As ski season wraps for most Tahoe resorts, April real estate closings represent the final sales of the winter cycle. In many ways, this moment may also represent the closing phase of a broader era defined by constrained inventory, stubbornly high interest rates and resilient pricing.
The economic volatility of 2025 has delivered mixed results year-to-date with high end sales soaring while mid-tier properties, those around the market’s average that are most sensitive to interest rates, have languished.
Residential sales in April matched both February and March, to the unit, with 64 residential sales. While this number continues to underperform the historic performance for this period, the average sale price shows resilience at the market’s upper end. Truckee’s resort properties led the way as Martis Camp recorded four residential sales between $3,350,000 - $10,100,000. Lahontan and Schaffer’s Mill followed with 4 transactions each, including a record high $6,550,000 in Schaffer’s Mill. Northstar Mountainside continued its robust season a record $4,650,000 townhouse purchase.
The closing of ski season always kicks off a period of listing activity as some number of long time homeowners come to the end of their useful life for Tahoe homeownership. The opportunity cost of their asset becomes tangible relative to the next phase of life in addition to an evaluation of any deferred maintenance, often resulting in a surge of new homes on the market; albeit at ambitious prices.
This year, the seasonal phenomenon is likely to be compounded by the wave of sellers that were unsuccessful in selling last season as the election malaise robbed the market of momentum. As of May 1, 390 residential properties are listed for sale—up 30% from winter lows and 100 more than the same time last year. Based on seasonal patterns, this inventory could potentially double by July 4.
The ebbing of snow on the ground similarly triggers buying activity as showing becomes less burdensome amid longer days. Several indicators suggest that there are many promising signs that summer will have conditions more favorable than buyers have experienced in a number of years. In addition to increased options amid greater supply, recent economic reports seem to have improved the probability of rate cuts that may, finally, deliver motivation for sellers to forgo comfortable 3% - 4% mortgages in favor of opportunities beckoning elsewhere.
Market sentiment is evolving and may take time to fully coalesce. Nevertheless, early signals point to a dynamic and engaging season ahead. We look forward to sharing continued updates as the Tahoe-Truckee market progresses into summer