Lake Tahoe Real Estate Market Update
The month of May typically triggers a robust summer season for new listings. While we did see the largest number of new listings for any month this year, the jump from April to May was not as big as it typically is. Many of our family, friends, and clients are starting to settle back into their “normal routines” of summer vacations, camps, weddings, and other commitments. This, coupled with low inventory and dramatic price increases has caused some buyers to slow down their search and be a bit more selective with the home they’re purchasing.
Will this cause our market to slow down or will we continue to see these price trends increase?
Lake Tahoe Real Estate Trends to Date
- Median and average sales price in 2021 (January – June) continues to increase. To date, the median sales price is $960,000 (42% higher than the first half of 2020) and the average sales price is $1,1500,113 (52% higher than the first half of 2020).
- 409 single-family homes have been sold from January to May 2021 with the median price at $1,200,00 which is up a whopping 68% with the average price at $1,834,706 which is up 66%!
- Luxury real estate sales are on the rise! 287 residences have sold over $1 million, representing 49% of total sales. 99 of those sales were over $2 million including 25 over $5 million. For the same period in 2020, just 25% of sales were over $1 million. 32 of those sales were over $2 million and 6 were over $5 million.