The real estate market in Incline Village-Crystal Bay is red hot! This spring, the region closed the season by tripling its median home price as more people relocate to the area. The median sales price for a home in Incline Village and Crystal Bay was $2.53 million in April, nearly triple the number from just a year ago according to the data from Multiple Listing Service (MLS).
An increase in demand means that more and more properties are being snapped up quickly. The typical property spent a mere 58 days on market in average in April, down significantly from 200 days in April last year. The Bay Area has brought an influx of cash buyers, leaving their mark on the Tahoe real estate market. Between the appeal of wanting to live in Nevada for the taxes (and abundance of other reasons) and people moving away from larger cities, it’s the perfect opportunity to find your dream home in Lake Tahoe.
Homes priced $2 million and up accounted for nearly 40% of all sales in April, a huge increase form ZERO sales in April 2020 as the COVID-19 pandemic temporarily froze the market. Through most of 2019, luxury homes comprised less than 10% of sales in Incline Village-Crystal Bay. This year, the highest sales price recorded so far in Incline Village has reached a whopping $22 million for a 5,163-sqft. lakefront property with four bedrooms and seven bathrooms.
Because Incline is one of the highest-priced areas around the lake, the demographic of sellers are Baby Boomers who bought in the 1960s and 1970s who are now selling their homes to Gen X’ers and Millenials. A shift like this occurs in the market only every 40 to 50 years.
Throughout the first three months of 2021, the median price in Tahoe rose to $1,135,000. Now with the April data, the median price is up 57% from 2020 and a record high for the region overall. Sales volume has also increased by 37%. However, it’s also important to keep in mind that with a smaller sample size of homes the numbers are more susceptible to these large changes. Our expectation is that prices will continue to rise due to the increased demand.
With that being said, in today’s seller’s market if you have been waiting to list your home to maximize its value now is the perfect time. Our team is ready and available to help seven days a week – give us a call at (775) 849 – 9444.