Chase real estate report shows sales slower in 2022, home values steady
SOUTH LAKE TAHOE, Calif. — Chase International released its 2022 year-end Real Estate Market Report which showed lower overall volume in sales and available units for sale. Still, year over year, there is consistent value growth for homeowners throughout the Northern Nevada and California markets.
“Overall, real estate as an asset shows a consistent increase in value over time and remains the single largest contribution to household wealth,” said Susan Lowe, President/Corporate Broker for Chase International.
After two record-breaking years of historically higher volume and twice the activity compared to pre-pandemic years, the market has normalized down by 13-50% in volume and units sold — but home values have remained relatively stable.
The figures are part of a final report released by the Lake-Tahoe-based real estate agency which compared all Multiple Listing Services homes sales in their market from January 2022 through December 2022 to the same timeframe in 2021.
Lowe presented a five-year perspective that validated her statement about investing in real estate. In the Lake Tahoe region in 2017, the median household price was $585,000 compared to $935,000 in 2022 which represents a 59.8% increase in value. In the Reno/Sparks region, the 2017 median price was $336,950 which showed a 53.3% increase in 2022 with median home values at $515.000.
“These statistics document our clients’ perspective on buying a home in today’s market. They are investing in real estate as part of their long-term wealth strategy in addition to their new sense of well-being and lifestyle choices,” said Lowe.
Referring to the home sales on Lake Tahoe’s Nevada side, Lowe noted a 50% decrease in volume on the East Shore with home values increasing 10%. On the North Shore, Incline Village recorded a 47% decrease in single-home volume while the value of homes and condominiums increased 17%.
Lake Tahoe’s California real estate showed similar trends. The South Lake Tahoe market saw a 16% decrease in volume with a 1% increase in median home prices and a 15% increase in value for condominiums. Property on Lake Tahoe’s West and North shores volume mirrored the region’s activity with a 40% drop in volume, a 2% increase in home value and a 9% increase in the median price for condominiums.
In Truckee, single-family home volume dropped 12% while property value increased by 4% for homes and 12% for condominiums. The Tahoe Donner region reflected the continued interest in this popular community with home volume down just 3% and the average price up 4%.
On the eastern side of the High Sierra in Nevada, Reno and Sparks followed the trends with the combined average volume down 13% and median price up 10%. To the West, Fernley saw comparable results. Further south, Carson City and the bourgeoning Carson Valley documented a decrease in volume at 9% and 16%, respectively, with home values seeing a growth in demand at 8% in Carson City and 5% in the Carson Valley.
The Lake Almanor region is new to Chase International who partnered with Lake Almanor Brokers in August 2022. Not surprisingly, this recreational mecca was right in line with the Lake Tahoe region, documenting a drop in volume at 10% and seeing a 4% increase in property value. For a complete analysis of Chase International’s 2022 year-end review of the real estate market in Northern Nevada and California, visit Chase International/Market-Report.
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