December 2024 Truckee Real Estate Market Report
The Lake Tahoe and Truckee real estate markets are continuing on a trend of fewer sales and decreasing inventory. Home values continue to hold steady, and the median list price in mid December is actually higher than in October and November.
This week the median list price for Truckee, CA 96161 is $1,999,500. The median list price reached a high in May of 2024 at $2,300,000 as a 7-day average and $2,700,000 over 90 days. The 90-day average for median list price in October was at $1,800,000.
Shrinking inventory has driven the median list price slightly higher. Currently, inventory is at 106 units and the median list price of new listings is $1,650,000.
The price per square foot has held relatively steady at $743 per square foot. In August, the average number of days on market was at 80 days. In December this number has risen to 134 days. Although homes are taking longer to sell, the shrinking inventory has buyers holding off for a better assortment of listing choices.
When we look at the number of sales, relative to inventory, the market is trending slightly toward a seller’s market. Last month, it was closer to bordering on a buyer’s market. More sales demand and fewer homes listed have contributed to a relatively long run of increasing prices.
Current supply and demand levels show no sign of prices changing from their current trend. However, there continues to be a fair amount of price reductions for existing inventory. Nearly 35% of available homes for sale in Truckee have had a price decrease.
Over the last few weeks, we have had several snow storms move through Lake Tahoe, and the ski resorts are ramping up for a busy 2024/2025 ski season. We expect sales and inventory levels tick up as we move into January and February when tourism increases in the area.
Contact me today for more information about market conditions in specific communities. There are several great properties listed at very competitive prices. I’d love to help you find the perfect mountain retreat at Lake Tahoe.
Wishing you and your family a fabulous Holiday Season and a Happy New Year!