024 brought noticeable shifts to the Incline Village real estate market, as seasonal trends and economic factors shaped buyer and seller behavior. The median sales price closed at $1,200,000, reflecting a modest 3% decrease from October but holding strong with only a 17.2% decline year-over-year. Closed sales fell dramatically to just 21 transactions, a 44.7% month-over-month decline, signaling a slowdown often seen during the quieter winter months. This reduced activity gave buyers more breathing room, further reflected in median days on market, which surged to 81 days—a 40.4% increase compared to last month.

Despite fewer transactions, sellers maintained leverage on price stability, achieving 95.6% of list price on average, a slight 1.4% improvement month-over-month. The months’ supply of inventory spiked to 6.5 months, representing a 57.9% increase, and offering buyers greater selection heading into 2025. However, active inventory dropped by 12.7%, signaling that sellers may be pausing until spring’s market resurgence. For those considering a move, the data paints a clear picture: buyers can capitalize on slower competition and longer market times, while sellers who prepare for early 2025 listing stand to benefit as Incline Village’s market historically regains momentum post-winter. With the stunning Lake Tahoe backdrop as the perfect year-round escape, this is the time to strategize your next move and secure your spot in one of Nevada’s most coveted markets.

A Bright Outlook for 2024

As we look to the year ahead, Truckee – North Lake Tahoe’s real estate market continues to be shaped by its unique seasonality and undeniable allure. While the snow falls and fireplaces crackle, savvy buyers are capitalizing on negotiability and less competition. Sellers can also take advantage in communities where there’s a dearth of quality inventory too.

Heading into 2024, this region remains a sought-after escape where lifestyle and value intersect. Whether you’re planning to buy, sell, or simply explore your options, the time to strategize is now. Stay warm, stay informed, and let’s make your real estate goals a reality as we approach a brand-new year in the mountains!