Lake Tahoe Real Estate Market Update: 2024 Year-End Review

The Lake Tahoe real estate market continues to normalize after the post-COVID-19 era, but 2024 proved to be anything but predictable. A slow start due to heavy snowfall gave way to a roaring summer and fall selling season, marking another strong year across most regions. From record-breaking luxury sales to resilient buyer demand, here’s a look at the latest trends shaping the market.

Luxury Market Strength & Resilient Buyers

Incline Village saw an astounding $60+ million sale in 2024, with nearly 20 homes closing above $10 million across the region. Despite rising interest rates and challenging insurance premiums, buyers remain determined to secure a slice of Lake Tahoe’s coveted lifestyle. Inventory remains tight, supporting steady-to-rising home values and reinforcing the region’s appeal as a premier investment destination.

Incline Village 2024 Year-End Market Stats

• Single Family Home Sales: 156 (+13%)

• Dollar Volume Sold: $452,119,000 (+32%)

• Average Sale Price: $3,692,000 (+13%)

• Median Sale Price: $2,299,000 (-2%)

• Average Days on Market: 117 (No Change)

• Condos/Townhomes Sales: 117 (+7%)

• Dollar Volume Sold: $115,639,862 (-10%)

• Average Sale Price: $1,123,160 (-14%)

• Median Sale Price: $915,000 (+2%)

• Average Days on Market: 100 (+15%)

With three sales exceeding $30 million, the dollar volume is notably inflated. Without these ultra-luxury transactions, Incline Village’s numbers align closely with 2023 trends. Single-family home prices remain strong in this prestigious zip code, while condo pricing saw a slight adjustment.

North Lake Tahoe/Truckee 2024 Year-End Market Stats

• Residential Sales: 1,247 (No Change)

• Dollar Volume Sales: $1,918,034,985 (+9%)

• Average Sale Price: $1,538,119 (+10%)

• Median Sale Price: $1,016,000 (+5%)

• Active Listings: 2,284 (+6%)

• Average Days on Market: 90 (No Change)

The North Lake Tahoe and Truckee markets maintained solid performance in 2024. While overall sales volume remained flat, a 9% increase in dollar volume signals strong pricing trends. Six ultra-luxury properties sold above $10 million, driving growth across all price points.

South Lake Tahoe (CA) 2024 Year-End Market Stats

• Residential Sales: 521 (+15%)

• Dollar Volume Sold: $457,690,320 (+20%)

• Average Sale Price: $878,484 (+3%)

• Median Sale Price: $685,000 (+1%)

• Average Days on Market: 93 (+19%)

South Lake Tahoe experienced a significant surge in both sales volume (+15%) and dollar volume (+20%). As Lake Tahoe’s most affordable region, South Lake continues to attract buyers priced out of other areas, with home values remaining stable below the $1 million mark.

Invest in Your Lifestyle with Team Blair Tahoe

Lake Tahoe’s real estate market remains dynamic, with strong demand, limited inventory, and a resilient buyer pool. As one of the region’s premier real estate teams, Team Blair Tahoe has the experience, resources, and local expertise to help you navigate any market conditions. Whether you’re buying, selling, or investing, we’re here to help you achieve your real estate goals.

Contact Team Blair Tahoe today to explore opportunities in this one-of-a-kind market!