NORTH LAKE TAHOE - TRUCKEE
REAL ESTATE MARKET REPORT
.Current inventory represents about 3.2 months of supply relative to September activity. We were at 5 to 6 months of supply through most of Q2 and early Q3. Historically 5 to 6 months of supply is considered a balanced market. What’s Going On Looking Forward? YTD stats are largely positive, but the ride was not a particularly smooth one. The stock market is at record highs, and the interest rate outlook is positive, but some uncertainty still lingers. We are sticking by our prediction of 5-10% more transactions in the 2nd half of 2025 than in the second half of 2024. As well, it seems like things are aligned to have a solid start to 2026. However, there will be stops and starts, keeping the Tahoe real estate market in the realm of "healthy" rather than "hot". 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 6 years. You now have the following things working in your favor: An inventory of homes to choose from. The ability to negotiate price. The ability to inspect a property and have normal contingencies. The ability to negotiate repairs. 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) 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 Me Today to Find Out More about the Opportunities Available in the North Lake Tahoe-Truckee Market.
Residential Sales Summary 2025 has been a roller coaster in the Lake Tahoe/Truckee real estate market. Q1 was full of optimism particularly in the luxury market. Q2 was marred by the tariff led stock market retreat and general economic uncertainty that extended into early Q3. However, the stock market returned to highs and local real estate demand surged along with it. It started with the luxury market and then extended to all price points and property types as interest rates dropped slightly. Total Residential Sales: While the number of first half sales were just 82% of the 5 year average and 77% of the 10 year average, Q3 sales jumped to 97% of the 5 year average and 82% of the 10 year avg (90% if you eliminate Q3 2020 which is 65% higher than the next closest Q3). September was particularly strong with the number of residential transactions up 53% compared to September 2024 (99 to 151) and the largest number of September transactions in the last 4 years. Year to date, the number of transactions is up 6% compared to the same period last year and at 88.5% of the 5 year average for the period. The market is not hot, by any stretch of the imagination, but we enter Q4 with positive momentum. Median and Average Sales Prices: Pricing continues to be a positive story in the Lake Tahoe/Truckee market. The median price of a residential sale YTD has held steady ($1.157 million in 2024 to $1.167 million in 2025), while the average sales price has increased by 13% (from $1.638 million to $1.850 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 slow activity in lower price ranges (where higher interest rates have a bigger impact). Sales of residences over $5 million increased by 57% (from 28 to 44) and sales of homes between $2-5 million increased by 15% (from 126 to 145) compared to the first 3 quarters of 2024. Some places that really stand out are Lake Tahoe lake fronts (14 sales through Q3 2024, 21 in 2025), Lahontan (from 7 to 19), and Martis Camp (from 16 to 26). For single family homes the median was up 1.9% (from $1.251m to $1.275m) and the average price was up 14.4% ($1.836m to $2.1m) compared to the same period in 2024. For condos the median price was up 2.9% (from $710k to $730k) and the average was down 1.9% (from $999k to $981k). Prices continue to be at a very healthy premium from where they stood in 2019 (before the pandemic). For single family homes the median sales price YTD is 71% higher compared to 2019 (from $747k to $1.275m). For condos the median sales price is 68% higher compared to 2019 (from $435k to $730k). Active Residential Inventory: Active Listings: Supply was the big story of the first half of the year. Inventory peaked at about 600 residential units in early July, which approached pre pandemic levels. For the first 6 months of the year, we saw 30% more listings than we did in the same period in 2024 and 12% more listings than the 10 year average for the period. However, in Q3, supply mellowed and demand returned, rapidly decreasing inventory from the early summer highs (typically we see inventory stay steady through summer). There are about 480 residences currently on the market. Last year, at this time, there were about 425 residences actively for sale, but in 2019 the number was closer to 600
Diana Graves Realtor® | Coldwell Banker Realty Tahoe - Truckee CalRE# 01481209 diana@dianatahoe.com 530.277.3085 dianatahoe.com
Diana Graves
Residential Properties – Single Family Homes & Condominiums YTD Activity through Q3 2025 (January – September)
CONTENTS
*As of 12/31/2024.
