2023 North Lake Tahoe – Truckee Real Estate Market Report: A Comprehensive Overview by Truckee Tahoe Mountain Homes

Residential Properties – Single-Family Homes and Condominiums

Activity from January to July 2023

Residential Sales Summary 2023

Total Residential Sales: North Lake Tahoe – Truckee

2023 has marked a significant period in the North Lake Tahoe and Truckee real estate market. Despite a seemingly quiet market, over $500 million of residential real estate sold in this region in the first half of the year, reflecting the underlying potential of the area.

In July alone, 94 residences were sold in North Lake Tahoe – Truckee, which ties for the lowest number of transactions in the past decade (July 2014). However, removing the 2 COVID “boom” years, the average comes in at 117 transactions, putting July at 80% of the 10-year average.

Through July, 465 residences have sold this year. This is the lowest 7-month total in the last 10 years, and 66% of both the 5-year and 10-year averages.

Median and Average Sales Prices in North Lake Tahoe – Truckee 2023

• Single Family Homes: The median sales price was just below $1.2 million, a 10% decrease compared to 2022 but 59% higher than 2019 (pre-pandemic).
• Condominiums: The year-to-date median was $735,000, down 4.5% compared to 2022 but up 79% compared to 2019.

Despite low numbers of transactions, the strength in pricing resulted in the 3rd highest first-half sales volume in the last 10 years.

Active Residential Inventory in North Lake Tahoe – Truckee

• Active Listings: Active inventory has increased to 350 residences, up from 200 two months ago.
• Current Pending Sales: The number of pending sales is at 140, up significantly from 50-60 in the first 4 months.

The current inventory represents about 2.5 months of supply, indicating a balanced market with slight advantages to buyers or sellers in different price ranges.

Sales Breakdown: North Lake Tahoe – Truckee

• Sales Under $500,000: 19 sales, representing 10% of all residential sales.
• Mid-Range Market Sales $500,000 to $999,999: 75 residences sold, representing 39% of total sales.
• High-End Home Sales $1,000,000 to $1,999,999: 63 residences sold, representing 33% of total sales.
• Luxury Home Sales Over $2 Million: 34 residences sold, representing 18% of sales.

North Lake Tahoe – Truckee Real Estate Market: Future Outlook

According to the Sierra Snow Lab, this winter was the 2nd snowiest since 1946. The intense winter impacted the slowing real estate market in North Lake Tahoe – Truckee, but summer brought full lakes and rivers and a resurgence in buyer activity.

Low inventory continues, similar to summer 2022, but new listings may continue entering the market well into the fall season.

For Sellers: Expect a similar amount of time on the market but much higher sales prices compared to 2019.

For Buyers: This is the most balanced market in the last 3 years, with negotiation possibilities and normal contingencies back in play. Interest rates are climbing, but locking in now could be advantageous.

Contact me today to explore the exciting opportunities available in the North Lake Tahoe-Truckee market!