Living in Incline Village in the summertime is nothing short of magical. Surrounded by the towering mountain peaks of the Sierra Nevada, our close-knit community is a haven for outdoor enthusiasts near and far.
This area also offers some extraordinary remote working opportunities for vacationers, second homeowners, and part-time residents, which makes Incline Village one of the most desirable places to live in the Lake Tahoe Basin.
Fall is just around the corner, and the Incline Village-Crystal Bay real estate market has started cooling with the season change. In July 2022, the median sale price for condominiums dropped slightly, inventory levels for all market segments grew, and homes took longer to sell.
These factors also indicate that the market is balancing out from the craze of the pandemic, which caused housing prices to soar and inventory levels to drop.
If you want to learn more about finding real estate success, here’s a more in-depth breakdown of what happened in July 2022 and what to expect in the upcoming months.
What Do The Numbers Mean? Living In Incline Village-Crystal Bay
Aside from winter, summer is our busiest time of the year. But, with inflation near a 41-year high and mortgage rates on the rise, real estate in Incline Village-Crystal Bay has experienced a shift along with about half of the nation’s 414 housing markets. Let’s take a closer look at condominiums, typically one of our most popular market segments.
Demand For Condos Down, Median Price Dipped Below $1 Million
In July 2022, the median price for a condo in Incline Village-Crystal Bay was $946,600, representing a 9.9% decrease from the previous year. At the same time, 26 more units were available for sale, up 74.3% year-over-year. This graph also shows that 14 fewer condos sold and stayed on the market for 100% longer than the previous year.
As mentioned above, these numbers show how economic factors and housing fluctuations can affect buyer purchasing power—high inflation can cut into the budgets of locals living in Incline Village-Crystal Bay, making it challenging to save for an eventual down payment.
It’s also essential to understand that the Incline Village-Crystal Bay market typically sees an increase in demand for single-family homes during the warmer months and condos in the colder months. So, we expect to see condo sales increase over the next quarter.
With that said, let’s take a closer look at the market for single-family homes.
More Available Single-Family Homes, Prices Up
The median price for single-family homes in the Incline Village-Crystal Bay market reached $2.6 million in July 2022, a slight increase year-over-year. However, similar to what we saw with condos, inventory levels grew by 104% and stayed on the market for 38 days longer than the previous year.
Remember that luxury homes in the Incline Market are defined as those with a median price of more than $2 million, which means one sale can significantly impact the overall statistics. In July 2022, there were 9 single-family homes sold, down 43.8% year-over-year.
Key Takeaways For Understanding The Incline Village-Crystal Bay Market
Incline Village, located in the picturesque Lake Tahoe region, is a highly desired location for primary and secondary homes. It offers residents a high quality of life with stunning scenery year around and plenty of outdoor recreation opportunities.
Though the housing market typically slows down in the fall, here are some tips for how you can find success, no matter what side of the market you’re on.
3 Tips for Buyers in Incline Village
- If you wait too long for prices to drop significantly, you may miss out on the home of your dreams. Experts aren’t predicting housing prices to drop significantly anytime soon.
- Since the beginning of the year, mortgage rates have been on the rise. But, now that they’re starting to stabilize, getting pre-approved for a loan with a local lender who knows the Incline Village-Crystal Bay market is essential. Plus, with a pre-approval in hand, you’ll be in a much better position to make a competitive offer.
- Not only is the fall season an excellent time to get a sense of the Incline Village-Crystal Bay market, but you can also be settled into your new property before the holidays and ski season begin.
3 Tips for Sellers in Incline Village
- One of the most important things to remember when selling your home is having clear and open communication with your real estate agent, especially on pricing. This will help you get the greatest return on the investment of your home.
- While inventory levels are growing, we’re not back to pre-pandemic levels yet. Many buyers are still willing to pay top-dollar for turnkey homes in this beautiful mountain community.
- Coming out of summer is an excellent time to get a great time to get your property ready to sell before peak shoulder season hits.
If you’d like to stay up to date on selling real estate and living in Incline Village, email info@dicksonrealty.com with the subject line, “Give me the Incline Village Inside Scoop!”
Whether you are buying or selling, Dickson Realty agents have the experience and innovative technology to help you. For more information, contact a neighborhood real estate expert at Dickson Realty today.
