The Tahoe Truckee real estate market began 2025 with strength, fueled by a surge of premium activity and record-setting sales across several of the region’s most coveted resort communities. While overall transaction volume remains below historic norms, average and median home prices have reached new highs, highlighting the continued resilience of the upper end of the market.
Much of this early momentum was driven by tight inventory and pent-up demand—particularly among buyers less sensitive to interest rates. Average and median prices hit all-time highs of $1.7M and $1.154M, reflecting year-over-year gains of 5% and 6%. These figures are heavily skewed by high-end performance: sales over $2M now account for 23% of all transactions, while those over $5M comprise nearly 5%, both up notably from a year ago. While homes under $1M have declined to just 44% of regional sales, highlighting ongoing constraints for buyers at the lower end of the market.
Tahoe Mountain Realty has been at the forefront of this premium resurgence, including the highest-priced sale ever recorded in Truckee at $23.6M in Martis Camp, along with landmark transactions in Lahontan and Mountainside at Northstar. These sales illustrate renewed urgency among high-net-worth buyers who had previously remained on the sidelines but are now seizing the moment across Tahoe’s resort markets.
While the first quarter was defined by concentrated high-end activity, the second quarter brought a broader sense of balance. Entry and mid-tier sales began to gain traction, and available inventory climbed to 600 residential listings—the highest level since 2019. This rise includes both new inventory and a wave of properties returning to market after being paused during 2024’s slower, election-impacted season.
Historically, the back half of the year delivers nearly twice the transaction volume of the first. With longer days, improved access to properties, and a more active buyer pool, September and October often mark the peak of market activity. While inventory growth could encourage more negotiation from sellers, many remain anchored by low-interest mortgages, limiting the extent of widespread pricing shifts and supporting overall market stability.
While the data tells an important story, the Tahoe lifestyle continues to be the region’s most enduring value. The natural beauty, year-round recreation, and deep sense of place remain powerful drivers of long-term demand—regardless of market conditions.
