Q1 2025 North Lake Tahoe–Truckee Real Estate Market Report

2025 Q1 Real Estate Market Report

North Lake Tahoe – Truckee
Residential Properties – Single Family Homes & Condominiums
Activity for January – March 2025

📊 Market Overview

The Truckee–North Lake Tahoe market continued its slow start in Q1, with 184 total residential sales—down just slightly from 188 in Q1 2024. This represents 82% of the 5-year Q1 average and 77% of the 10-year average.

Despite lower transaction volume, prices continued to climb—driven largely by strong performance in the luxury segment and a decline in entry-level activity, where interest rates are having a greater impact.

💰 Pricing Trends

• Median Sale Price (All Residential): Up 13% — $1.302M (from $1.15M)
• Average Sale Price (All Residential): Up 27% — $1.914M (from $1.504M)

Note: These increases reflect a stronger luxury market, not a blanket jump in value for all homes.

🏠 Single-Family Homes

• Median: Up 13% → $1.5M
• Average: Up 29% → $2.284M

🏢 Condominiums

• Median: Up 22% → $790K
• Average: Up 20% → $1.09M

Compared to pre-COVID levels, the median price of a single-family home is up 78% since Q1 2019 (from $745K). Condos are up 81% (from $430K).

📦 Inventory & Market Balance

Current Active Listings: Over 300 (vs. ~225 last year, ~350 in 2019)

Months of Inventory: 4.7 months — near a balanced market (5–6 months)

Pending Sales: 67 (flat vs. 66 in Q1 2024)

🏷️ Breakdown by Price Range

• Under $1M: 72 homes (39%) — down from 45% last year
• $1M–$1.999M: 64 homes (35%) — flat from 2024
• Over $2M: 48 homes (26%) — up from 20% last year
• 10 over $5M, 2 over $10M, 1 over $25M

💡 What’s Ahead for 2025?

We expect inventory to continue rising through spring and into early summer—potentially reaching pre-pandemic levels by mid-season. Buyer interest remains steady, especially for lifestyle and second-home properties, and local open houses are seeing strong turnout.

As Memorial Day weekend kicks off the summer season, we’ll see more listings hit the market and more visitors arrive in town—many of them looking to turn their Tahoe-Truckee mountain dream into a reality. This annual surge brings both increased competition and renewed energy to the market.

Tahoe remains a standout compared to other Western resort towns, offering luxury, outdoor adventure, and a strong community—often at a better value than places like Aspen, Park City, or Vail. If you’ve been waiting for the right moment, this may be your window to get ahead of the summer rush.

💵 Lending Snapshot – May 2025

Rates are holding between 6.75%–7.125% for most 30-year fixed conventional loans. While higher than recent years, this is historically average.

Buyers: this is the most balanced market in 5+ years. If rates drop later, demand (and prices) will likely spike. Buy smart now, refinance later.

🧭 Advice for Buyers & Sellers

Sellers: It’s still a strong market. Expect healthy pricing and reasonable time on market.

Buyers: You now have negotiation power and contingencies. Take advantage of this rare window of balance in the market.

📣 Thinking About Making a Move? Let’s Talk

Whether you’re planning to buy, sell, or just want to understand your position in the market, I’m here to help you strategize with confidence.

Let’s chat about your goals and the best way to take advantage of this evolving market.