Real Estate: Housing market analysis for March 2022 vs. 2023
SOUTH LAKE TAHOE, Calif. — South Lake Tahoe is a vibrant real estate market that’s popular among homeowners, vacationers, and professionals looking for a change of pace. As the city continues to evolve, the South Lake Tahoe Association of Realtors provides valuable insights into the latest trends and market conditions.
This month we wanted to analyze the recent statistics provided by the STAOR’s Multiple Listing Service for single-family homes in March 2022 compared to March 2023. By understanding the latest trends in the housing market, you’ll be better equipped to make informed decisions about your home buying or selling journey.
In March 2023, the median sales price for single-family homes in the area MLS was $705,000, down just 0.4% from the median sales price of $707,875 in March 2022. This suggests that the market has remained relatively stable over the past year, despite the economic challenges.
In terms of listings, there were 53 active listings in March 2023, 19 of which were in escrow, and 34 were available. Among these, 33 listings were priced above $500,000 and 17 of those were above $1 million. This indicates that South Lake Tahoe continues to be a predominantly high-end real estate market, but the need for affordable housing is crucial. As of April 24, there were only six, 4-bedroom homes available under $1 million available. For this type of criteria, the average list price per square foot is showing roughly $405. For homeowners looking to sell, this could be a great time for you, so you can get a premium on your investment and not have as much competition as the summer months.
When looking at specific neighborhoods, the Tahoe Keys stood out as the most expensive, with a median sales price of $1,557,500 and an average sale period of 83 days. Interestingly, the median sales price for the Tahoe Keys was up 3.9% compared to the previous year, which suggests that demand for properties in that neighborhood continues to grow.
Another popular neighborhood for homebuyers was the Gardner Mountain area, which had a median sales price of $750,000 and an average days on market of 62 days. This area is popular among families, professionals, and retirees looking for a relaxed lifestyle away and close to the amenities of “The Y”. The one thing to remember is even though the average days on market seem to be a bit longer than expected, if the home is priced correctly, buyers will come quickly.
The South Lake Tahoe housing market remains relatively stable despite the challenges of the past year. While prices have declined slightly, there is still demand for properties of all sizes.
If you are finding yourself wanting to know more about the buying or selling process, it is important to work with a knowledgeable real estate agent, so they can help you make informed decisions along the way. Contact the Tahoe Real Estate Team today to schedule a consultation, so we can help you achieve your real estate goals.
Kaylin Culver is a Realtor for Re/Max Gold based in South Lake Tahoe. She is part of the Lake Tahoe Real Estate Team, led by Broker-Owner Jesse Schue.
Support Local Journalism
Support Local Journalism
Readers around the Lake Tahoe Basin and beyond make the Tahoe Tribune's work possible. Your financial contribution supports our efforts to deliver quality, locally relevant journalism.
Now more than ever, your support is critical to help us keep our community informed about the evolving coronavirus pandemic and the impact it is having locally. Every contribution, however large or small, will make a difference.
Your donation will help us continue to cover COVID-19 and our other vital local news.