The median price of a home in South Lake Tahoe has surpassed the $500,000 mark.
That’s according to a quarterly report released by Chase International. The Tahoe-based real estate agency compared all MLS home sales at Lake Tahoe from Jan. 1 through June 30 to the same time frame in 2017.
According to the report, the price of a home at Lake Tahoe jumped 18 percent from this time last year, driving the median price of a home to $679,500. Sales also continued to climb, with overall volume sold up 27 percent.
Million-dollar homes continue to soar, according to the data compiled by Chase. 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 saw the biggest increase in the sale of million-dollar homes, up 44 and 46 percent. Incline Village continues to have the highest median-priced home, up 7 percent to $1.18 million.
The price of a home in South Lake Tahoe, the lowest median on the lake, rose 12 percent to $502,500.
The East Shore experienced the largest increase in homes sold for less than a million dollars, up 63 percent, according to Chase. The area also had the largest increase in sales overall, with a 66 percent jump in volume sold and 47 percent in units sold.
Lake-wide sales reflect nationwide trends, as the National Association of Realtors reports that the median listing price for homes reached an all-time record in June ($299,000). The organization attributes the increase to a shortage of homes for sale and high buyer demand continuing to push asking prices.
The price of Lake Tahoe condominiums also continues to rise, with the median price up eight percent to $422,500. The overall sale of condos on the lake was up 9 percent in volume.
The Lake Tahoe luxury market has soared with the over million-dollar market hotter than it has been in years, Chase International Senior Vice President Susan Lowe said in a press release.
The median price of a home in Truckee rose ten percent to $737,500, with units sold for more than a million up 49 percent. Homes selling for less than $1 million was down eight percent.