Demand continues to exceed supply in Reno-Tahoe’s domestic market


The second quarter market snapshot shows continued momentum for the Reno-Tahoe real estate market. Key findings revealed that year-over-year home sales have increased by over 100% and median prices have increased by as much as 63% in some areas.

The median price of homes in South Lake Tahoe rose 50% in the second quarter of 2021, from $ 492,000 to $ 737,000

Tahoe City, California – Demand for the Reno-Tahoe lifestyle continues to increase according to quarterly real estate reports released by Sierra Sotheby’s International Realty.

Record mortgage rates and the side effects of the pandemic, including increased visitor activity, continue to play in a fast-paced market where home sales are spinning faster than available inventory can allow.

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

A market snapshot recently compiled in the second quarter illustrates how buyers competing for a limited supply of homes affect both sales volume and prices across industries.

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

Area Increase in sales volume Increase in median house price

Squaw Valley 101% 39%

North Star 7% 44%

Carson Valley 23% 26%

Sierra foothills 42% 29%

So. Lake Tahoe 75% 50%

Truck driver 15% 63%

Renovation 11% 21%

Inclined village 52% 59%

East Bank 11% 21%

North &
West shore 37% 57%

Feathers &
Sierra County 84% 41%

* Single-family homes. Data provided by the regional multiple listing system

In Lake Tahoe, home sales between $ 1 and $ 2 million accounted for the largest percentage of sales volume, accounting for almost 48% of total transactions for the Truckee / North Tahoe area. The South Lake Tahoe hotspot fell between $ 500,000 and $ 750,000, accounting for 39% of sales. And for Reno / Carson Valley, homes between $ 250,000 and $ 500,000 were the biggest movers, accounting for almost 50% of all sales.

Second quarter 2021 median selling price by region

Squaw Valley $ 1,800,000

Northstar $ 1,677,500

Carson Valley $ 496,160

Sierra Foothills $ 553,976

South Lake Tahoe $ 737,000

Truck driver $ 1,200,000

Reno $ 515,000

Sloping village 2 $ 100,000

East Shore $ 1,527,500

North and West Shore $ 1,118,000

Feathers &
Sierra County $ 430,000

* Single-family homes. Data provided by regional multiple listing systems

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

Real estate professionals are warning buyers of the hype and urging them to avoid buying a home with major flaws or paying too much for a property. “Find an experienced, local real estate professional who knows the ins and outs of the market,” says Crezee. “Working with an inexperienced or out-of-region agent could cost you access to the best partners in the industry as well as precious time, money or maybe your dream home. “

For sellers, you should always do your homework to get the best price. The pros suggest staging the house and doing inspections and repairs ahead of time. Also, price your home competitively to attract the largest pool of buyers.

To view critical market data, including days in market and list versus sale price broken down by all neighborhoods in Reno and Lake Tahoe, visit tahoemicroreports.com.

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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; Inclined Village, 775-832-4900; Heavenly Village / State, 530-541-4002; South Lake Tahoe, 530-494-7600; Truckee, 530-587-3505; Downtown Truckee, 530-587-3500; City of Tahoe, 530-583-4004. Sotheby’s International Realty listings are marketed on the global sothebysrealty.com website.

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