NORTH LAKE TAHOE - TRUCKEE
REAL ESTATE MARKET REPORT
We have hovered between 5 to 6 months of supply from Q3 2025 through Q1 2026. Historically 5 to 6 months of supply is considered a balanced market. What’s Going On Looking Forward? The market is not "hot" by any stretch of the imagination, but the solid momentum from the 2nd half of 2025 continues and gives us reason for optimism. I've used the phrase "healthy and strengthening" to describe the market and I think that is still the correct moniker. However, the war and current economic uncertainty put my previous prediction of a 5-10% increase in transactions in 2026 onto wobbly ground. 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 (Park City, Vail, Aspen, Jackson Hole, 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. Contact Me Today to Find Out More about the Opportunities Available in the North Lake Tahoe-Truckee Market.
Residential Sales Summary Here we go again! After a roller coaster of a Tahoe/Truckee real estate market in 2025, we are seeing some striking similarities in 2026. Like 2025, there has been a lot of reason for optimism in Q1 including a healthy number of winter transactions and solid indicators of buyer activity including online views/clicks, property showings, and visits to open houses. The market has seemed poised to takeoff. However, like 2025, a significant monkey wrench has been thrown into the mix. In 2025 it was tariffs, this year it's the war in Iran and the ensuing economic uncertainty. Activity has maintained so far during the conflict, but a bit of a "wait and see" tone has come up with many buyers. We are still battling for enough traction to break out of a relatively slow real estate cycle that is entering its 4th year. Total Residential Sales: There were 196 residential sales in Q1 2026, the highest number of Q1 sales in the last 4 years. It's a 6.5% increase over the 184 sales in Q1 2025. It puts us at 99% of the 5 year average and 85% of the 10 year average for the period. This continues a trend, going back to Q3 of 2025, of transaction numbers at the 5 year average. However, there is a dramatic difference between the 5 year and 10 year averages. In the last 4 years, we have never exceeded 200 residential transactions in Q1. In the 6 years prior, we were never below 225 transactions in Q1 (and peaked at 335 during the pandemic). This is a clear indicator that we have not come out of the down cycle, yet. Digging into market segments, there are some highlights worth mentioning. Sales of residences over $5 million increased from 10 to 13. Condo sales increased by 12.3%, which is a welcome sign after tepid demand in the first half of 2025. A neighborhood that stands out is Northstar where 10 single family homes sold in Q1 2026 compared to just 4 in Q1 2025. Activity in general has been strong at the ski resorts, despite the dry winter that impacted the entire western United States.. 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 in Q1 2026 came in at $1.123m, right at the median for the full years of both 2024 and 2025. The average sales price was $1.866 million, up from $1.760 million for the full year of 2025. For single family homes the median for Q1 was $1.303m, down from Q1 last year, but up from $1.248m for the full year 2025. The average price came in at $2.223m which again was down from Q1 last year, but up from $1.996m for the full year of 2025. For condos the median price was $724k (up from $717k for full year 2025) and the average was $1.13m (up from $950k for full year 2025). Prices continue to be at a very healthy premium from where they stood in 2019 (before the pandemic). For single family homes the Q1 median sales price is 75% higher compared to the full year of 2019 (from $744k to $1.303m). For condos the median sales price is 68% higher compared to 2019 (from $430k to $724k). Active Residential Inventory: As we start Q2 there are about 275 active listings. Supply dynamics changed significantly in 2025, particulary in Q2 when inventory approached prepandemic levels before pulling back in the 2nd half of the year. In Q1 2026 inventory levels tracked very close to Q1 2025. Inventory always jumps in Q2 in anticipation of the busy summer season. We are intrigued to see if it jumps to the same levels as Q2 2025 which were the highest since the pandemic (including a 30% increase in the number of listings compared to the same period in 2024). My hunch is that supply will come onto the market at a more steady pace throughout Q2 and Q3 rather than the front loaded rush we saw in Q2 2025.
