By Holly O’Driscoll
Not all homes around or near Lake Tahoe sell for more than $1 million, but many do and activity in that price bracket pushed overall sales in the region up 8 percent for the first quarter of 2016.
Here’s an interesting data point behind the numbers: Sales of homes priced above $1 million jumped 11%, while the number of homes sold that were priced lower dropped 9%!
How often does that happen?
These numbers are part of a report released by Chase International Real Estate,comparing all MLS sales from January 1, 2016 through March 31 to the same time frame of 2015.
- Biggest increase: Incline Villagesaw the biggest jump in sales and a 19% rise in the median sales price to $949,000
- Losing ground: Tahoe Citywhere sales were down and prices dropped 3% to $529,950.
- Most affordable:South Lake Tahoe with a median home price of $393,000 (up five percent) and average price of $453,830 (up two percent).
- Hot Hot Hot:Truckee saw a 110% leap in homes selling for more than a million and 25% increase in homes selling for under a million. The median price of a home rose 13% over last year’s numbers at this time, to $655,000.
Truckee and Incline Village are less than 30 minutes from Reno and serve as the gateway to the rest of the communities around Lake Tahoe. Spectacular scenery and outdoor adventures surround every home. It’s why we love living here!