Lake Tahoe remains a highly sought-after luxury market, but a tumultuous one. 2024 saw a recovery after the extraordinary 2021 spike where the average top sale equaled $35M. After bottoming out at $12M in 2023, the average sales price in 2024 has rebounded to a healthy $20M. The years after 2021 were not only marked by lower average sale prices, but also higher Days On Market (DOM). The top 10 properties in 2023 were on the market for 677 days, on average. *This is skewed by one outlier that took almost 10 years to sell. Even without this outlier, the rest of the market took 490 days to sell, on average. In 2024, this was reduced to 388 DOM.
Highlights
67% recovery in average sales price from 2023 to 2024
388 days average time on the market in 2024, improving from 490 days*
79.4% sales-to-list price ratio in 2024, the lowest in the past 6 years
Back from a dip
With the decline in DOM comes an unexpected decline in the sales-to-list price ratio, but an increase in average sale price. Lake Tahoe properties fetch lower percentages of their list prices than the Northwest Coast region and the broader US market. On average, Lake Tahoe achieved only 81.6% and 79.4% of list price in 2023 and 2024 respectively. Compared to the US market average of approximately 87% during the same period. The massive price spike in 2021 likely contributed to sellers maintaining optimistic pricing expectations, even as the market had already begun its downward trend.
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