Demand continues to outpace supply in the Reno Tahoe home market

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The second quarter snapshot shows continued momentum for the Reno-Tahoe real estate market. Key results showed that home sales increased more than 100 percent year-over-year and average prices in some areas increased by as much as 63 percent.

The average home price for South Lake Tahoe rose 50 percent from $ 492,000 to $ 737,000 in the second quarter of 2021

Tahoe City, California – Demand for the Reno Tahoe lifestyle continues to boom, according to quarterly property reports from Sierra Sotheby’s International Realty.

Record low mortgage rates and pandemic-related side effects, including spikes in visitor activity, continue to impact a fast-paced market where home sales are spinning faster than available inventory can accommodate.

“Over the past year, everyone has been taking a closer look at their priorities, where they want to live and spend their time,” said Brit Crezee, Marketing Director at Sierra Sotheby’s International Realty.

A recent snapshot of the market for the second quarter shows how buyers competing for a limited supply of homes affect both sales volume and prices across all sectors.

The largest year-over-year increases in average home prices were seen in Truckee (63%), Incline Village (59%) and North & West Shore (57%). Reno and the surrounding area also posted clear double-digit growth.

Increase in area in sales volume Increase in the average home price

Squaw Valley 101% 39%

North Star 7% 44%

Carson Valley 23% 26%

Sierra foothills 42% 29%

Sun Lake Tahoe 75% 50%

Truck driver 15% 63%

Reno 11% 21%

Village gradient 52% 59%

East coast 11% 21%

North &
West bank 37% 57%

Plums &
Sierra County 84% 41%

* Single family homes. Data from the regional multiple listing system

In Lake Tahoe, home sales between $ 1 million and $ 2 million accounted for the largest percentage of sales volume, accounting for nearly 48 percent of total deals for the Truckee / North Tahoe area. The hotspot for South Lake Tahoe fell between $ 500,000 and $ 750,000 and accounted for 39 percent of sales. And for Reno / Carson Valley, homes between $ 250,000 and $ 500,000 were the largest moving companies, making up nearly 50 percent of all sales.

Q2 2021 median sales price by region

Squaw Valley $ 1.8 million

$ 1,677,500

Carson Valley $ 496,160

Sierra Foothills $ 553,976

South Lake Tahoe $ 737,000

Truckee $ 1,200,000

Reno $ 515,000

Incline Village $ 2.1 million

East Bank $ 1,527,500

North and West Banks $ 1,118,000

Plums &
Sierra County $ 430,000

* Single family homes. Data from regional multiple listing systems

The uptrend is good news for sellers, but bad news for potential homebuyers looking to own their slice of paradise.

Real estate professionals warn buyers about getting involved in the hype and urge them not to take over a home with major defects or to overpay for a property. “Find an experienced, locally based real estate professional who knows the ins and outs of the market,” says Crezee. “Working with an inexperienced or unfamiliar agent can cost you access to the best industry partners, as well as valuable time, money or maybe your dream home.”

For salespeople, you still have to do your homework to make top dollars. The professionals suggest staging the house and doing inspections and repairs in advance. Also, evaluate your home competitively to attract the largest number of buyers.

Visit tahoemicroreports.com for critical market data, including the days in the market and the listing versus selling price, broken down by each neighborhood in Reno and Lake Tahoe.

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For more information, visit www.sierrasothebysrealty.com, search @SierraSIR on Twitter, follow us on Facebook, or call one of our offices: Reno, 775-384-6900; Squaw Valley, 530-581-1800; Schrädorf, 775-832-4900; Heavenly Village / Stateline, 530-541-4002; South Lake Tahoe, 530-494-7600; Truckee, 530-587-3505; Downtown Truckee, 530-587-3500; Tahoe City, 530-583-4004. Sotheby’s International Realty offers are marketed on the global website sothebysrealty.com.


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