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 10% compared to the same month last year. The amount of homes sold in November is down 50% compared to a year ago, probably due to the high interest rates we're experiencing. We're also seeing a decline in the number of new listings entering the market.

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This Month’s Must See Home for Sale

The choice for November's must-see home of the month is 3390 Pine Hill Rd, listed at $750,000. This property was built in 1977 and it features 2 Bedrooms / 3 Bathrooms / 1,478 Sq Ft. This unique Tahoe Tyrol home has been completely renovated with quartz counters, newer cabinets & farmhouse sink, new flooring, fresh interior paint in bright and cheery colors, smart thermostat, all new bathrooms, & updated lighting throughout. There is an en-suite full bath off of the downstairs master bedroom, as well as another bath with a shower & sink. Upstairs has a roomy and bright living room with open beam vaulted ceilings & huge picture windows. This space is anchored by an open burning fireplace and large loft for another sleeping area, plus another 1/2 half bath with a sink & toilet. The back deck looks out to US Forest Service land for privacy & forest views. Located very close to Heavenly Ski Resort, as well as the shores of Lake Tahoe. Tahoe Tyrol also has a community pool, hot tub and clubhouse! 

3390 Pine Hill Road, South Lake Tahoe, CA 96150

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This Month’s Most Expensive Home for Sale

The most expensive new listing that entered the market this month was 1930 Comanche Rd, listed at $2,125,000. This home was built in 2023 and it features 5 Bedrooms / 5.5 Bathrooms / 3,696 Sq Ft / 2 Car Garage.  Mountain modern Custom Home slated to be completed February 2023, with game room and two decks to enjoy a spectacular setting with filtered Angora ridge views and surrounded by 13 conservancy lots. This highly upgraded home features luxury finishes & custom accents and is meticulously detailed outside w/ beautiful rock & reclaimed wood beams, nature aged cedar siding, Interior finishes include Jenn-Air Appliances, an oversized slab granite island/granite sink w/chiseled edges in kitchen, wide plank luxury vinyl flooring & two beautiful rock fireplace w/reclaimed barn wood mantle in the great room and downstairs living/game room & AC for those hot summer days. Conveniently located 6 miles from Heavenly Ski Resort and the Lake. 

1930 Comanche Road, South Lake Tahoe, CA 96150

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This Month’s Least Expensive Home for Sale

The least expensive new listing that entered the market this month was 2698 Armstrong Ave, listed at $409,000. This property was built in 1959 and features 2 Bedrooms / 1 Bathroom / 840 Sq Ft. Great starter home or vacation home conveniently located close to shopping, bike trails, casinos and skiing. Just a short walk to the meadow. Cozy up to the large fireplace on those cold Tahoe nights after a long day on the slopes. 

2698 Armstrong Avenue, South Lake Tahoe, CA 96150

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