South Lake Tahoe Monthly Market Update, November 2023
Potential homebuyers received welcome news this week as mortgage rates dropped below 7% for the first time since August. With the Fed signaling in its most recent meeting that rate cuts may be coming in 2024, mortgage rates are expected to continue falling.
Yes, inventory is still limited. But chances are, you're only looking to buy one home. If you find it, you're set. So keep doing what you've been doing -- continue to keep an eye on listings and get ready to pounce when your real estate agent tells you about a home that's hit the market. At the same time, keep crunching the numbers to make sure you don't end up with a home you can't comfortably afford.
Meanwhile, if you're interested in selling your home, you're in a good spot. Due to limited inventory, properties in our region are experiencing shorter time on the market and are consistently selling for approximately 98% of their asking price on average.
In South Lake Tahoe, the median sales price has seen a notable increase compared to November 2022. The number of homes sold in November 2023 has been relatively similar compared to the previous year. On a positive note, the number of new listings entering the market in October 2023 has surged by 145% compared to the previous year, and the inventory level has risen by 39% when compared to 2022."
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 - November 2023$756,500
- Median Sales Price - November 2022$705,000
- Number of Homes Sold - November 202336
- Number of Homes Sold - November 202230
- New Listings - November 202349
- New Listings - November 202220
- Total Number of Homes on the Market - November 2023152
- Total Number of Homes on the Market - November 2022109
- Number of Homes Under Contract - November 202338
- Number of Homes Under Contract - November 202222
- Average Days on the Market - November 202363
- Average Days on the Market - November 202274
- Number of Foreclosure Homes on The Market - November 20230
- Number of Foreclosure Homes on The Market - November 20220
- Number of Short Sale Homes on The Market - November 20231
- Number of Short Sale Homes on The Market - October 20220
This Month’s Must See Home for Sale
The choice for September's must-see home of the month is 709 Lakeview Ave #16, listed at $1,300,000. This property was built in 1971 and it features 2 Bedrooms / 1.5 Bathrooms / 1,352 Sq Ft. Introducing this exquisite 2-bed, 1.5-bath lakefront oasis spanning 1352 sq ft with unparalleled views of Lake Tahoe from every window. Revel in the luxury of living right on the serene shores, boasting exclusive pier access and access to a refreshing pool through the HOA amenities. This captivating residence offers a harmonious blend of convenience and tranquility, situated mere minutes from restaurants, shopping, and the vibrant energy of Stateline, yet cocooned in a peaceful ambiance that feels secluded and revitalizing. Embrace the allure of lakeside living, where the splendor of Lake Tahoe becomes your everyday backdrop, making this home an idyllic sanctuary for a life of comfort and scenic beauty.
This Month’s Most Expensive Home for Sale
The most expensive new listing that entered the market this month was 222 Beach Dr, listed at $6,200,000. This home was built in 1984 and it features 4 Bedrooms / 4.5 Bathrooms / 4,614 Sq Ft / 2 Car Garage. Exclusive Waterfront Estate: a Blend of Warmth and Elegance. Amazing custom-built Tahoe Keys waterfront estate now offered for the first time by its original owner. Situated on the water at the end of coveted Beach Drive with full southern exposure, this comfortably elegant home is surrounded by stunning 360-degree views of the mountains and the lake. With more than 4,600 square feet of living space on two levels, enjoy water views from almost every window in this exclusive property. Designed for the year-round classic Tahoe lifestyle where memories are made relishing life in luxury at the Lake, enjoy 4 bedrooms, 4.5 baths, separate office and two open family areas. The secondary living area has direct access to the backyard and is steps to the extremely rare private deepwater dock that accommodates 6 boats.
This Month’s Least Expensive Home for Sale
The least expensive new listing that entered the market this month was 1223 Bonanza Ave #17, listed at $300,000. This property was built in 1965 and features 2 Bedrooms / 1 Bathroom / 871 Sq Ft. This cozy but spacious condo now available in Corte D'Azur complex. Residence is turn key, fully furnished with views of Bonanza Neighborhood Park and ready for your personal belongings to call this home. Close to all the amenities you will ever need and just minutes away from Tahoe's beaches and skiing. Completely remodeled down to the studs within the last five years, new stove and one of the only units with inhouse washer/dryer for your convenience. Tahoe living at a price you can afford. Why rent when you can buy with a mortgage less than market rents. An ideal affordable starter home or a great option for a 2nd home.
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