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South Lake Tahoe Monthly Market Update, May 2024

Nanda & Jimmy Dozier

We truly understand the importance of listening, relating to our clients, communicating, being patient, problem solving and helping clients work towar...

We truly understand the importance of listening, relating to our clients, communicating, being patient, problem solving and helping clients work towar...

Jun 8 6 minutes read

What many anticipated to be a vibrant spring home-buying season has instead become a difficult ordeal for buyers already discouraged by a tough market. Home sales remained flat last month as mortgage rates and home prices continued to climb. A small positive is the increase in resale inventory, which might help slow down the rise in home prices to some degree.

Nonetheless, experts believe that the market will only regain momentum once mortgage rates fall sufficiently to make homes more affordable and motivate homeowners with low-rate mortgages to consider moving.

In South Lake Tahoe, homes are staying on the market longer and experiencing more price reductions. Additionally, more listings have been coming up on the market in the past month. This is excellent news for buyers who can afford to buy now, as they have more options and greater leverage to negotiate seller concessions.

The complexities of the current conditions mean that, now more than ever, it’s smart to lean on the guidance of an experienced local real estate agent. If you want to enter the market in 2024, whether as a buyer or a seller, let a pro lead the way for you.

If you'd like to have an idea of how much your home is currently worth, click here for an instant automatic valuation.

Stats Summary 

May  2024

$698k

Median Price

107

New Listings

38

Homes Sold

70

Avg Days on Mkt

Stats Comparison from a Year Ago

South Lake Tahoe CA

  • Median Sales Price - May 2024
    $697,500
  • Median Sales Price - May 2023
    $682,500
  • Number of Homes Sold - May 2024
    38
  • Number of Homes Sold - May 2023
    28
  • New Listings - May 2024
    107
  • New Listings - May 2023
    81
  • Total Number of Homes on the Market - May 2024
    197
  • Total Number of Homes on the Market - May 2023
    95
  • Number of Homes Under Contract - May 2024
    38
  • Number of Homes Under Contract - May 2023
    38
  • Average Days on the Market - May 2024
    70
  • Average Days on the Market - May 2023
    53
  • Number of Foreclosure Homes on The Market - May 2024
    0
  • Number of Foreclosure Homes on The Market - May 2023
    0
  • Number of Short Sale Homes on The Market - May 2024
    0
  • Number of Short Sale Homes on The Market - April 2023
    1

This Month’s Must See Home for Sale

The choice for May's must-see home of the month is 775 Tehama Dr, listed at $575,000. This property was built in 1964 and it features 2 Bedrooms / 1 Bathrooms / 848 Sq Ft. Picturesque Tahoe mountain retreat! This darling A Frame has the perfect mix of contemporary finish and classic cabin feel and was entirely re-invented just a few years ago. The main floor has a cozy living area with ceiling-to-floor windows and a Lopi wood-burning stove, a bedroom including laundry, and a full bath. Upstairs is a spacious loft-bedroom with a sitting area that overlooks the living space. Flooring is a beautiful European oak that blends perfectly. There are many charming upgrades to enjoy. There is rich color in the kitchen with stainless appliances, butcher block counters, and open shelving. A tastefully remodeled bathroom with a tile step-in shower and heated flooring for those chilly mornings! Ample off-street parking comes in handy for the winter months, and a storage shed to keep all the outdoor necessities. Outdoors, you will find a deck both in the front and back, a partially fenced back yard, a storage shed for all the necessities, and a conservancy lot to the left for extra privacy. Close proximity to Washoe State Park and a quick drive to Sierra, Kirkwood and Heavenly. Exuding warmth and charm, this place is the epitome of a Ta-Home. 

 

This Month’s Most Expensive Home for Sale

The most expensive new listing that entered the market this month was 2019 Aloha Dr, listed at  $4,325,000. This home was built in 2011 and it features 4 Bedrooms / 4.5 Bathrooms / 2,869 Sq Ft / 2 Car Garage. Fronting Tahoe Keys biggest bay with stunning views of snow capped mountains & Lake Tahoe, this home exhibits luxury & style with special features and workmanship at every turn. As you enter, the elegant yet rugged banister will lead you upstairs, there you'll be greeted by an extraordinary great-room where stone floors span throughout the living area, high ceilings with exposed craftsman style beams and glass transition the indoor and outdoor together. The well designed kitchen is surrounded by granite and natural stone hosting commercial grade appliances and a large island with 4 casual eating spaces. The lower level offers another guest bedroom, hall bath, separate bonus area perfect for a tv/den or office and a posh waterside primary suite with a spa style bath with jetted tub. Other highlights include, 2 ensuite guest rooms, waterside deck with spiral staircase, custom lighting and window coverings, skylights, in-floor heat, lush landscaping and new dock which can accommodate multiple boats and water toys. Tahoe Keys affords it's residents resort style living with an unsurpassed amenity package including, tennis, pickleball, volleyball, basketball, indoor/outdoor pools, playgrounds, numerous parks and more. 

 

This Month’s Least Expensive Home for Sale

The least expensive new listing that entered the market this month was 516 Emerald Bay #304, listed at $229,000. This building was built in 1972 and it features 1 Bathroom / 480 Sq Ft. This stunning studio condo is a corner downstairs unit located in the St. Francis of the Woods complex off of Emerald Bay Road. The owner's thought of all the details and has a great use of space including a built in Murphy bed and comes with an affordable price. The entire home was remodeled in 2018 with permits from the studs outward. Upgrades included drywall, paint, appliances, tub, sinks, drawers, ventilation, fireplace, flooring, toilet, windows, baseboards, etc. The St Francis HOA dues include maintaining the pool and outdoor spa, exterior insurance, on-site maintenance, water, refuse, laundry area, snow removal, roof repairs and covered parking. Enjoy a plethora of activities right out your door including a visit to historical Camp Richardson, Fallen Leaf Lake & Lake Tahoe, bike trails, hiking, restaurants, shopping, snow shoeing, cross country skiing, boating, etc.

 

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