Incline Village real estate trends are pointing in a positive direction for 2023 as economists expect mortgage rates and median home prices to stabilize and the overall market to return to a level of long-lost normalcy.
Housing inventory levels, low mortgage delinquency and foreclosure rates, and the volume of home sales compared to the historical average indicate that the coming year will reset expectations for both buyers and sellers.
Dig into the numbers with me and learn more about Incline Village real estate trends in this video.
Facts You Need to Know About Incline Village Real Estate Trends
- Active inventory at the end of 2022 increased significantly compared to the previous year, setting up the first quarter of 2023 for a healthy run of sales.
- Eight single-family homes sold in the Incline market in December, representing a 42.9% decrease from the 14 sold last year and a 300% uptick from the seven sold in November.
- The condo/townhome market saw similar trends, with seven units sold in December, down 46.2% from 13 sold last year and up 40% from five sold in November.
- Incline’s median home price ended the year strong at $2.322 million in December—a 21.7% gain from a year ago ($1.9 million) and a 65.9% increase from November ($1.4 million). Meanwhile, the median price for condos decreased in December to $785,000, down 9.2% from November ($865,000) and 22.7% from December 2021 ($1.015 million).
- The COVID-19 pandemic and historically low-interest rates led to a significant uptick in Incline Village sales, primarily from buyers in California and other states attracted to Nevada’s tax-friendly climate.
What Experts Say About National Real Estate Trends
- Existing home sales in 2022 came in at just under 5 million, about 1% below the historical average.
- More than 6 million homes were sold in 2021, which was 18% above the historical average. In 2020, the roughly 5.5 million home sales represented a 9% uptick from the norm.
- “We don’t expect a housing bust similar to the mid-2000s, as lending standards in the housing cycle have been much tighter, and there likely won’t be a surge in distress sales.” —Mark Fleming, Chief Economist at First American
- “Once mortgage rates have peaked, the housing market will likely stabilize. Once adjusted to the new normal of higher rates, the housing market will benefit from continued strong demographic-driven demand relative to an overall long-run shortage of supply. So, based on current dynamics, it appears the housing market may be poised to begin to stabilize in 2023.” —Odeta Kushi, deputy chief economist at First American
Our No. 1 Tip for Buyers and Sellers in Incline Village
We’ll tell you a secret: winter can be the most wonderful time of year for home buyers and sellers. For homeowners in general, it means more motivated buyers, and in the Incline Village market, it means homebuyers riding the energy of a perfect Tahoe snow day. For buyers, it means fewer offers to compete with and the opportunity to start a new year taking advantage of Nevada’s tax benefits. So, don’t be dissuaded by chilly temps and make the most of what winter can offer you.
