The nation’s overall housing supply remains limited, as those who purchased homes in recent years at extremely low mortgage rates are staying put. This tight inventory has kept prices from seeing deeper declines, making homes still unaffordable for many, especially first-time homebuyers.

Even though home prices remain high year-over-year, they’re not as eye-popping as they were earlier this year. How far home prices dip in 2023 will likely depend on where mortgage rates go.

In South Lake Tahoe the median sales price is up 7% compared to the same month last year. The amount of homes sold in December is down 46% compared to a year ago. The number of homes on the market continues to be very low, hopefully we'll start seeing more listings coming up on the market in the Spring.

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This Month’s Must See Home for Sale

The choice for December's must-see home of the month is 706 Tehama Dr, listed at $572,000. This property was built in 1976 and it features 3 Bedrooms / 2 Bathrooms / 1,424 Sq Ft. Classic Tahoe chalet set on a boulder strewn .31 acre lot, with a Forest Service lot adjacent. As you enter the living room your eyes are drawn to the high vaulted ceilings. The setting makes you feel like you are deep in the woods. The main level includes the open kitchen, 2 bedrooms and a full bath. Upstairs is the third bedroom and second bath. This North Upper Truckee location is a favorite of locals and second home owners for the peaceful quiet settings. Perfect for those to that love to ski at Sierra at Tahoe, or know the back way into town for shopping and dining. There is access to miles of trails in the nearby Washoe Meadows State Park, or heading into the forest from the other end of the street. 

706 Tehama Drive, South Lake Tahoe, CA 96150

View photos and detailed information for 706 Tehama Drive, South Lake Tahoe, CA 96150, MLS...

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This Month’s Most Expensive Home for Sale

The most expensive new listing that entered the market this month was 1938 Osage Cir, listed at $1,398,000. This home was built in 2007 and it features 6 Bedrooms / 4 Bathrooms / 3,384 Sq Ft / 3 Car Garage.  Designed with family and entertaining in mind, the home features open living with an imposing great room and walls of glass to frame the adjacent forest. Solid hickory floors combine with cedar lined ceilings, stone accents and Alder mill works to punctuate a classic Tahoe style. Two elevated decks provide treetop views while allowing ample space for outdoor entertainment, dining al fresco and hot tubbing. Each floor affords a balance of 3 bedrooms and 2 full baths, with the lower level delivering a family room with an option for gaming or cinema. Comfortable finishes and inviting decor were all carefully curated to provide a welcoming ambience and are included with the purchase. The 3-car garage and oversized driveway allocate generous room for guest parking or toys, while an unfinished basement area tenders added storage possibilities. 

1938 Osage Cir, South Lake Tahoe, CA 96150

View photos and detailed information for 1938 Osage Circle, South Lake Tahoe, CA 96150, ML...

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This Month’s Least Expensive Home for Sale

The least expensive new listing that entered the market this month was 1223 Bonanza Ave, listed at $325,000. This property was built in 1965 and features 2 Bedrooms / 1 Bathroom / 841 Sq Ft. Fully upated with top of the line finishes Cote D'Azur ground floor condo. You'll love your brand new LVP flooring throughout; newly textured/painted walls and ceilings with recessed lighting and brand new dual pane windows. Your new open concept kitchen boasts new white shaker cabinets, black quartz counters, tile backsplash and brand new stainless steel appliances. Relax in your new bathroom with granite counters and newly tiled shower/bath. Fantastic turn-key starter home or investment property located next to the Bonanza Neighborhood Park.  

1223 Bonanza Avenue #8, South Lake Tahoe, CA 96150

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