2025 Year End Update from The Moore Team

2025 Q4 Market Update: Buyers Are Back In Force!

As we reflect on the 2025 real estate market here in Tahoe, one theme stands out clearly: buyer activity returned in a meaningful way, and pricing remained resilient across the Tahoe market. Momentum built steadily through the summer and carried into one of the most active Q4s Tahoe has seen in years. Our market is heavily influenced by our largest "feeder markets" in Silicon Valley and the Bay Area. As the AI trade has continued to provide impressive returns, many people are looking to transfer a portion of their wealth into something tangible that can be enjoyed, while also providing a solid return on investment, which Tahoe real estate historically has done. 

Sales volume jumped nearly 50% compared to Q4 of 2024, making it the strongest fourth quarter since before the pandemic surge. The average sale price rose, reflecting continued strength at the higher end of the market, while the median price dipped slightly from Q3, signaling that more entry-level and mid-range home buyers entered the mix towards the end of the year. Instead of the market being driven only by luxury purchases, Q4 showed broader participation across price ranges, a sign of a healthy, balanced market.

When reviewing 2025 as a whole, sales were up about 20% year-over-year, making 2025 the most active year since 2021. At the same time, both the average and median sale prices reached their highest levels on record, highlighting the aforementioned demand across all price points. 

When looking at the lakefront market in California, sales volume rose significantly in 2025, with 40% more lakefront transactions YoY (21 sales in 2025 vs 15 in 2024), and more of the sales occurring in the mid-range rather than at the top end of the price spectrum. Almost all lakefront activity happened in the second half of the year, with Q3 and Q4 carrying the majority of transactions following an exceptionally slow Q2, where we registered ZERO lakefront sales for the first time on record. With only one lakefront sale in California above $20,000,000 in 2025, a number of 'legacy' estates remain available on both the North and West Shores for buyers seeking acreage and true privacy. Lakefront clients of The Moore Team in California found significant success in 2025, with our team representing parties in 20% of the lakefront transactions.

On the Nevada side of the North Shore, the lakefront market enjoyed a 50% increase in transaction volume YoY (6 sales in 2025 vs 4 in 2024) with sales topping out at $42,000,000for an architectural marvel on the shoreline of Crystal Bay. The average sales price for waterfront properties in Crystal Bay and Incline Village was just north of $22,000,000, which was down significantly from 2024 when the average price for the 4 lakefront sales was a jaw-dropping $38,175,000. Pricing for Nevada lakefront properties remains exceptionally strong as buyers seek the tax benefits of Nevada ownership.

The lakefront market as a whole, in both California and Nevada, continues to be driven by exceptional wealth creation, primarily in the tech industry, and the relative scarcity of the asset. While Lake Tahoe has approximately 1,700 lakefront homes along its shoreline, the number of unique owners is significantly lower with numerous families owning multiple parcels, and choosing to hold them for generations. 

2025 proved that the Tahoe market is both durable and dynamic. For turnkey opportunities in the luxury sector, buyer demand was insatiable through the second half of the year. Movement at the height of our market influenced decision making across price points, creating heightened demand. When homes were priced appropriately and marketed well, they sold. Absent a significant economic downturn or global macroeconomic event, we anticipate buyer demand to remain elevated as we move into 2026. 

If you are considering selling, demand remains strong with qualified buyers actively searching. And if you are thinking about buying, increased inventory and a broader mix of listings have created more opportunity and better negotiating conditions than we saw during the pandemic-driven peak years. Expect competition for newer, turnkey properties in prime locations. When properties are dated, or in need of updating, there is more room for assertive negotiations.  

As always, every property, neighborhood, and situation is unique. We are happy to share what these trends mean specifically for your home or your goals.