Opportunity in Tahoe and Reno Real Estate Market

The Lake Tahoe and Reno real estate market is right in step with national trends, as our third quarter report shows little increase in sales and prices. Truckee, however, continues to show signs of life with strong sales in million-dollar homes and average prices relatively un-phased by the rest of the market.

Truckee seems to be the anomaly, offering some positive indicators. The average price of a home in Truckee was up two percent to $825,312 and the median price held steady at $631,000. Homes sold under the million-mark were down 14 percent while homes sold for more than $1 million jumped 33 percent. Overall volume sold in Truckee was down five percent and units sold were down six percent. 

Here are some year to date stats for the Truckee area. It’s encouraging to see that for homes sold in Tahoe Donner, there was a 43% increase in home sales (31 in 2007 and 55 in 2008). For condo sales so far, there is a 25% increase in sales this year (6 in 2007 and 8 in 2008).