South Lake Tahoe Monthly Market Update, March 2022
Freddie Mac reported that the average 30-year fixed mortgage rate hit 4.67%. Just one week earlier the rate was at 4.42%. Meanwhile, back in December it was 3.11%. Soaring mortgage rates, of course, are an immediate hurdle to the demand side of the market. Rising mortgage rates mean some borrowers will lose their mortgage eligibility. Borrowers who do maintain their mortgage eligibility could still be deterred by the additional cost it adds to their payment.
But industry insiders say we shouldn't pencil in a housing crash. Instead, many housing analysts say rising mortgage rates should be enough to cool down the market—but not enough to crash it. As buyers back off a bit, that could allow inventory to rise. If the number of U.S. homes for sale, which is still 48% below its pre-pandemic level, can tick up, that might be enough to break the frenzy that has sent the housing market into unsustainable levels of price appreciation.
In March, our current inventory was still low with a total of 136 homes on the market. However, 48% of these homes were under contract. Leaving our housing inventory with a total of only 65 homes available. That's 63% less inventory compared to March 2020. There were 88 new listings coming up on the market last month, compared to 62 new listings in March last year.
If you'd like to have an idea of how much your home is currently worth, click here for an instant automatic valuation.
Avg Days on Mkt
Stats Comparison from a Year Ago
South Lake Tahoe CA
- Median Sales Price - March 2022$775,000
- Median Sales Price - March 2021$750,000
- Number of Homes Sold - March 202255
- Number of Homes Sold - March 202183
- New Listings - March 202288
- New Listings - March 202162
- Total Number of Homes on the Market - March 202265
- Total Number of Homes on the Market - March 202165
- Number of Homes Under Contract - March 202271
- Number of Homes Under Contract - March 202168
- Average Days on the Market - March 202242
- Average Days on the Market - March 202144
- Number of Foreclosure Homes on The Market - March 20220
- Number of Foreclosure Homes on The Market - March 20210
- Number of Short Sale Homes on The Market - March 20220
- Number of Short Sale Homes on The Market - March 20210
This Month’s Must See Home for Sale
The choice for March's must-see home of the month is 1464 Sterling Ct, listed at $1,399,000. Beautiful lake view home in one of the most desirable areas of Lake Tahoe. Located on a private cul de sac in the highly coveted upper Heavenly neighborhood. Situated on a large boulder studded lot adjacent to forest service land. Enjoy stunning lake views from the large great room that features open beam ceilings and a wall of windows. Appreciate the breathtaking sunsets and stars from the expansive front and back decks with Trex decking. Features include an upgraded kitchen with custom cabinetry, granite slab countertops, wood flooring, new interior paint, hot tub, heated driveway, storage shed, whole house fan and a greenhouse. Easy access to everything Tahoe has to offer.
This Month’s Most Expensive Home for Sale
The most expensive new listing that entered the market this month was 2205 Inverness Dr, listed at $3,888,000. This home was built in 2022 and it features 5 Bedrooms / 5 Bathrooms / 3,241 Sq Ft / 2 Car Garage. Luxurious brand-new waterfront home in the Tahoe Keys! This mountain-modern residence boasts 5 bedrooms and 5 full bathrooms including 3 master suites, in-floor heating, and more! The spacious great room features 18' ceilings with floor-to-ceiling windows, porcelain tile flooring, and a stunning gas fireplace. Two 12' opening doors extend the living area outdoors to the massive patio that features a built-in BBQ, gas fire pit, and leads to the overwater deck and boat dock. The chef's kitchen has custom alder cabinets, granite and quartz slab counters with seemingly unlimited counter space, a pantry, and ultra-high-end Heston and Viking appliances including a 48 gas range and a built-in fridge. Each bathroom and suite boasts extravagant tilework and lavish fixtures throughout.
This Month’s Least Expensive Home for Sale
The least expensive new listing that entered the market this month was 1281 Bonanza Ave #2, listed at $299,000. This condo complex was built in 1965 and it features 2 Bedrooms / 1 Bathroom / 832 Sq Ft / Carport. Located in the up and coming neighborhood at the Y, this affordable and turnkey condo is within walking distance to hiking/biking trails, the Bonanza community park, popular breweries, restaurants and shopping. Pride of ownership shows throughout this property. This condo was meticulously remodeled and most buyers would agree that it's attractive features would make it a great asset. The stunning kitchen highlights brand new butcher block countertops, stainless steel appliances, new cabinets, and a backsplash that pops with vibrancy. The bathroom is adorned with a new tub, surround, curved glass doors, and an elegant vanity with a vessel sink. Other upgrades include newer laminate flooring, new paint, new light fixtures, and beautifully crafted wood details and trims throughout. This unit comes with an assigned carport.
Search Homes for Sale
See a list of all the properties that are currently for sale in South Lake Tahoe
What's My Home Worth?
Find out what your home is worth in today's market by requesting a home value report