A Tale of Two Housing Markets

Incline Village & Crystal Bay Real Estate Market Update | August 13, 2025

The Nevada side of Lake Tahoe—and Incline Village and Crystal Bay specifically—has always been known for its glamorous lakefront estates and charming, economical townhomes near the center of town. This unique corner of Tahoe offers a variety of options for locals and visitors alike, blending luxury with accessibility in a way few places can match.

A recent study by ICE Mortgage Technology revealed that 70% of western markets and 40% of southern markets are experiencing a surge in inventory and price decreases. But here’s the catch: these studies often focus on “bedroom communities” rather than resort markets. And while Lake Tahoe has seen a notable rise in full-time residents over the past few years, it remains firmly in the resort market category—a distinction that makes all the difference.

Despite higher inventory levels, Tahoe’s real estate market continues to show remarkable strength. Historically speaking, we’re in a very healthy place. Just last week, we saw 10 new listings hit the market, ranging from $655,000 to $3,695,000. Meanwhile, 10 properties went under contract, with prices spanning $415,000 to $3,295,000. And while there were 15 price reductions (a seasonal trend), 12 homes closed escrow. The takeaway? Tahoe’s market is still moving at a steady, healthy pace across all price points.

Luxury Real Estate: Tahoe’s Shining Star

When we zoom out and look at the bigger picture, the numbers tell an even more compelling story. Year-to-date in 2025, we’ve already surpassed the total sales figures for the same period in 2024 and 2023.

 Here’s a snapshot of the luxury market:

• 2025: 12 sales over $5M, with the highest sale at a jaw-dropping $37,500,000.

• 2024: 12 sales over $5M, but the highest sale capped at $11,000,000.

• 2023: 9 sales over $5M, with the top sale reaching $26,000,000.

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What does this mean? It’s a clear signal that the level of wealth moving into Incline Village and Crystal Bay is steadily increasing, and so is the demand for luxury real estate. High-net-worth buyers are drawn to the area’s unique blend of natural beauty, outdoor lifestyle, and exclusivity.

Incline Village, in particular, seems to be defying the trends seen in California’s “feeder markets.” While many of these markets are experiencing a dip, Incline Village is holding its ground. This resilience underscores the area’s appeal as a premier destination for both primary and secondary homeowners. Whether it’s the allure of Lake Tahoe’s crystal-clear waters, world-class skiing, or the tight-knit community vibe, Incline Village continues to attract buyers who value quality of life over market fluctuations.

While other markets may be cooling, Lake Tahoe—and especially Incline Village and Crystal Bay —remains a beacon of stability and opportunity. Whether you’re considering buying, selling, or simply keeping an eye on the market, one thing is clear: Tahoe’s real estate story is one of resilience, luxury, and enduring appeal.

This Week’s Real Estate Market Highlights

	Houses	Condos	PUDs
For Sale	99	80	8
Under $1 million	0	52	0
Median Price For Sale	$3,799,000	$868,500	$2,197,500
YTD Sales 2025	60	69	23
YTD Sales 2024	67	63	13
YTD Sales 2023	41	65	16
New Listings	10
In Escrow	10
Price Reductions	15
Range in Escrow	$415,000 to $3,295,000
Closed Escrow	12

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 08/14/2025.