Tahoe Connect - Your 2024 Q4 Market Update | Overall & Hamilton Group

Happy New Year!

Thank you for an incredible 2024! Our team deeply values your trust, loyalty, and friendship. As we look ahead to 2025, we're excited to embrace the opportunities this year will bring for buyers, sellers, and investors alike.

This year, we anticipate notable challenges with limited inventory, interest rates and securing fire insurance- factors that will undoubtedly shape our real estate market in our region. Our team remains committed to keeping you informed every step of the way, ensuring you stay ahead in this ever-evolving market.

We’re thrilled to share the highly anticipated 2024 Q4 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.

The fourth quarter of 2024 revealed a dynamic market with significant activity and shifting trends across the region. Please click the image below to review the reports.

There’s a lot of data in these reports. Below is a quick summary of the reports and key highlights and trends to keep in mind as we step into 2025:

Lake Tahoe, Truckee, and Surrounding Markets

Across Lake Tahoe, the West Shore led the way with the highest number of lakefront closings at 11 transactions. The Lakefront market as a whole saw higher sales volume compared to 2023, reflecting ongoing demand for premium real estate. While some areas experienced a slight decline in median prices, demand for quality homes remains strong.

North Shore: Median sold price was $1.125M (down 5%) with 113 properties sold — a 7% increase YOY. Homes averaged 46 days on the market.
East Shore: Median sold price declined 7% to $1.4M, while the highest sale reached $6.5M. Homes averaged 112 days on the market.
South Shore: Transactions increased 12% to 453, with a median sold price of $689K (up 1%). The highest sale reached $6M. Homes averaged 91 days on the market.
West Shore: Median sold price grew 4% to $1.12M, with a high sale of $6.7M. Average days on market climbed to 74 days.
Incline Village & Crystal Bay: Transactions rose 14%, with a median sold price of $2.28M (up 1%). The highest sale was $12.5M. Homes averaged 115 days on the market.
Truckee: Median sold price increased 2% to $1.2M, with 528 properties sold—a 10% rise YOY. The highest sale reached $23.6M. Homes averaged 50 days on the market.
Olympic Valley: Median sold price was $2.4M (down 6% YOY), while transactions surged 69%. Homes averaged 133 days on the market, with a high sale of $5.1M.

Lake Tahoe Basin LAKEFRONTS

Incline Village & Crystal Bay: Achieved remarkable growth with a median sold price of $40.5M (up 77%) and the highest sale at $62M. Transactions increased by 33%, reflecting the strong demand for ultra-luxury lakefront properties.
West Shore: Median sold price reached $7.3M (down 8%), with a significant high sale of $18.45M. Transactions surged 267%, showcasing increased activity in the region's premium real estate.
South Shore: Reentered the market with a median sold price of $2.75M. Three transactions were recorded, with the highest sale at $6.25M, indicating renewed interest in this area.
East Shore: The median sold price rose to $10.075M (up 9%), with the highest sale at $16.025M. Transactions increased by 50%, underscoring robust demand for exclusive lakefront homes.
North Shore: Median sold price remained steady at $7.3M, with the highest sale reaching $19.5M. Though transactions dipped slightly, average days on market increased substantially to 270 days, suggesting a more deliberate buying process for high-end properties.

Reno, Sparks, and Carson City Markets

The Reno, Sparks, and Carson City markets demonstrated consistent growth and strong demand:

Reno: Median sold price climbed 6% to $585,000, with a 3% increase in transactions. The highest sale reached $7.5M.
Sparks: Median sold price rose 5% to $555,000, and transactions increased by 4%. The highest sale of $1.6M underscores growing interest in higher-end properties.
Carson City: Transactions increased 19%, with a 5% rise in median sold price to $540,000. The city’s highest sale in 2024 was a remarkable $18M, showcasing its appeal to luxury buyers.

What This Means for 2025

While pricing trends varied, the consistent demand for quality properties remains strong, fueled by limited inventory and competitive market conditions. Sellers may benefit from a favorable environment, while buyers should be prepared for heightened competition, particularly in high-demand areas like Truckee and Reno.

As always, our team is here to help you navigate the market with expertise and care. Thank you for allowing us to be part of your real estate journey. We look forward to helping you achieve your goals in the year ahead!

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Sierra Sotheby's International Realty is excited to announce a new strategic partnership with Peak Ski Company. Together our brands align on our passion of innovation, client experience and a passion for the mountains and skiing. This multi-year partnership brings together two innovative, industry-leading companies focused on delivering premium experiences to those who embrace mountain living and the skiing lifestyle. We are excited to bring this partnership to our real estate professionals and their clients in our portfolio of mountain locations across the Mountain West.

READ THE PRESS RELEASE

ABOUT PEAK SKI COMPANY

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LEARN MORE

Peak Skis is excited to extend an exclusive discount off its current line of 24/25-season skis to the clients of Sierra Sotheby's International Realty sales associates. This 10% discount can be easily redeemed by using the code SierraSIR at checkout on peakskis.com or through the link below.

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Tahoe Connect - Your 2024 Q4 Market Update

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