What a difference a year makes! In December 2022, the Tahoe Sierra MLS saw a 49% decrease in single-family homes sold year over year, alongside a 121% increase in the number of homes actively listed for sale, and a 55% decrease in pending sales. The increase in supply and the decrease in sales activity, however, impacted the median price disproportionately. That figure decreased only by 16%. Interestingly, all micro-regions — with the exception of lakefronts, for which there were zero sales of single-family lakefront homes in December — showed an increase in median price compared to the previous month of November. While 2022 saw a large swing in market conditions after the Covid-induced buying frenzy settled, we expect 2023 to level off to a steadier pace as the Tahoe real estate market normalizes.
~ The Dietz Group at Tahoe Luxury Properties
