The real estate market continued to document that the urge to invest in a more peaceful lifestyle is not over through Lake Tahoe’s Nevada and California markets as well as the Reno/Sparks region in Nevada. The Lake Tahoe market had record-breaking appreciation numbers but was down in units sold and overall volume compared to 2020. The Reno/Sparks and Valley region saw exceptional growth with a slight decrease in units sold. Chase International continued to record above the norm home sales and home prices, according to its Year-End Report.
“This continues to be an unprecedented time in the real estate business,” said Susan Lowe, president, and corporate broker for Chase International. “There’s no question that the concept of investing in real estate, paired with the appeal of living within the peace and quiet of the High Sierra and beyond, is still in high demand.”
“The biggest challenge of 2021 was, and continues to be, the lack of inventory,” she said. That trend was evident as the overall units for sale were down throughout most of the entire market. This led to the increase in demand which attributed to the continued upsurge in the overall price of property throughout Reno, Lake Tahoe, and Carson Valley.
The figures are part of a final report released by Lake-Tahoe-based real estate agency, Chase International, that has just confirmed what has been another good year for real estate in the Lake Tahoe and Reno region. The data compares all MLS homes sales from January 2021 through December 2021 to the same timeframe in 2020.
Referring to its Nevada home sales, Lowe noted that in the prestigious community of Incline Village, the Median Price of homes saw a 38% increase with the Average Price surging to 39%. The Lake’s East Shore recorded similar spikes with a 17% increase in both categories. Sales were down overall yet remained at near-record levels.
On the California side of the Lake, the West and North Shore markets recorded similar trends documenting an unprecedented 57% increase in Average Price and a 36% rise in Median Price. This was the only market at the north and west shores of the Lake that recorded an increase in sales with a 32% increase in properties valued at over one million dollars.
South Lake Tahoe remained a favorite for those seeking estates over the one million mark; this region recorded a 30% increase in sales. Zillow just reported South Lake Tahoe was the Number One most popular city in the US for 2021. It led the West Coast near sweep of the most in-demand places of the year, including the most popular vacation town, beach town and small town.
Based on Zillow page-view traffic, available housing inventory, price appreciation and other housing barometers that indicate consumer demand, Zillow analyzed thousands of ZIP codes within the nation’s 100 largest metropolitan areas to create a ranking of the site’s most popular U.S. cities.
In Truckee, CA, single-family home prices also rose with the Average Price recording a 29% increase and 39% surge in the Median Price. The charm of this historic town is still in demand and documented a 15% increase in homes priced over one million dollars and saw a 34% increase in condominium transactions.
Tahoe Donner’s family-friendly environment continued to entice new buyers to move to the region with single home sales experiencing an 83% increase in homes over one million dollars and the condominium market priced over $500K recorded an unprecedented 200% increase in sales.
On the eastern side of the High Sierra, the Reno, Sparks, and Carson Valley region had a very healthy year for real estate transactions. All of these tax-friendly communities saw a significant rise in the sale of homes listed at over one million dollars. Stats document that the increase in sales range from 70% to 750%.
Chase International also presented a complete analysis of the real estate market throughout the Sacramento region. Its Year-End Report includes statistics for the Tri-County area, Folsom, Placer, and the city of Sacramento.
Chase finishes out 2021 as the number one company in the Region, three years running. Chase sold four out of five of the highest priced home on Lake Tahoe, all selling over $30 million.