East Shore Market Recap
A Glance at the Lake Tahoe, Nevada Real Estate Market
4th Quarter 2023
41 total homes sold
Sold prices ranged from $330,000 to $5,250,000
Average DOM was 136 days
vs.
4th Quarter 2022
27 total homes sold
Sold prices ranged from $325,000 to $13,000,000
Average DOM was 129 days
The east shore of Nevada saw a 51% increase in buyer activity in the 4th quarter last year compared to the previous year. This is significant considering that on October 26, 2023, mortgage rates reached their highest level since 2001 at a whopping 8%.
Many attribute this phenomenon to the growing inventory now that the dark days of Covid are behind us, and sellers feel more comfortable putting their homes on the market.
The current level of inventory is just under 4.7 months, indicating a healthy real estate market for both buyers and sellers.
Rates Continue to Drop
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Source: Nerd Wallet https://www.nerdwallet.com/mortgages/mortgage-rates |
Mortgage rates dropped for the second time in 2024.
The average rate for a 30-year loan declined to 6.63% from 6.69% the week prior, according to Freddie Mac on Thursday. Mortgage rates dropped for the second time in 2024 and are expected to retreat further as inflation moderates.
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Get to know me @hopechristianshayla |
SHAYLA HOPE
Broker | IMI Worldwide Properties
Director of Sales | Tahoe Beach Club
(c) 775.434.4892
B.145642