As of December 2024, the Lake Tahoe real estate market has experienced notable trends. In South Lake Tahoe, the median listing home price was $749,000, reflecting a 4.8% decrease compared to the previous year. The median listing price per square foot stood at $526. Meanwhile, Lake Tahoe’s luxury real estate market demonstrated significant resilience. The North Lake Tahoe region saw a 7% volume increase in Lake Tahoe luxury homes for sales. The average home price rose by 4.5% and the median home price by 2%. Notably, there were over 50 Lake Tahoe luxury homes sold over $4 million. 11 of those transactions were $11 million and over. This shows confidence among affluent buyers. The Lake Tahoe luxury real estate market also witnessed record-breaking transactions, such as the sale of an estate originally built by Steve Wynn for $62 million. As previously reported in other blogs, prestigious neighborhoods like Martis Camp, Incline Village, and the West Shore, the price per square foot averaged between $1,200 and $1,700, reflecting continued demand for luxury lakefront and mountainside properties. Overall, the Lake Tahoe luxury real estate market ended the year showcasing robust growth with increased sales volume, rising prices, and record-setting transactions underscoring its appeal to high-net-worth individuals.
In Reno, the housing market continues to remain somewhat competitive. Homes typically receive one offer and sell within approximately 63 days. The median sale price was $525,000, showing a slight increase from the previous year. The median price per square foot was $330, up 7.3% year-over-year. Carson City has seen a significant rise in home prices, with a 16.1% increase from the previous year, bringing the median sale price to $540,000. Homes in this area typically sell after 49 days on the market. In Douglas County, encompassing the Carson Valley area, there were 299 homes for sale in December 2024, marking a 6.6% decrease from the previous month. Overall, the region’s real estate markets exhibit a mix of slight declines and modest gains, with varying levels of competitiveness and inventory changes across different areas.
In 2025, the Lake Tahoe luxury real estate market is expected to continue its upward trajectory, driven by high-net-worth individuals seeking distinctive properties with smart home technology, sustainability features, and wellness amenities. In the Reno and Carson Valley regions, declining mortgage rates are anticipated to boost housing demand, particularly in the Reno-Sparks area, where affordability has been a significant constraint. Overall, the real estate markets in these areas are projected to remain robust, with increasing competition and sustained interest from both local and out-of-state buyers.
For more information on the local market or Lake Tahoe luxury real estate in general, feel free to reach out. I am happy to provide more info.