Kathy King Realtor® | Coldwell Banker Realty Truckee - North Lake Tahoe CalRE# 01958783 Kathy.King@cbnorcal.com 530.913.8145 KathyKingTruckeeRealEstate.com
Kathy King
2026 First Quarter Real Estate Market Report North Lake Tahoe -Truckee Residential Properties – Single Family Homes & Condominiums
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*
$724,000 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 12.30% 16.40% -8.40% 3.70% 40.00% 7.10% 5.30% 66.70% 14.90%
2025 127 $290,042,059 $1,500,000 $2,283,795 34 52 31 10 47 69
2019 70 $40,038,000 $437,000 $571,971 46 15 9 54 90
2019 155 $222,713,227 $715,000 $1,436,859 112 22 16 5 49 82
2026 64 $72,295,500 $724,000 $1,129,617 14 30 20 80 100
$1,302,500 MEDIAN SALES PRICE
2025 57 $62,112,445 $790,000 $1,089,692 10 28 19 48 87
2026 132 $293,436,124 $1,302,500 $2,223,000 42 53 24 13 46 71
% Change 3.90% 1.20% -13.20% -2.70% 23.50% 1.90% -22.60% 30.00% -2.10% 2.90%
% Change 5.90% -10.40% -24.10% -15.40% 36.40% 23.10% -71.40% 0.00% 41.00% 14.80%
2025 13 $9,473,000 $685,000 $728,692 4 6 3 50 85
2019 17 $6,488,000 $340,000 $381,647 15 2 0 88 107
% Change -7.70% 16.40% -15.30% 26.10% 0.00% 0.00% -33.30% 66.00% -3.50%
Condo & Townhome North & WEst Shore Lake Tahoe
2019 40 $72,028,962 $645,000 $1,800,724 32 4 3 1 50 90
2026 12 $11,024,000 $580,000 $918,666 4 6 2 83 82
Single- Family Homes North & WEst Shore Lake Tahoe
$1,035,000 MEDIAN SALES PRICE
2026 36 $77,607,051 $1,035,000 $2,155,751 15 16 2 3 55 93
$580,000 MEDIAN SALES PRICE
2025 34 $86,657,905 $1,362,827 $2,548,761 11 13 7 3 39 81
2019 9 $11,452,500 $862,500 $1,272,500 5 3 1 0 71 91
2025 5 $790,000 $1,820,000 $1,580,000 2 1 2 0 81 92
2019 14 $6,299,000 $447,500 $449,928 8 6 0 33 112 5
2026 5 $7,700,000 $1,575,000 $1,540,000 0 5 0 0 108 97
% Change 9.10% 18.00% 9.30% 8.20% 200.00% -33.30% 200.00% -47.80% -39.20%
Condo & Townhome Palisades Tahoe
Single- Family Homes Palisades Tahoe
% Change 0.00% 874.70% -13.50% -2.50% -100.00% 400.00% -100.00% #DIV/0! 33.30% 5.40%
$1,575,000 MEDIAN SALES PRICE
$880,000 MEDIAN SALES PRICE
2025 11 $9,321,500 $805,000 $847,409 1 9 1 134 158
2026 12 $10,999,000 $880,000 $916,583 3 6 3 70 96
2019 39 $27,251,000 $452,500 $698,743 23 7 9 30 75
2025 33 $43,317,945 $790,000 $1,312,665 5 13 15 39 65
Single- Family Homes TRUCKEE
$772,500 MEDIAN SALES PRICE
% Change 21.20% 16.10% -2.20% -4.30% 40.00% 38.50% 0.00% 105.10% 63.10%
2026 40 $50,272,500 $772,500 $1,256,812 7 18 15 80 106
2025 88 $195,484,154 $1,612,500 $2,221,410 21 38 22 7 47 63
% Change 3.40% 6.50% -16.30% 3.00% 28.60% -15.80% 0.00% 42.90% -6.40% -3.20%
2019 106 $139,231,765 $742,290 $1,313,507 75 15 12 4 46 79
$1,350,000 MEDIAN SALES PRICE
2026 91 $208,129,073 $1,350,000 $2,287,132 27 32 22 10 44 61
Condo & Townhome TRUCKEE
% Change -15.20% -28.80% -12.40% -16.00% 25.00% -20.00% -60.00% 0 6.50% 23.80%
$452,500 MEDIAN SALES PRICE
Single- Family Homes TAHOE DONNER
2026 6 $2,747,000 $452,500 $457,833 4 2 0 76 74
