2020 Luxury Real Estate Insights
2020 will undoubtedly go down in history as one of the most memorable years on record. The same will likely ring true for the real estate history books. As a result of the pandemic and Lake Tahoe’s prime location as an escape from nearby urban centers, 2020 saw dramatic and unprecedented sales activity. The number of homes sold increased by over 50% year over year in all micro-regions, and demand consistently exceeded supply. This, in turn, stirred a frenzy of buying, which affected prices.
Now that we’ve wrapped up 2020, we thought we’d take this opportunity to dive in and better understand what happened in Tahoe’s luxury real estate market.
Overall 2020 Tahoe Luxury Real Estate Market Stats
In 2020, we reached historic highs of both median price and sales volume across the board, with the minor exception of lakefront sales reaching the second-highest sales volume in history (but still a 131% increase in homes sold over last year). We saw over 10% increases in the median price of homes sold in each micro-region. While the Tahoe Sierra MLS saw 14% of home sales over $2 million, Incline Village & Crystal Bay showed 33% sales over $2 million.
2020 at a Glance
- 722 properties sold over $1 million in Lake Tahoe
- West and North Shore sales volume was up 80% and saw a 10% increase in median price. This area also leads the charge on lakefront sales, with 21 in 2020 versus 14 in 2019.
- Incline Village’s sales volume was up 133% and saw an 11% increase in median price. Lakefront sales were strong in Incline as well — this region had 16 lakefront sales in 2020.
- Truckee saw 503 properties sell over $1 million, which is an astounding 102% increase from 2019.
Overall 2020 Amie Quirarte Sales Stats
This year has contained surprises around every corner. In 2020, Amie saw sales volume explode. Amie is proud to share a couple of telling statistics, which include:
- Sold above $45 Million real estate sales
- Sold 26 homes
2021 Tahoe Luxury Real Estate Outlook
Although we can see the light on the horizon, we are still in a place of uncertainty when it comes to the pandemic. Because of this, Tahoe remains desirable, and the demand has continued into 2021. Fundamental shifts in behavioral and work patterns driven by COVID have kept Tahoe in buyers’ sights, and we expect that to remain strong for at least the next 12-18 months. The 2020 run-up in sales volume and pricing should temper some in 2021, but low inventory and strong buyer demand will keep appreciation rates in the high single digits through the upcoming year. Expect prices to continue to rise and multiple offer scenarios to remain commonplace. Buyers prepared with competitive and aggressive offers will be the ones to secure their piece of the Tahoe real estate pie.
There’s no better time to sell. Let Amie Quirarte help you sell your home.
With prices continuing to rise in our area, it is critical to work with an agent who knows the local market inside and out and understands the true value of your home. As a top producing agent in the Tahoe luxury real estate market, Amie is perfectly poised to help make your selling process quick and easy. Discover what your home is worth with our FREE home evaluation. You can also reach Amie by text or calling 650.290.3008 or email email@example.com.
What our clients are saying
“I have been a Broker for 20 years and have never used an agent on the buy side before….until this transaction. We were looking for a lakefront in Tahoe and were having a difficult time understanding the pricing and location preferences until we had an opportunity to work with Amie. Looking back, I am convinced we would not have gotten the house we acquired without Amie’s assistance. Her knowledge of the market was unmatched. Her understanding of where pricing would be was spot on. I would highly recommend Amie to anyone who is looking to buy a home in Tahoe.” – Ryan Crowley