5 Things You Should Know About Lake Tahoe Real Estate
Lake Tahoe has sights and sounds you can't find anywhere else: The "blueness" of the lake, skiers zigzagging down the Heavenly Mountain Resort, and that distinctive vanilla-like aroma from the bark of the Jeffrey pine trees. Is it any wonder Truckee and Lake Tahoe real estate is in such demand?
If you own a home near here, now could be an incredible time to sell your property and make a killing on your investment. That's because of the post-pandemic pent-up demand for luxury lakeside properties in the region — a trend that's sending house prices into the stratosphere. If you want to move here, it's a great time too. Low-interest mortgage rates have made it easier than ever to finance your dream home, and with no evidence of a future housing bubble, you'll likely generate an enormous investment return in years to come.
Whether buying or selling, there are some things about the Lake Tahoe real estate market you need to know. Here are five of them.
1. Property Prices Are on the Upswing...
Lake Tahoe has never been the cheapest place to live in the United States, but you knew that already. As of June 2021, the average property price in Truckee, CA, is $989,950 — far higher than the national average. That's amazing news for those looking to sell Lake Tahoe real estate. As prices continue to rise, sellers could make a significant investment return if they work with the right real estate agent.
2. ...but There Are Affordable Options for Buyers, Too
Just because Lake Tahoe property prices are up, it doesn't mean house prices here are unaffordable. That almost $1 million price tag above? It's just an average. The cost of your new home all depends on the type of property you're looking for and where it's located in the region. Properties closer to the lake cost more than those further away. So do homes in super-luxurious communities like Incline Village and Kings Beach. However, there are lots of more affordable locations that might suit your budget.
3. Homes Sell Fast in Lake Tahoe!
Because of its natural luster and sought-after properties, homes sell fast in the Lake Tahoe region. Take Truckee, for example, a highly desirable community that's packed full of high-quality schools and family-focused amenities. Here, homes spend, on average, just 28 days on the market — that's a much quicker timeframe than the national average.
Again, that's good news if you're selling your home. If you're buying, you probably need to move quickly! Working with a professional Truckee real estate agent ensures you get your dream home in a fast-paced property market.
4. The Property Market Probably Won't Crash
Lake Tahoe's property market has risen steadily but slowly over the last few years, so there's little chance of a housing bubble like the one the entire country experienced in 2008. For sellers, prices will continue to rise for the foreseeable future, with lots of low-risk profits to be made. Buyers, on the other hand, can reap future investment returns on their new Lake Tahoe home.
5. Lake Tahoe Is a Really Great Place to Live
If you're moving to the Lake Tahoe region, you're going to love it. If you're selling, you'll likely have no trouble finding someone to buy your property. That's because Lake Tahoe — or, more specifically, somewhere like Truckee — is an incredible place to live.
There's research to back this claim up. Niche.com — a website that aggregates data from public data sets and user reviews — calls Truckee one of the "best places to live in California," offering residents a "rural feel" with "highly rated" public schools and lots of "restaurants, coffee shops, and parks." Truckee scores an "A" rating for its public schools and an "A-" for its amenities for families.