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November 2023 Real Estate Market Update in South Lake Tahoe | Tahoe Real Estate Team
Dated: December 11 2023
The real estate market in the South Tahoe region is constantly evolving and being shaped by many factors, including supply and demand, economic trends, and seasonal cycles. As such, it's important to keep up-to-date with market trends and statistics to make informed decisions about buying, selling, or investing in properties. In this article, we'll provide an in-depth analysis of the South Tahoe Association of REALTORS Multiple Listing Service Statistics for Single Family Residential properties. Whether you're a potential client, homeowner, or real estate enthusiast, you'll find valuable insights and information that can help you navigate the complex real estate market in the South Tahoe area.
The November 2023 median sales price for single family homes was $692,500.00, which is a slight decrease from the same time last year ($719,000.00) by 3.7%. However, it's worth noting that the market is still quite strong, with median sales prices remaining relatively stable for the past few years. The highest valued area for single family homes was the Tahoe Keys, with a median sales price of $1,528,750 and an average days on the market of 83. Heavenly Valley came in a close second, with a median sales price of $1,077,500, up 46.3% from this time last year. This indicates that certain areas of South Tahoe are experiencing significant growth and appreciation, making them potentially attractive for homeowners looking to maximize their investment.
Interestingly, condos and townhomes are seeing a rise in prices compared to single family homes. In November 2023, the median sales price for condos/townhomes was $565,000.00, up 7.6% from November 2022. Additionally, the days on the market for these types of properties is less as well, coming in at 43 days compared to 77 in the prior year. This suggests that demand for condos and townhomes is increasing, potentially due to factors such as affordability and convenience. Homeowners looking for alternative housing options or investment opportunities may want to consider exploring the condo and townhome market in South Tahoe.
One factor to consider when analyzing the South Tahoe real estate market is the role of seasonal cycles. Schools going back into session, holiday seasons, winter weather and more can cause a slight decrease in home buying and selling. However, the plus side is, there is less competition if you are a seller and serious buyers are typically motivated this time of year.
While the market is constantly evolving, trends such as stable median sales prices, growth in certain areas, and increased demand for condos and townhomes suggest that South Tahoe remains a strong real estate market. By staying informed and aware of these trends, individuals looking to buy, sell, or invest in properties can make smart, informed decisions and maximize their real estate potential in the South Tahoe region.
If you or someone you know is looking to buy or sell in the South Lake Tahoe area, give our team a call! We'd love to discuss your options. Cheers!
Tahoe Real Estate Team: 530.208.3066
Co-Owner of RE/MAX Tahoe Realty Today, 2009 Broker Representative for STAOR, 2008 Community and PR Chair for STAOR, 2007 Grievance Committee Member, 2005 Vice President of the Board of Realtors, 2004 ....
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