Home values are a hot topic right now. Where they were, where they are at currently and where they are headed is what everyone is discussing as we head into the 4 and final quarter of the year. At the beginning of the year, experts predicted we’d see a steady rise in home values. Then the pandemic hit and pretty much wiped out our 2nd Quarter. This sent predictions of what would happen to the Lake Tahoe real estate market all over the place. Some called for a crash, yet the housing industry is what is currently leading our country out of the pandemic caused recession.
Currently sold prices for homes for sale in Lake Tahoe are UP 16% at $653,849. The median sold price for homes for sale in Lake Tahoe is up 7.4% at $505,000. Between May & July of 2020, we saw a national price increase of 2% for real estate. The Federal Housing Finance Agency saw last week that home prices rose 6.5% compared to this time last year. So while Mark Fleming, Chief Economist at First American, recently said:
“The only major industry to display immunity to the economic impacts of the coronavirus is the housing market”, we can’t help but wonder: what does this mean for the values of homes for sale in Lake Tahoe going forward? Below is a graph from industry experts courtesy of Keeping Current Matters. While all of the projections show an increase, as we all know, the Lake Tahoe real estate market can change at any time. For the most accurate idea of what is happening, it is best to link up with a local Lake Tahoe Realtor. As someone who has been serving this community since 2006, I would be happy to offer my guidance and expertise.