As we move into the last quarter of 2024 for the Tahoe Truckee real estate market, sales numbers have held relatively steady compared to this time last year. Although inventory has increased, home prices still rose 4%, with a median price of $1.1 million.
While unit sales were down 3 and 4% in most markets, Truckee had a 9% increase in unit sales year over year. In Olympic Valley, unit sales were actually up 44% year over year for single family homes. Condo sales in Olympic Valley were down 67% compared to last year.
Truckee Market
378 single family properties sold between January and October 2024 in Truckee. The median price is currently at $1.23 million, compared to $1.19 million in 2023, representing a 5 % increase for home values. The days on market has held steady year over year at 43 days. In 2023 from January to October, 346 homes had sold, with sales in Truckee currently up 9% year over year.
Sales volume for Truckee condos is down 22%, with only 91 sales from January to October 2024. Last year, 108 condos had sold showing a 16% decrease in sales. The median price of condos has held steady year over year at $732,000. The days on market for condo sales in Truckee has increased to 55 days, compared to 38 days in 2023.
33% of sales were under $1 million, while 44% of Truckee home sales were between $1 million and $2 million. A whopping 23% of homes sold in Truckee were over $2 million.
North Shore Lake Tahoe
On the North Shore of Lake Tahoe, a total of 75 homes have sold from January to October 2024. This is a 3% increase in home sales compared to the same period last year, where 73 homes sold. The median sale price is at $1.12 million and is 10% lower than the median price of $1.25 million for the same period last year.
The condo market on the North Shore of Lake Tahoe shows a 2% increase in home values. The median price by the 3rd quarter 2024 was at $665,000, compared to $650,000 during the same period last year.
West Shore Lake Tahoe
82 homes have sold on the West Shore as we close the 3rd quarter of 2024, compared to 86 home sales in 2023. 7 condos sold in 2024, compared to 9 in 2023. However, home prices are still up 4%. The median price is at $1.15 million and was at $1.1 million in 2023.
Days on market has actually decreased year over year for West Shore sales. Homes sold on average of 82 days compared to 86 days in 2023, and condos sold after only 32 days compared to 52 days in 2023.
Interest rates have begun to come down, bringing more buyers into the market. While the FED reduced their rate by a half-point in September, strong jobs data means that an aggressive rate reduction might not happen again in November. It may be time to lock in your rate.
Contact me today for more information about specific neighborhood market data in North Lake Tahoe and Truckee. Whether you are considering buying or listing your home for sale, this is an excellent time to do so.
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