North Lake Tahoe & Truckee North & West Shore Lake Tahoe Palisades Tahoe Truckee Tahoe Donner Martis Camp Lahontan Schaffer's Mill Old Greenwood, Gray's Crossing, Pine Forest Northstar Serene Lakes Soda Springs, Pla Vada, Kingvale
Local Reach
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Global Influence
$2.35B Volume 3,218 Closed Units 744 Agents
96,000+ Agents* 45 Countries*
$730,000 MEDIAN SALES PRICE
Condo & Townhome North Lake Tahoe & TRuckee
Units Sold Sales Volume Median Sales Price Average Sales Price Units Sold Under $1,000,000 Units Sold $1,000,000 - $1,999,999 Units Sold $2,000,000 - $4,999,999 Units Sold Over $5,000,000 Days on Market (Median) Days on Market (Average)
Units Sold Sales Volume Median Sales Price Average Sales Price Units Sold Under $500,000 Units Sold $500,000 - $1,000,000 Units Sold Over $1,000,000 Days on Market (Median) Days on Market (Average)
Single- Family Homes North Lake Tahoe & TRuckee
% Change 2.8% 0.8% 2.9% -1.9% 34.8% 3.1% -10.3% 37.0% 33.3%
2024 582 $1,068,713,262 $1,251,000 $1,836,277 193 253 108 28 23 50
2019 257 $144,004,349 $435,000 $560,328 168 63 26 39 89
2019 732 $858,108,655 $746,500 $1,175,491 522 145 46 19 28 66
2025 183 $179,451,475 $730,000 $980,609 31 100 52 37 72
622 UNITS SOLD
2024 178 $177,970,302 $709,500 $999,833 23 97 58 27 54
2025 622 $1,306,280,203 $1,275,375 $2,100,128 202 246 131 43 30 45
% Change 6.9% 22.2% 1.9% 14.4% 4.7% -2.8% 21.3% 53.6% 30.4% -10.0%
% Change 16.6% 31.3% 3.9% 12.7% 11.7% 6.6% 45.8% 55.6% 10.3% 0.0%
2024 62 $62,095,875 $685,000 $1,001,546 11 32 19 26 53
2019 72 $36,125,890 $397,000 $501,748 57 8 7 39 67
% Change -11.3% -22.8% -1.9% -13.0% 9.1% -6.3% -21.1% 65.4% 62.3%
Condo & Townhome North & WEst Shore Lake Tahoe
2019 220 $278,826,380 $725,000 $1,267,392 167 36 10 7 29 75
2025 55 $47,930,130 $672,000 $871,456 12 30 15 43 86
Single- Family Homes North & WEst Shore Lake Tahoe
197 UNITS SOLD
2025 197 $431,818,325 $1,200,000 $2,191,971 67 81 35 14 32 61
$672,000 MEDIAN SALES PRICE
2024 169 $328,785,439 $1,155,000 $1,945,475 60 76 24 9 29 61
2019 34 $40,633,500 $905,000 $1,195,102 19 12 3 0 59 85
2024 25 $59,973,000 $1,893,000 $2,398,920 4 10 8 3 40 86
2019 50 $27,076,000 $482,500 $541,250 25 22 3 54 158
2025 23 $40,610,000 $1,820,000 $1,765,652 6 8 9 0 21 75
% Change -8.0% -22.7% 0.0% -15.9% -66.7% 72.7% -72.7% 347.4% 134.6%
Condo & Townhome Palisades Tahoe
Single- Family Homes Palisades Tahoe
% Change -8.0% -32.3% -3.9% -26.4% 50.0% -20.0% 12.5% -100.0% -47.5% -12.8%
23 UNITS SOLD
$850,000 MEDIAN SALES PRICE
2024 25 $26,069,000 $850,000 $1,042,760 3 11 11 19 52
2025 23 $20,164,000 $850,000 $876,695 1 19 3 85 122
2019 135 $80,802,459 $449,000 $598,536 86 33 16 36 75
2024 91 $89,805,427 $732,000 $986,872 9 54 28 29 55
Single- Family Homes TRUCKEE
$737,500 MEDIAN SALES PRICE
% Change 15.4% 24.0% 0.8% 7.5% 100.0% -1.9% 21.4% 6.9% -1.8%
2025 105 $111,357,345 $737,500 $1,060,546 18 53 34 31 54
2024 388 $679,954,823 $1,300,000 $1,752,460 129 167 76 16 21 43
% Change 3.6% 22.6% -1.0% 18.4% 0.0% -6.0% 14.5% 81.3% 33.3% 16.3%
2019 478 $538,648,775 $748,500 $1,131,615 336 97 33 12 26 61
402 UNITS SOLD
2025 402 $833,851,878 $1,287,500 $2,074,258 129 157 87 29 28 50
Condo & Townhome TRUCKEE
% Change -0.7% -1.0% -0.6% -0.3% -6.0% -1.2% 23.1% undef 56.3% 8.8%
$630,000 MEDIAN SALES PRICE
Single- Family Homes TAHOE DONNER
2025 18 $10,220,000 $630,000 $567,777 4 14 0 43 54
147 UNITS SOLD
2024 17 $10,095,000 $640,000 $593,823 3 14 0 23 52
Condo & Townhome TAHOE DONNER
2024 148 $191,736,910 $1,207,500 $1,295,519 50 85 13 0 16 34
2019 43 $15,622,259 $393,000 $363,308 42 1 0 18 34
