2025 Real Estate in Review: Incline Village & Crystal Bay

Incline Village & Crystal Bay Real Estate Marketing Update | January 7, 2026

As we look back on the real estate landscape in Incline Village and Crystal Bay throughout 2025, one thing becomes clear: our market continues to tell a uniquely local story—shaped not only by interest rates and inventory, but by lifestyle, community shifts, and the lasting appeal of Lake Tahoe living.

As a longtime local real estate broker deeply rooted in this community, I can confidently say 2025 brought surprises, new beginnings, and a continued evolution in how buyers view Incline Village and Crystal Bay. The year wasn’t simply about transactions—it was about people choosing legacy over refuge, and planting roots in a place they once considered only a getaway.

The Incline Village MLS reported 301 total transactions in 2025 across houses, condos, PUDs, and vacant land. While that number is a far cry from the 644 sales recorded in 2020, it does represent an increase from 277 total sales in 2024 and 204 total sales in 2023.

What we saw unfold throughout the year was a market that remains steady in price, competitive in demand, and deeply influenced by the scarcity of housing inventory—especially at lower price points.

The real estate market has been anything but predictable since the onset of the COVID-19 pandemic. Initially, many believed our market could weaken under economic shutdowns and uncertainty. Instead, we witnessed the opposite: demand surged, fueled by buyers seeking personal space, a rural lifestyle, and the freedom that comes with living somewhere that feels grounded and expansive.

This shift wasn’t limited to California. Buyers arrived from across the country with a new mindset—wanting not only a second home, but a way of life. That ripple effect continues to shape our market today.

Entering 2025, the nation faced relentless headlines and broader economic uncertainty. Donald Trump began his second term, global conflicts intensified in Ukraine and Gaza, major climate disasters dominated news cycles (LA fires and Hurricane Melissa), tariffs gained attention, and Silicon Valley experienced major tech layoffs—all while AI continued to reshape culture and business almost overnight.

And while national trends always influence buyer sentiment, our community experienced its own set of defining moments.

Locally, 2025 was filled with major changes—from controversial development impacts to the difficult farewell of beloved staples like Lone Eagle Grille and the Pier Bar (for now). We also saw increased bear/human conflict in neighborhoods, more backcountry trail use and closures (including Marlette Lake), cancelled fireworks, rising fire insurance concerns, and a continued housing crisis impacting local workforce stability.

At the same time, we witnessed meaningful investment in the future of Incline Village through infrastructure and beautification efforts—projects like Snowflake Lodge and Incline Beach improvements being part of a broader push to enhance long-term community vibrancy.

All of it—every change, closure, improvement, and challenge—played a role in shaping local buyer behavior and the overall tone of our market.

Looking at the market over the last 12 months, one of the most notable themes was stability, especially in pricing. While the first half of 2025 saw a significant decline in sales, the second half told a different story—buyers became increasingly optimistic and quickly brought sales numbers up, ultimately surpassing 2024 totals.

Prices remained relatively consistent, and because of that, many potential buyers found themselves priced out after years of competition and rising benchmarks.

One of the biggest surprises was land: land sales increased by 600% year over year, despite building costs and tariff pressures. At the same time, we saw several record-breaking luxury sales, including lakefront and east slope homes ranging from $10,000,000 to $42,000,000, reinforcing that high-end demand remains strong in our most desirable settings.

Single-family homes consistently kept pace with condominium sales throughout the year.

Several neighborhoods stood out for sales concentration:

Lower Tyner: 18 sales

The Woods: 14 sales

Mill Creek: 13 sales

Jennifer Sub: 13 sales

Lakeview Sub: 11 sales

Ponderosa: 10 sales

Upper Tyner: 10 sales

Luxury properties also performed exceptionally well:

●      18 homes sold between $4M and $9M

●      7 homes sold between $10M and $42M

The luxury segment continues to support overall market strength—and when high-end buyers are active, it reinforces confidence across the full spectrum of listings. As of now, available inventory sits at 52 single-family homes, and importantly, none are priced under $1 million, establishing a new benchmark for 2025: nothing under $1.5 million.

This is one of the clearest indicators of where we are today—Incline Village and Crystal Bay remain highly desirable, and inventory at entry-level price points has effectively disappeared. Barring unforeseen economic or political disruptions, real estate sales in 2026 are expected to remain resilient. The Incline Village and Crystal Bay market will likely stay highly competitive, especially if interest rates continue a steady decline throughout the year.

Buyers should remain especially vigilant during the winter months when new listings tend to attract immediate attention and move quickly from listing to contract. With the scarcity of reasonably priced properties in sought-after locations—especially those with strong floor plans—decisive action continues to be key. A proactive approach isn’t just helpful in this market; it’s essential.

And as start 2026, it’s worth remembering that Incline Village and Crystal Bay aren’t just markets—they’re communities. While many people still think of Tahoe as a vacation destination, more and more families are choosing to live here full time, raising young kids, building a legacy, and investing in the long-term fabric of our town.

You see it in the school drop-off lines, at youth sports games, at community events, and on the trails year-round. This full-time energy brings life to our neighborhoods, supports local businesses, and keeps our community and local businesses strong—not just seasonally, but every day.

Here’s to a great 2025, and to an even more amazing 2026. Cheers to continued growth, thoughtful progress, and the people who make Incline Village and Crystal Bay such a special place to call home.

This week, we saw 4 New Listings, 3 Price Reductions, 1 New Escrow, and 2 Sales.                               

This Week's Market Stats for Incline Village and Crystal Bay

Please keep in mind that these numbers are based on data from the Incline Village Board of REALTORS® or its Multiple Listing Service as of 1/3/2026