Limited Supply Continues to Fuel Home Prices in Reno-Tahoe

Quarterly Best Q3 2021 | Sierra Sotheby’s International Realty
October 11, 2021
Q3 market snapshot shows record breaking real estate activity despite threats of wildfire and unsafe air quality that brought regional resort towns to a near stand-still .

Tahoe City, CA (Oct. 11 2021) – The Reno-Tahoe market continues to be defined by a fast-paced activity where home sales are turning over more quickly than available inventory can accommodate. Despite threats of wildfire and unsafe air quality that brought regional resort towns to a near stand-still, third quarter proved to be one of the most active selling seasons to-date for area real estate.

Year-to-date market snapshots compiled by Sierra Sotheby’s International Realty illustrate how limited supply is driving volume down while sale prices across all sectors continue to climb.

The biggest year-over-year increases in median home prices took place in Squaw Valley/Alpine Meadows (52%), North & West Shore (44%) and Incline Village (40%). Reno and surrounding areas also showed significant double-digit gains. Click here to see all Reno-Tahoe market data broken down by region.

*Single Family Homes. Data supplied by regional Multiple Listing System

In North Tahoe and Truckee, homes between $750K and $1 million made up the highest percentage of sales volume, accounting for 30 percent of total transactions. The biggest movers for South Lake Tahoe fell between $500,000 and $750,000, making up 35 percent of sales. And for Reno/Carson Valley homes between $250,000 and $500,000 were the biggest movers accounting for nearly 46 percent of total sales.

At the higher end of the market, sales over $2 million made up 49 percent of transactions in Incline Village. Sixty five percent of home sales in Olympic Valley were between $1.5 and $5 million.  In the North Tahoe and Truckee area, sales over $5 million doubled as compared to this time last year while sales over $10 million tripled while Reno’s emerging luxury market showed 13 percent of closed transactions were over $1 million.

Click here to see the full distribution of sales volume broken down by region.

*Single Family Homes. Data supplied by regional Multiple Listing Systems

Heading into fourth quarter, seasoned agents advise buyers to be prepared to act quickly on competitively priced homes. Be patient and trust that the right home will come along at the right price before paying too much in a frenzied market.

To see critical market data including days on market and percentage of list to sale price broken down by all Reno and Lake Tahoe neighborhoods visit tahoemicroreports.com.

 

sierrasothebysrealty.com

 

 

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