North Lake Tahoe and Truckee 3rd Quarter Market Report

For the Lake Tahoe Basin and the Truckee area real estate market, 2020 has been a surprisingly good year and it looks like that will continue.

If you read my 2019-year end market report you know that 2019 was not a bad year but it was not as strong as 2018. As we started 2020, we did not know what to expect. January and February had some activity, but the year was starting slowly. Early March activity seemed to pick up, then came COVID-19 in mid-March. The ski resorts closed, and California went into lock down but our market continued with an activity level greater than expected. By Memorial Day the market was heating up and by late June it was on fire.

Here is a summary of the total year to date Tahoe Basin sales activity at the end of the 3^rd quarter.

Single Family Home Sales Condominium Sales

Dollar Volume Up 69% Dollar Volume Up 66%
Units Sold Up 44% Units Sold Up 34%
Median Price Up 12% Median Price Up11%
Average Price UP 17% Average Price Up 24%
Units Under $1M Up 35% Units Under $1M Up 13% Units under $500K
Units Over $1M Up 67$ Units Over $1M Up 67% Units over $500K

The Truckee Market has had remarkably similar numbers.

What is driving this market activity?

People that can now work from home and no longer want to live in large metropolitan areas. They want the clear mountain air, less traffic, outdoor activities, and the peace and quiet they do not get in the cities. They want our lifestyle! Historically low interest rates are also helping.

Will this trend continue?

We, in the local Real Estate industry think it will. This is not unique to just the Tahoe Truckee area. It is happening all over California, Nevada, Oregon, Idaho and around the nation. What does this mean for you? It means your home values are going up and demand will continue to increase. If you have been thinking about selling now is the time.