Laurie Johnson

Luxury Real Estate News | Lake Tahoe

lake tahoe shoreline

The luxury real estate market in Lake Tahoe continues to outpace other segments. While lakefront and luxury sales are generally unaffected by changing mortgage rates, sales do follow stock market activity.

Many purchases are from stock trades. In that sense, the stock market reacts and even bets on changes the FED makes to its monetary policy. 2023 has been a great year for the stock market. Many economists and investors are betting that the FED will be less aggressive in interest rate hikes in the future. In response, the market has rallied.

The luxury home sector is also less affected by economic changes because of less dependence on the job market, and buyers with more geographical flexibility. Additionally, home purchases in Lake Tahoe are also part of a multi-home portfolio for investors or homebuyers. Many luxury buyers have 2,3 or even 4 vacation properties.

An article in the Wall Street Journal today focused on the Lake Tahoe luxury market and showcased Glenbrook, which holds the highest median sale price in the entire US. Other pricey areas of Lake Tahoe include Incline Village and the charming legacy estates on the west shore.

Another change in luxury home sales includes more emphasis on outdoor living space and home offices. The pandemic changed how people work, and they are no longer commuting to offices. Homes with an emphasis on bringing the outdoors into the flow of the workspace are popular.

A recent sale in Martis Camp at $8.8 million featured an office with a patio. Another in Martis Camps sold recently for $8.6 million, and featured an office with bay windows, and rustic wood floors. In fact, office space is a common remark in listing information , which hadn’t happened before.

According to Forbes, the Lake Tahoe real estate market showed the same number of sales in June and July as the first five months of the year combined. “Settling into Q3, the market’s distinct V-shaped trajectory during the first half of 2023, combined with historical patterns, suggests there may be even more activity in the months ahead.”

During 2023, properties in Truckee priced below $1 million received multiple offers and closed at 101% of asking price. Well-priced homes are seeing multiple offers and of the 80 properties sold in Truckee in the last 30 days, 18 were between $2 and $4 million and 6 were over $4 million.

Contact me today for more information on the Lake Tahoe luxury market. I can provide a no-obligation home valuation or a list of available properties for sale in the Lake Tahoe and Truckee luxury market.




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