% Change 5.9% 1.2% -1.6% -4.4% 33.3% 0.0% undef 87.0% 3.8%
2019 178 $140,183,680 $718,790 $787,548 151 27 0 0 22 41
2025 147 $189,862,103 $1,200,000 $1,291,578 47 84 16 0 25 37
2019 24 $122,907,535 $4,937,500 $5,121,147 12 12 0 0 99 157
2025 19 $70,414,134 $3,587,500 $3,706,007 0 1 17 1 54 67
% Change 62.5% 107.0% 23.2% 27.4% -33.3% 25.0% 600.0% undef 97.4% 3.3%
% Change 171.4% 136.2% -16.6% -13.0% undef undef 183.3% 0.0% -18.2% 11.7%
2024 16 $111,538,658 $6,525,000 $6,971,166 3 12 1 0 38 90
Single- Family Homes MARTIS CAMP
2024 7 $29,805,275 $4,300,000 $4,257,896 0 0 6 1 66 60
26 UNITS SOLD
Units Sold Sales Volume Median Sales Price Average Sales Price Units Sold Under $5,000,000 Units Sold $5,000,000 - $9,999,999 Units Sold $10,000,000 - $14,999,999 Units Sold Over $15,000,000 Days on Market (Median) Days on Market (Average)
2025 26 $230,898,924 $8,040,550 $8,880,727 2 15 7 2 75 93
$3,587,500 MEDIAN SALES PRICE
2019 15 $40,620,000 $2,775,000 $2,708,000 0 4 11 0 59 99
SINGLE-FAMILY HOMES LAHONTAN
2019 10 $15,336,500 $1,558,250 $1,533,650 0 8 2 0 141 127
% Change 11.1% 11.2% 8.8% 0.1% undef -20.0% 18.2% undef 103.7% -3.2%
2025 30 $78,895,910 $2,775,000 $2,629,863 0 4 26 0 55 60
2024 27 $70,943,000 $2,550,000 $2,627,518 0 5 22 0 27 62
$2,775,000 MEDIAN SALES PRICE
2024 13 $39,949,500 $3,325,000 $3,073,038 0 3 9 1 27 61
SINGLE-FAMILY HOMES Old Greenwood, Gray's Crossing, Pine Forest
Single- Family Homes Schaffer's Mill
2025 15 $55,898,000 $3,495,000 $3,726,533 0 4 7 4 96 86
2019 32 $48,106,886 $1,597,500 $1,503,340 3 28 1 0 19 76
15 UNITS SOLD
% Change 15.4% 39.9% 5.1% 21.3% undef 33.3% -22.2% 300.0% 255.6% 41.0%
Condo & Townhome NORTHSTAR
2024 19 $37,284,500 $1,750,000 $1,962,342 1 13 4 1 41 59
% Change -52.6% -50.8% -20.3% 3.9% 0.0% -46.2% -100.0% 0.0% 36.6% 11.9%
% Change 13.5% 42.6% 0.2% 25.6% 66.7% 0.0% 21.4% 2.6% -13.2%
9 UNITS SOLD
2025 9 $18,352,300 $1,395,000 $2,039,200 1 7 0 1 56 66
2019 24 $32,628,000 $1,217,500 $1,359,500 9 13 2 0 126 143
2019 45 $36,169,500 $538,000 $803,766 22 14 9 79 127
$807,000 MEDIAN SALES PRICE
Single- Family Homes NORTHSTAR
2025 42 $56,619,500 $807,000 $1,348,083 5 20 17 39 59
2024 37 $39,713,999 $805,000 $1,073,351 3 20 14 38 68
% Change -15.4% -6.1% 46.4% 10.9% -9.1% -50.0% undef undef 86.1% 53.4%
2019 27 $23,603,500 $670,000 $874,203 22 4 1 0 12 56
21 UNITS SOLD
2024 8 $9,559,000 $1,247,500 $1,194,875 1 7 0 0 10 15
SINGLE-FAMILY HOMES SODA SPRINGS, PLA VADA, KINGVALE
2024 13 $8,436,500 $550,000 $648,961 11 2 0 0 36 58
2019 13 $4,800,000 $340,000 $369,230 13 0 0 0 45 70
Single- Family Homes SERENE LAKES
$805,000 MEDIAN SALES PRICE
% Change 162.5% 137.9% -19.0% -9.4% 900.0% 28.6% undef undef -50.0% -13.3%
2025 21 $22,742,500 $1,010,000 $1,082,976 10 9 2 0 5 13
2025 11 $7,918,000 $805,000 $719,818 10 1 0 0 67 89
The property information herein is derived from various sources that may include, but not be limited to, county records and the Multiple Listing Service, and it may include approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal verification. Not intended as a solicitation if your property is already listed by another broker. Affiliated real estate agents are independent contractor sales associates, not employees. ©2025 Coldwell Banker. All Rights Reserved. Coldwell Banker and the Coldwell Banker logo are trademarks of Coldwell Banker Real Estate LLC. The Coldwell Banker® System is comprised of company owned offices which are owned by a subsidiary of Anywhere Advisors LLC and franchised offices which are independently owned and operated. The Coldwell Banker System fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. 25549V_CBR_5/25
