Lake Tahoe Real Estate is Off to a Great Start in 2024
The first quarter of 2024 is off to a great start, with more action than the first quarter of 2023.
The number of sold single family homes in the greater Lake Tahoe area was up 48% from the first quarter of last year, with the number of condos sold up 30% from last year. That is a good sign that the market is strong in our area and that homes are available and buyers are looking to act.
The average home price in Lake Tahoe is up 15% this year, with homes under 1M up 41% and Condos under 1M up 38%. What this indicates is that real estate in the Greater Lake Tahoe area is still in high demand.
Reno Sparks Carson
In the surrounding areas Reno, Sparks, and Carson all saw gains in the first quarter of 2024 as well. These areas, like the Tahoe area, are also in high demand but for different reasons. Tahoe and Truckee property sales are primarily for vacation homes which continue to show high demand year over year. Reno, Sparks and Carson home sales are primary residence sales and these areas are seeing significant growth due to an increased demand from people moving from California to the area for work in the areas large commercial and industrial developments, as well as people wishing to relocate or retire for affordability of homes, lower cost of living and no income tax.
The Bottom Line
Currently we are seeing an increase in new listings coming on the market, and as we head into the second quarter of 2024 we are feeling optimistic that the real estate market for the Greater Lake Tahoe area, as well as Reno, Sparks, and Carson will be strong.
Please give us a call if you have any questions and would like to discuss your real estate plans.
See the FULL Lake Tahoe and Reno/Carson Market Report for Q1 2024
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