TAHOE-TRUCKEE MARKET UPDATE & FORECAST

TAHOE-TRUCKEE MARKET UPDATE & FORECAST

The 2024 Lake Tahoe summer selling season has arrived, and buyers are eagerly anticipating new listings as they become available. Demand for high-quality inventory is strong, leading to shorter marketing times, smaller discounts from list price to sale price, multiple offer situations, and year-over-year increases in the median home price. Although the market has slightly cooled from its pandemic highs, the current median home price remains historically strong. This demonstrates the resilience of the Tahoe market amid economic uncertainties, especially in relation to inflation and high mortgage interest rates.

Sales of Single-Family Homes

• 2024 Q1 Sales: Sales are at 82% of pre-COVID levels
• Median Price: $1.3 million
• Average Price: $1.69 million

Market Forecast

• Economic Indicators: An improved stock market and steadying interest rates are expected to boost economic confidence and lead to an increase in sales.
• Election Year Variables: Election years can introduce uncertainties that may impact the market.
• Interest Rates: Expected to either decrease or continue to steady, supporting market stability.

It looks like a busy summer is ahead. With 348 residential listings—the highest number since May 2020—buyers have plenty of options. Meanwhile, sellers seem to have adjusted their prices to slightly below the peak levels and have come to terms with current interest rates for their next purchase, ready to move on to the next chapter.