Lake Tahoe Luxury Lakefront Home Sales Increased 67% in 2024
In 2024, the Lake Tahoe real estate market demonstrated remarkable resilience and growth despite broader economic uncertainties, rising interest rates, and market corrections seen in other regions.
Tahoe saw median prices begin to stabilize near the peak levels reached during the pandemic surge, according to a 2024 Year End Market Report created by The Dietz Group.
According to the report, the Tahoe Sierra MLS, Truckee, and Lakefront sectors all achieved record-high median prices, however, it was the Lakefront market that made the most dramatic rebound with sales surging 67% year-over-year.
These single-family lakefront homes, located between Rubicon Bay, CA and Incline Village, NV also experienced a median price increase of 4% year over year, reaching a record high. The average Days on Market was 146 days, a 70% increase from 2023. Even more impressive, is that 15 out of the 20 home sales that occurred in this period sold for over $5 million, and the other 5 homes sold for over $2 million.
Sales of single-family homes in California on Lake Tahoe’s North and West Shores, plus all of Truckee, Northstar, Olympic Valley, and Alpine Meadows increased 8% year over year. The median price increased 4% year over year, reaching a record high. The average Days on Market was 56 days, a 27% increase over 2023. Out of 808 total home sales for this region, 37 were priced over $5 million, and 176 were over $2 million.
Looking forward, low inventory is expected to be the main factor affecting Lake Tahoe’s real estate markets in 2025, likely increasing home prices in high-demand markets, including luxury homes.
“With limited new construction and fewer existing homeowners choosing to sell, buyers will likely face tight competition for available properties. This continued supply shortage is expected to support strong pricing, particularly in high-demand segments like lakefronts and luxury homes, while reinforcing Lake Tahoe’s status as a premium, high-value market.” Reports The Dietz Group.
The report concludes that Lake Tahoe’s status as a prime luxury real estate market is here to stay.
“This year’s performance underscores Lake Tahoe’s enduring appeal as both a luxury destination and a sound long-term investment, cementing its position as one of the most desirable real estate markets in the country.”
Read the full Tahoe Luxury Properties Market Report here.
This Market Report has been provided by The Dietz Group, with Tahoe Luxury Properties. Our Exclusive Partner on LuxuryRealty.com for Tahoe City, California. & LuxuryHomes.com Affiliate.
SOURCES:
LAKE TAHOE REAL ESTATE MARKET REPORT YEAR END 2024 – Dietz Group, Tahoe Luxury Properties