First Quarter 2022 market snapshot for Reno, Truckee, Lake Tahoe and surrounding areas show continued upward movement across all sectors.
Tahoe City, CA (April 6, 2022) – First quarter of 2022 market snapshots compiled by Sierra Sotheby’s International Realty illustrate how limited supply continues to drive sales prices upward across nearly all sectors.
In a time that is traditionally recognized as a “slower” season for regional real estate, demand for the Sierra lifestyle continues to eclipse the rising cost to purchase a home in the region’s lake, golf, equestrian and ski resort communities. The fierce competition for available inventory that defined 2021 continues into the new year across all Reno / Tahoe price points. Multiple offer situations and aggressive bidding are driving competitively priced homes into contract in days while the market is meeting overly ambitious sellers with prolonged days on market.
For consecutive quarters, Palisades Tahoe/Alpine Meadows continued to see the biggest uptick in median price (67 percent) while Reno showed the next most significant price gains (23 percent). At the Lake, Incline Village was up 17 percent, North and West Shore were up 16 percent and East Shore was up 11 percent. Truckee showed a 14 percent bump with a new median home price of $1,425,000. Click here to see all Reno-Tahoe market data broken down by region.
In North Tahoe and Truckee, homes between $750,000 and $1.5 million made up the highest percentage of sales volume, accounting for 43 percent of total transactions. The most active sector for South Lake Tahoe fell between $500,000 and $1 million, which made up 59 percent of sales. And for Reno/Carson Valley, homes between $250,000 and $750,000 were the biggest movers accounting for nearly 71 percent of total sales.
At the higher end of the market, sales between $2 and $5 million made up 56 percent of transactions in Incline Village, while homes priced between $1 and $2 million accounted for another 25 percent of sales for that market. One hundred percent of home sales in Olympic Valley during first quarter 2022 sold for more than $2 million. For South Lake Tahoe, 10 percent of sales were over $1.5 million while Reno’s emerging luxury market showed 14 percent of closed transactions were over $1 million in Q1 2022.
Click here to see the full distribution of sales volume broken down by region.
We expect to see inventory levels improve as snow melts and more prospective sellers evaluate their equity proposition. Until then, limited supply and pent up demand is pointing to an active and competitive year ahead for area buyers and sellers. Heading into second quarter, the expectation for sellers is to be prepared to come to market with disclosures and inspections in-hand. For buyers, seasoned agents advise serious contenders 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 Sierra Sotheby’s International Realty.