Happy Spring from Tahoe!
As the snow begins to melt and we transition from ski season into Tahoe’s vibrant summer, we’re seeing a seasonal shift not only in lifestyle but also in the real estate market. This is historically when many homeowners begin exploring their options ahead of the peak summer selling season. Our team is already feeling the momentum — we’re experiencing a busy listing season paired with growing buyer interest throughout the region.
As we gear up to support our sellers and buyers during this active season, it’s important to think strategically. That means analyzing the first quarter’s performance, understanding historical trends, and keeping a close eye on today’s market dynamics. With that in mind, I hope you enjoy our Q1 market recap and insights.
Let’s look at the data. Below is a link to our Q1 Market Reports. At Sierra Sotheby’s International Realty, we pride ourselves on providing in-depth analyses of real estate trends in the Reno-Tahoe region. These reports compare the most recent quarter to the same period last year, offering valuable insights into the performance of luxury real estate across our most sought-after communities. Please click the image below to review the reports.
Market Recap – Q1 2025
The Tahoe-Truckee market showed diverging trends across segments. The luxury market surged in Q1, with record-breaking sales in resort communities like Northstar, Sugar Bowl, Gray’s Crossing, and Tahoe lakefronts — including estates selling for just under $30M. Sales of homes priced above $2M and $5M rose by more than 25%, and ultra-luxury properties (above $10M) doubled in volume.
Meanwhile, the mid-level market activity remained sluggish, largely due to high interest rates and rising homeowners’ insurance costs. Although total sales volume remained steady compared to last year, the strength of high-end sales pushed average and median prices up by 14–15%, creating a somewhat skewed picture of overall market conditions. Properties under $1M saw a 10% decline in sales.
What’s Ahead?
That’s the million-dollar question. As inventory grows in Q2, we’ll be watching closely to see how it affects buyer activity and pricing. If supply rises significantly without a corresponding increase in demand — especially amid broader economic uncertainty — it could lead to longer days on market and potential price reductions. However, if buyer interest keeps pace, we expect pricing to remain relatively stable through the remainder of 2025. Our team will keep you updated as the market unfolds.
Luxury Seller Insights – Timing & Pricing Matter
According to Concierge Auctions’ 10th annual luxury report, the high-end market remains resilient but requires strategy. Key takeaways include:
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Prices are climbing but remain below pandemic-era peaks (Tahoe’s average top sale rose from $12M in 2023 to $20M in 2024).
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Overpricing can backfire — homes on the market 180+ days tend to sell well below list price.
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Carrying costs add up — the average Days on Market in Tahoe for luxury homes was 388 in 2024.
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Strategic pricing is essential — Tahoe homes are currently selling for an average of 79.4% of list price, compared to the national average of 87%.
Whether you're considering selling this season or just want to talk strategy, we’re here to help you make informed, confident decisions. Let’s connect to explore what today’s market means for your goals.
Haven at Kirkwood
An exciting new project is underway at Kirkwood Ski Resort—Haven at Kirkwood, a luxury ski-in, ski-out community featuring 19 modern residences designed for short-term rentals. Nestled in the serene alpine landscape of South Lake Tahoe, Haven offers a boutique hospitality experience with year-round outdoor recreation. While these homes will not be for sale, there is a unique investment opportunity available for select investors to acquire equity in the ownership group. With land secured, entitlements in place, and construction slated to begin in 2026, Haven is poised to become one of Tahoe’s most exclusive mountain retreats. Check out this video to get a quick overview of this upcoming development: CLICK HERE TO WATCH VIDEO.
Guesthouse - Truckee's “Distributed Hotel” Concept)
An innovative new investment opportunity is taking shape in Downtown Truckee. Guesthouse is acquiring and managing 10–15 single-family homes zoned for commercial lodging and linking them through a guest services hub to form a “distributed hotel.” Backed by institutional-grade underwriting, this model offers projected returns of 9%+ and a 25% IRR. Click HERE to Read Forbes Article.
Contact me directly to learn more about any of these unique developments and projects.
The Overall & Hamilton Group is currently working on more than 20 upcoming listings that are available to purchase now as off-market opportunities. We also stay closely connected with other top agents to identify additional inventory not visible online. We are aware of upcoming listings in the following communities:
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Lahontan Golf Community
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Gray’s Crossing
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Old Greenwood
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Glenshire
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Juniper Creek
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Carson City
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Reno
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Tahoe City
If you’d like to be in the loop on any of these homes, don’t hesitate to reach out.
As we move through a year filled with change and uncertainty, I want to take a moment to express my sincere appreciation. To our clients — thank you for your continued trust. To our local colleagues and agent partners — thank you for your collaboration. And to our extended Sotheby’s International Realty family around the globe — thank you for your continued support and referral partnerships. I am deeply grateful to work alongside such a passionate and committed team at Overall & Hamilton Group.
Here's to a strong spring season and supporting each other in the months ahead.
Warmly,
Breck Overall