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Coldwell Banker – 2025 Real Estate Market Report
North Lake Tahoe -Truckee
Residential Properties – Single Family Homes and Condominiums
Activity for Q1 2025 (January – March)
Residential Sales Summary
Total Residential Sales:
For Q1, the total number of residential transactions remained low. 184 residences sold, down slightly from 188 in Q1 2024. This is 82% of the 5 year average for Q1 sales and 77% of the 10 year average.
Median and Average Sales Prices: Aside from the number of transactions, there were numerous positive things to report in Q1, led by pricing. The median price of a residential sale increased by 13% compared to Q1 2024 (from $1.15 million in 2024 to $1.302 million in 2025), while the average sales price increased by 27% (from $1.504 million to $1.914 million). To be clear, this does not mean the average home jumped in value this much. Instead, it is indicative of very strong activity on luxury homes simultaneous to relatively tepid activity in lower price ranges (where higher interest rates have a bigger impact). Sales of homes over $5 million increased by 67% (including a $27m sales on the North Shore) and sales of homes between $2-5 million increased by 19% compared to Q1 2024..
For single family homes the median was up 13% (from $1.325m to $1.5m) and the average price was up 29% ($1.766m to $2.284m) compared to Q1 of 2024. For condos the median price was up 22% (from $650k to $790k) and the average was up 20% (from $906k to $1.09m).
Prices continue to be at a very healthy premium from where they stood in 2019 (before COVID). For single family homes the median Q1 sales price is 78% higher compared to 2019 (from $745k to $1.325m). For condos the median Q1 sales price is 81% higher compared to 2019 (from $430k to $790k).
Active Residential Inventory:
Active Listings: So far this year, inventory has been higher when compared to the same month in 2024, and we expect that trend to continue with a likelihood of the gap widening. That said, supply and inventory are still trending lower than 10 year averages.
We are in the early part of spring when inventory starts to grow from winter lows toward summer highs. There are just over 300 residences currently on the market. Last year, at this time, there were about 225 residences actively for sale, but in 2019 the number was closer to 350.
Current Pending Sales: The number of pending sales is at 67 (level with 66 at this time last year).
Current inventory represents a little over 4.7 months of supply relative to March activity. Historically 5 to 6 months of supply is considered a balanced market.
Sales under $1,000,000: in Q1 72 residences sold under $1,000,000, representing 39% of total sales. In Q1 2024, 45% of sales were in this price range.
Mid Range sales between $1,000,000 to $1,999,999: 64 residences sold between $1m – $2m, representing 35% of total sales. In Q1 2024, 35% of total sales were in this range.
Luxury Home sales Over $2 Million: 48 residences sold over $2 million in Q1, representing 26% of total sales. This includes 10 sales over $5 million, of which 2 were over $10 million and 1 over $25 million. In Q1 2024, residences sold over $2 million, representing 20% of sales. This included 6 sales over $5 million, but 0 over $10 million.
What’s Going On Looking Forward?
Q1 stats are largely positive and could largely be attributed to perceived clarity in the direction of the economy post-election. Unfortunately, that perceived clarity has been replaced by uncertainty in the last month. While the Tahoe real estate market certainly is not immune from the uncertainty in the economy, we continue to see reasons for optimism. We still see a healthy number of properties going into contract and healthy numbers of buyers viewing properties and visiting open houses.
A key driver to current demand is people diversifying their portfolios into real estate. In that light, it’s worth mentioning that Tahoe real estate prices are still significantly cheaper than those seen in other major ski resort markets in the western United States (Jackson Hole, Park City, Vail, Aspen, etc).
We anticipate inventory levels getting significantly closer to 10 year averages and possibly even push toward pre-pandemic levels.
Sellers, keep in mind, this is still a much better time to be a seller than it was in 2019 (which seemed like a very healthy market at the time!). You can expect a similar time on market, but much higher sales prices!
Buyers, keep in mind, this is the most balanced market we have seen in the last 5 years. You now have the following things working in your favor:
- The ability to negotiate price
- The ability to inspect a property and have normal contingencies
- The ability to negotiate repairs
- Yes, interest rates are higher than we got used to but are in the “normal” range historically speaking. We do not expect significant changes in interest rates in the foreseeable future. If/when they do start to drop, it will likely cause an increase in demand and increased prices. You are better off to buy the right home now, in a relatively balanced market, and refinance if rates drop.
Contact Your Coldwell Banker Agent Today to Find Out More about the Opportunities Available in the North Lake Tahoe-Truckee Market.
Note: Data on this page is based on information from the Tahoe Sierra Board of Realtors, MLS. Due to MLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate. Therefore, Coldwell Banker Realty does not guarantee the data’s accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. CA-BRE License # 01908304