$1,260,000 MEDIAN SALES PRICE
2025 3 $1,692,500 $650,000 $564,166 1 2 0 55 52
Condo & Townhome TAHOE DONNER
2025 33 $49,770,413 $1,439,000 $1,508,194 8 20 5 0 31 42
2019 12 $4,562,000 $394,500 $380,166 12 0 0 20 36
% Change 100.00% 62.30% -30.40% -18.80% 300.00% 0.00% undef 38.20% 42.30%
2019 40 $31,496,080 $742,290 $787,402 34 6 0 0 35 49
2026 28 $35,460,875 $1,260,000 $1,266,459 10 16 2 0 33 52
2019 10 $50,917,535 $4,559,000 $5,091,753 6 4 0 0 99 148
2026 5 $22,303,795 $4,775,000 $4,460,759 0 0 3 2 56 69
% Change 33.30% 35.50% -5.40% 1.60% 0 20.00% 0.00% undef -48.40% -19.20%
% Change -28.60% -0.50% 59.20% 39.30% undef undef -50.00% #DIV/0! -45.60% -31.70%
2025 6 $44,102,824 $6,975,000 $7,350,470 0 5 1 0 62 73
Single- Family Homes MARTIS CAMP
2025 7 $22,412,500 $3,000,000 $3,201,785 0 1 6 0 103 101
$6,600,000 MEDIAN SALES PRICE
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)
2026 8 $59,771,715 $6,600,000 $7,471,464 1 6 1 0 32 59
$4,775,000 MEDIAN SALES PRICE
2019 5 $14,905,000 $2,810,000 $2,981,000 0 1 4 0 119 154 3
SINGLE-FAMILY HOMES LAHONTAN
2019 0 $0 $0 $0 0 0 0 0 0 0
% Change -20.00% -13.40% 11.00% 8.30% undef #DIV/0! -20.00% 0 -71.00% -45.20%
2026 4 $12,935,000 $3,242,500 $3,233,750 0 0 4 0 27 63
2025 5 $14,929,417 $2,920,000 $2,985,883 0 0 5 0 93 115
$3,242,500 MEDIAN SALES PRICE
2025 2 $9,070,000 $4,535,000 $4,535,000 0 0 2 0 113 113
SINGLE-FAMILY HOMES Old Greenwood, Gray's Crossing, Pine Forest
Single- Family Homes Schaffer's Mill
2026 4 $16,984,999 $4,485,000 $4,246,249 0 0 4 0 135 152
$4,485,000 MEDIAN SALES PRICE
% Change 100.00% 87.30% -1.10% -6.40% undef #DIV/0! 100.00% #DIV/0! 19.50% 34.50%
Condo & Townhome NORTHSTAR
2025 4 $11,408,800 $1,372,500 $2,852,200 0 3 0 1 55 48
% Change 150.00% 91.30% 18.40% -23.50% #DIV/0! 100.00% #DIV/0! 0.00% -54.50% -41.70%
% Change 5.90% -6.00% -37.10% -11.20% #DIV/0! 0.00% -11.10% 128.30% 97.20%
$1,625,000 MEDIAN SALES PRICE
2026 10 $21,826,250 $1,625,000 $2,182,625 0 6 3 1 25 28
2019 8 $10,784,000 $1,017,500 $1,348,000 4 3 1 0 129 156
2019 14 $11,903,500 $496,250 $850,250 7 3 4 100 128
$817,500 MEDIAN SALES PRICE
Single- Family Homes NORTHSTAR
2026 18 $26,332,000 $817,500 $1,462,888 2 8 8 121 142
2025 17 $28,015,000 $1,300,000 $1,647,941 0 8 9 53 72
% Change 100.00% 102.20% -13.70% 1.10% 66.70% 0 o 0 1.10% 13.00%
2019 6 $7,231,500 $790,000 $1,205,250 4 1 1 0 136 141
$1,100,000 MEDIAN SALES PRICE
2025 0 $0 $0 $0 0 0 0 0 0 0
SINGLE-FAMILY HOMES SODA SPRINGS, PLA-VADA, KINGVALE
2025 3 $2,315,000 $870,000 $771,666 3 0 0 0 91 92
2019 5 $1,928,000 $348,000 $385,600 5 0 0 0 97 98
Single- Family Homes SERENE LAKES
$750,500 MEDIAN SALES PRICE
% Change 0 0 0 0 0 0 0 0 0 0 0 $0 $0 $0 0 0 0 0 0 0
2026 25 $5,059,000 $1,100,000 $1,011,800 2 3 0 0 6 21
2026 6 $4,680,439 $750,500 $780,073 5 1 0 0 92 104
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. ©2026 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.
