August 2025 Recap & Fall Outlook
The Tahoe–Truckee real estate market surged in August, producing the most active month of 2025 so far. A total of 146 residential properties closed, representing nearly $269 million in sales volume. Both the pace of closings and the sheer dollar volume reflected not only the region’s usual summer strength but also a decisive role played by luxury buyers at the very top of the market.
The median price settled just above $1.1 million, while the average climbed to $1.84 million —a six percent gain compared to August of last year. Days on market averaged just over five weeks, with sales spanning from a $300,000 cabin to a $15.5 million estate — a vivid illustration of the market’s dramatic split.
A Market Led by Luxury
The character of August’s market was defined by the upper tiers. Just 15 homes priced above $3 million accounted for more than 40% of total dollar volume. Of these, nine closed above $5 million, with a median price landing near $8.5 million.
Four properties transacted between $11- $15 million nearly doubling the year’s total of 8-figure sales. These included three Tahoe lakefronts and a Martis Camp estate home , complemented by two more sales in each community that landed just shy of $10 million.
By contrast, the entry-level and lower mid-market remained steady and highly liquid. Homes under $2 million made up nearly four out of every five closings, selling quickly with median days on market around 36 days. While these properties formed the foundation of overall activity, they exerted little upward pressure on pricing.
The mid-tier — homes in the $2–3 million range — was a soft spot. With only 15 sales and a median time on market of 51 days, this segment lagged behind both the lower and upper ends.
Pricing and Active Inventory
The rise in average price is not the result of broad inflation across every tier but rather the influence of luxury sales. When measured against Augusts of the past three years, the market produced roughly the same number of sales but generated more than 20 percent additional volume.
Pricing accuracy played a role in maintaining velocity: homes sold at a median of 95 percent of their original asking price, only modestly below list, with little evidence of widespread discounting. Sellers generally came to market with prices buyers were willing to meet.
That said, the supply side is beginning to shift. Active inventory now stands at 682 listings, the highest point of 2025. While this figure does not overwhelm demand, it does expand choice for buyers, particularly in the luxury and resort segments. Certain submarkets show inventory levels well above their typical absorption, suggesting buyers may find more negotiating leverage there. In contrast, perennial favorites like Tahoe Donner and Old Greenwood remain relatively tight, with active inventory running below their historic
Historical Context
Compared to the same month last year, August 2025 delivered more sales, greater volume, and higher prices. Units closed rose by eight percent, dollar volume climbed nearly 15 percent, and the average sale price advanced by six percent. Against the broader backdrop of the past several years, August 2025 looks even stronger: volumes exceeded 2022, 2023, and 2024, and only the extraordinary pandemic-era surge of 2020–2021 eclipses this summer’s results.
Looking Ahead
September is traditionally one of the busiest months in Tahoe–Truckee, and all indications suggest another strong showing. Based on historical trends and current momentum, September is likely to produce between 130 and 150 closings and roughly $240–260 million in sales volume. Median prices should remain in the $1.1–1.2 million range, though additional luxury closings could lift averages higher.
As autumn progresses, the market will begin to transition. Sellers who have not yet secured a buyer often reduce prices in September and October, as the window to transact before winter grows short. With inventory at its peak, buyers may have more room to negotiate, particularly in segments where supply now exceeds recent sales activity. Price reductions typically peak this time of year, and the ratio of sale price to original price may slip slightly from August’s 95%. By November and December, seasonal slowing will take hold, with monthly closings historically falling to 40–60 units.
Even with that seasonal slowdown, 2025 is on track to finish ahead of 2024 in both units and dollar volume. Thanks largely to the strength of the luxury segment, year-end prices are expected to land five to eight percent higher than a year ago.
Key Takeaways
The Tahoe–Truckee market enters fall from a position of strength. August confirmed both the depth of demand in the lower tiers and the vitality of luxury buyers at the top. Homes priced accurately are selling swiftly, reductions are not yet driving the story, and buyers continue to commit to significant purchases. Yet with inventory now at its highest level of the year, the next several weeks will determine whether that added choice results in greater leverage for buyers — or if demand continues to absorb the new supply.
