Sugar Bowl
Sugar Bowl is a premier mountain resort that began with a simple idea amongst friends – what if we bought a mountain so that we all can ski together? This idea became the foundation of a village that went on to pioneer the California ski culture we know today. A close-knit community of mountain enthusiasts grew around this shared vision, fostering ski traditions, and creating a unique, charming Village for friends and family to enjoy for generations to come. Property offerings span from cozy cottages and convenient condominiums to expansive mountain lodges anchored by facilities designed to enhance the mountain lifestyle.
SNOWBOUND VILLAGE: STEP OUT YOUR DOOR ON TO THE TRAILS
Villagers love their quick & easy access to Sugar Bowl’s four distinct peaks with 103 trails meandering across 1,700 skiable acres of jaw-dropping terrain, plus the endless backcountry access beyond the ropes. All of this, generously blanketed in Tahoe’s deepest annual snowfall. From gentle and accommodating trails to steep and challenging slopes, Sugar Bowl’s vast and varied terrain both impresses and inspires.
2025 Annual Tahoe Mountain Report
2025 proved to be a year of sorting for the Tahoe Truckee real estate market. Headline results appeared mixed: average home prices rose 8% year over year, driven by exceptional strength at the top of the market, while the median price edged down slightly by 0.5%. Transaction volume increased 8% from 2024 but remained approximately 11% below long-term historical averages.
Beneath these surface metrics, a distinctly K-shaped market emerged. Elite segments surged to record levels while other tiers moved more deliberately, creating a clear separation between premium, utility-driven homes and those more sensitive to pricing and interest rates.
Luxury led the story. A record number of homes sold above $10 million as Northern California’s wealthiest families continued to prioritize Tahoe lakefronts and private communities such as Martis Camp. On the Nevada side of Lake Tahoe, favorable tax conditions further accelerated demand, pushing trophy properties to record pricing—often without ever reaching the open market. In total, 23 properties traded above $10 million, making 2025 the strongest year on record for eight-figure sales. Several communities, including Schaffer’s Mill, Lahontan, and Northstar, achieved all-time highs, while Martis Camp recorded its second-ever sale above $20 million.
While the top tier flourished, other segments experienced a more measured pace. Interest-rate sensitivity and broader economic realignment led to longer decision cycles, even within historically strong neighborhoods. In some communities, newly built or best-positioned homes set records while resale inventory accumulated with longer days on market.
Across mid-tier communities such as Gray’s Crossing, Old Greenwood, Tahoe Donner, and Northstar, transaction volume edged higher as pricing adjusted away from peak pandemic-era levels. This shift was driven not by seller distress, but by strategic repositioning and opportunities to redeploy equity. At the entry level—where pricing now approaches $1 million in much of the region—sales remained constrained by a continued lack of quality inventory.
In total, the market recorded 1,252 transactions and more than $2.2 billion in dollar volume, the third-largest year on record, with over half of all sales closing above $1 million.
Ultimately, pricing in 2025 was set by use and utility rather than momentum. Buyers prioritized lifestyle, location, and quality. Homes that delivered held value; those that didn’t adjusted. Looking ahead to 2026, modestly higher inventory and realistic pricing expectations point toward a market positioned for steady, sustainable activity—grounded in real demand rather than speculation.Top of Form
