Tahoe Home Prices Jump 18 Percent
Posted by Samantha Gillespie — July 10, 2018
ZEPHYR COVE, NV - The price of a home in Lake Tahoe jumped 18 percent from this time last year, making the median price of a home $679,500. Sales also continued to climb, with overall volume sold up 27 percent.
The figures are part of a quarterly report released by Lake Tahoe-based real estate agency Chase International. The numbers compare all MLS home sales from January 1, 2018 through June 30, 2018 to the same timeframe of 2017.
Million-dollar homes continue to soar. There was a 38 percent jump in homes sold for more than $1 million while homes priced under the million-mark stayed flat. Tahoe City and Incline Village saw the biggest increase in the sale of million-dollar homes, up 44 and 46 percent, respectively. Incline Village continues to have the highest median-priced home, up seven percent to $1,180,000. The price of a home in South Lake Tahoe, the lowest median on the lake, rose 12 percent to $502,500.
The East Shore experienced the largest increase in homes sold for less than a million dollars, up 63 percent. The area also had the largest increase in sales overall, with a 66 percent jump in volume sold and 47 percent in units sold.
Lake-wide sales reflect nationwide trends, as the National Association of Realtors reports that the median listing price for homes reached an all-time record in June ($299,000). The organization attributes the increase to a shortage of homes for sale and high buyer demand continuing to push asking prices.
The price of Lake Tahoe condominiums also continues to rise, with the median price up eight percent to $422,500. The overall sale of condos on the lake was up nine percent in volume.
The Lake Tahoe luxury market has soared with the over million-dollar market hotter than it has been in years, said Susan Lowe, Chase International senior vice president.
The median price of a home in Truckee rose ten percent to $737,500, with units sold for more than a million up 49 percent. Homes selling for less than $1 million was down eight percent.
About Chase International
Headquartered in Lake Tahoe, Nevada since 1986, with nine offices in the region (Zephyr Cove, Glenbrook, Incline Village, Tahoe City, Truckee, South Lake Tahoe, Carson Valley, Reno and Sparks) and one in London, England, Chase International and its exclusive affiliations handles a large share of the country’s property. With more than 350 professional Realtors® boasting an array of industry certifications and the highest volume per sales agent in the area, Chase International successfully represents homes at all price levels. For more information visit ChaseInternational.com