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December 2023 Real Estate Market - South Lake Tahoe, CA
Dated: January 8 2024
As we say goodbye to 2023 and welcome a new year, it's time to take a look back at the real estate market in the City of South Lake Tahoe. The city continues to be a desirable place to live, work, and play, which is reflected in the real estate market. However, 2023 was not without its challenges. In this blog post, we will dive into the numbers and trends of the South Lake Tahoe real estate market in 2023.
The average sales price for single-family homes in the City of South Lake Tahoe in December 2023 was $815,413. While this may sound like a high price tag, it's actually slightly down from the previous year. 2023 was a year of stabilization in the South Lake Tahoe real estate market, which was a welcome change after years of skyrocketing prices. Of course, as always, there are variations in home prices depending on the neighborhood.
The Tahoe Keys remains the highest priced neighborhood in South Lake Tahoe, with an average sales price for single-family homes of $1,324,699. This is not surprising considering the area's prime waterfront location and luxurious amenities. Other high-priced neighborhoods in South Lake Tahoe include the Heavenly Valley, Montgomery Estates, and Angora Highlands.
The city ended the year with 116 homes for sale, which is relatively low compared to the previous few years. In 2022, there were over 200 homes for sale at any given time. This shortage of homes for sale is likely one of the contributing factors to the decrease in average sales price in 2023 along with interest rates and fire insurance concerns. However, homes in South Lake Tahoe are still selling for premium prices, with an average of 97.9% of the asking price, and we believe this trend will continue into 2024.
Days on market have increased by 4.2% in 2023, which means that homes are taking slightly longer to sell than in previous years. The good news is that mortgage rates are steadily decreasing in 2024, which could help boost the real estate market in South Lake Tahoe and the surrounding areas.
Overall, 2023 was a year of stabilization for the real estate market in the City of South Lake Tahoe. Although the average sales price slightly decreased, the city remains a desirable place to live and invest in. The Tahoe Keys continues to be the most expensive neighborhood in South Lake Tahoe, and homes are selling quickly despite the lower inventory. As we move into 2024, we can look forward to decreased mortgage rates and a potentially improved real estate market in South Lake Tahoe.
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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