Q1 2023 Real Estate Sales in Truckee and Tahoe: Slower Than Last Year, With Positive Indicators
Real estate sales in Q1 were slower than Q1 of 2022 in our Truckee and Tahoe regions. Sales volume is at approximately 50% less year over year. Median home prices dropped about 20%, the first drop since the pandemic skyrocketed pricing.
The shift in the market can be attributed to many variables: record snowfall, i80 significant closures in January and February, volatility within the tech sector, and uncertainty with interest rates.
Sellers are patient and pragmatic about the value of their homes, sales are not driven by desperation.
We expect a positive real estate market going into summer. Interest rates have slowly improved and buyers have become more active. Our region has experienced record numbers of tourists with historical snow conditions.
Indications show this current quarter will closely mirror Q1, with the market seeing more activity in July as summer season kicks off and snow finally melts.
FEATURED LISTING
PALISADES HOME
391 SIERRA CREST TRAIL, NORTH LAKE TAHOE, OLYMPIC VALLEY, CA
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This striking, new construction home is the perfect spot for relaxing and entertaining after a day on the hill. With an open floor plan and great access to the covered deck with infrared heaters, you can enjoy the views year round. Primary bedroom on the main floor and four additional ensuite bedrooms allow you to host all your guests with plenty of personal space. With the designer kitchen, white oak floors and seamless masonry work, the custom details flow throughout the home. Enjoy the outdoor fire pit, ski tuning area and ski lockers to really round out your mountain living experience.