Greetings from Tahoe!
As we head into the weekend, we’re reminded of what Memorial Day represents. We honor and remember the brave men and women who made the ultimate sacrifice for our country, and we are deeply grateful for their service and sacrifice.
Memorial Day also marks a pivotal turning point in our region. Tahoe is doing what it always does this time of year—transforming.
In just a few weeks, we’ve gone from patches of snow and bare trees to everything turning green, the golf courses opening up, and the energy shifting toward summer. Even after all these years, it’s always a bit remarkable how quickly it happens.
And just like the seasons, the real estate market is starting to shift as well.
This weekend tends to mark the beginning of that transition—but if I’m being candid, it doesn’t always give us the full answer. Let me explain.
The honest answer right now is… we don’t fully know yet.
There are early signals, but a lot is still taking shape. Memorial Day gives us our first read, but historically, it’s often a bit of a false start. We usually don’t see the market fully come into focus until mid-to-late June, once schools are out and buyers shift their attention back to Tahoe.
That said, there are some very interesting trends emerging.
Here’s what we’re seeing right now…
We are officially in the listing season. Since May 1st, 199 new property listings hit the Tahoe Sierra MLS—a meaningful increase in inventory.
At the same time, there are 131 pending sales. Of those, 71 have gone under contract since May 1st, showing that buyers are beginning to re-engage. But what’s most interesting is where that activity is happening.
Here’s a breakdown of the pending sales in the Tahoe and Truckee neighborhoods:
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98 under $1.5M
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24 between $1.5M–$2.9m
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3 between $3m and $5.7m
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6 between $6M–$30M
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Most of these sales are in neighborhoods catering to full-time residents.
The Takeaway
The current market is being driven primarily by local, full-time buyers. This is a really important signal. Local buyers tend to be more measured, more price-sensitive, and less emotional in their decision-making.
So, the fact that they are actively stepping in and buying right now is a positive sign. Historically, when we see confidence from local buyers, it tends to carry into the second-home market as we move into summer. It’s often the first layer of demand before we see more discretionary, lifestyle-driven buyers re-engage.
Activity is happening—but it’s still heavily weighted toward the lower price points, with limited movement at the high end so far. This should change as visitors from our feeder markets in Northern California return to our region to enjoy vacationing and playing in Tahoe.
The Bigger Picture
We’re seeing a shift in overall market dynamics.
Inventory is up compared to last year—but not because we’re seeing a flood of new listings. In fact, new listing activity has been relatively steady. What’s changed is absorption.
Buyers are still active—but they’re taking their time. With more options available, they’re being selective, and homes are taking longer to sell. That said, I just put two homes into contract in Martis Camp that had each been on the market for over a year. In neighborhoods where inventory remains especially limited, we’re beginning to see a renewed sense of urgency.
At the same time, we recently sold four of our own listings with multiple offers in less than four days. Each property sold over asking price. The common denominator was strategic positioning from day one—thoughtful preparation, strong presentation, and pricing aligned with current buyer expectations.
Today’s buyers are highly informed and quick to recognize value. When a property enters the market positioned correctly, buyers respond with confidence and urgency. When it misses the mark, even slightly, they tend to hesitate, wait, and continue exploring their options. In this market, pricing is no longer just a number—it’s a strategy.
As we head into Memorial Day and beyond, we’re seeing a steady flow of new listings hit the MLS—averaging roughly 10 per day. Based on how busy our photographers and home inspectors are preparing for upcoming listings, I expect this trend to continue over the next several weeks.
A good rule of thumb: if you’re thinking about selling this summer, you want to be on the market before the 4th of July holiday.
Why I’m Optimistic
What we’re seeing right now feels like the early stages of the market rebuilding momentum. Local buyers are stepping in. Inventory is building. And in the background, feeder markets like the Bay Area are showing signs of strength again.
Bottom Line
We’re in the early stages of the season—and still learning what this market will become. Memorial Day will give us a signal. June will give us the answer.
As always, I’ll keep a close eye on things and share updates as the market unfolds.
If you’re thinking about making a move this summer—buying or selling—it’s a great time to connect and talk through strategy. Feel free to reach out anytime, even if it’s just to catch up.
Wishing you a great Memorial Day weekend.
Best,
Breck