Tahoe real estate: Median home prices at $679,500 so far in 2018
Single-family home median price in Incline Village now at $1.18 million
ZEPHYR COVE, Nev. — The price of a single-family home at Lake Tahoe jumped 18 percent from this time last year, making the median price of a home $679,500, according to Chase International.
Sales also continued to climb in the first half of 2018, according to the real estate firm’s mid-year statistics, with overall volume sold up 27 percent.
The figures released July 5 compare all MLS home sales from Jan. 1, 2018, through June 30, 2018, to the same timeframe of 2017.
“Million-dollar homes continue to soar,” according to a Chase International press release. “There was a 38 percent jump in homes sold for more than $1 million, while homes priced under the million-mark stayed flat.”
Tahoe City and Incline Village reportedly saw the biggest increase in the sale of million-dollar homes, up 44 and 46 percent, respectively. Incline Village continues to have the highest median price for single-family homes, up 7 percent to $1,180,000 (median price for condos in Incline sits at $529,500).
The price of a home in South Lake Tahoe — the lowest median on the lake — rose 12 percent to $502,500, according to Chase.
The East Shore experienced the largest increase in homes sold for less than a million dollars, up 63 percent. The area also had the largest increase in sales overall, with a 66 percent jump in volume sold and 47 percent in units sold.
The price of Lake Tahoe condos also continues to rise, with the overall median price up 8 percent to $422,500. The overall sale of condos on the lake was up nine percent in volume.
The median price of a home in Truckee, according to Chase, rose 10 percent to $737,500, with units sold for more than a million up 49 percent. Homes selling for less than $1 million was down 8 percent.
Whole Foods Market South Lake Tahoe will open for business on Nov. 6 and will reportedly employ approximately 100 full and part-time staff.