2025 Year End Tahoe Mountain Report

Northstar is one of Lake Tahoe’s most established and dynamic resort communities, offering a rare blend of village life, slope-side access, and year-round recreation.

Anchored by The Village at Northstar, the resort delivers a walkable, amenity-rich lifestyle that continues to set the standard for mountain living in the region.

Tahoe Mountain Realty played a formative role in shaping the Village and its surrounding residential offerings, including Northstar Lodge, Village Walk, Village Walk Skyline, and Mountainside at Northstar, communities that define the heart of the resort today.

With a long-standing presence and deep market insight, Tahoe Mountain Realty remains a leading brokerage within the Village and a trusted resource for buyers and sellers navigating one of Tahoe’s most enduring destination markets.

Mountainside at Northstar offers one of Lake Tahoe’s most exclusive expressions of slope-side living, pairing true ski-in/ski-out access with a highly private, residential setting. Positioned directly on the mountain, the community is defined by a thoughtful mix of modern mountain design and classic Tahoe architecture, creating a cohesive yet distinctive collection of homes. Ownership is centered around an amenity-driven lifestyle focused on ease, privacy, and service, highlighted by M25, Tahoe’s only gated ski-in/ski-out enclave.

Tahoe Mountain Realty served as the exclusive brokerage for the original development, successfully selling out every residence and helping establish Mountainside as the resort’s premier slope-side community. Since 2017, TMR has remained the leading brokerage within Mountainside, representing the majority of transactions as the neighborhood has matured into one of Lake Tahoe’s most sought-after ski-in/ski-out addresses.

Established in the early 2000s around Tahoe’s only Jack Nicklaus Signature Golf Course, Old Greenwood set a new benchmark for golf-centric mountain communities in Truckee. Tahoe Mountain Realty served as the exclusive brokerage at launch, working closely with the development team to introduce the community to the market and establish its initial residential success.

Blending resort-style amenities with private ownership, Old Greenwood quickly became a desirable destination for second-home buyers. Its proximity to Northstar and flexible ownership options made it a cornerstone of early resort residential growth in the region.

Today, Tahoe Mountain Realty remains one of the top brokerages within the community, representing both longtime owners and new buyers as Old Greenwood continues to mature.

$2,700,000

$2,682,875

Gray’s Crossing emerged in the mid-2000s as a thoughtfully planned mountain community anchored by a championship golf course and a vision of modern, approachable living. Designed to blend proximity to town with a strong connection to open space and trail systems, it quickly became a sought-after option for both full-time residents and second-home owners.

Tahoe Mountain Realty was entrusted with the original launch of the community, a role that has naturally extended into continued leadership through today, as the exclusive brokerage for the Village at Gray’s Crossing and remaining as the top brokerage for the community.

Schaffer’s Mill is an intimate, gated enclave defined by refined architecture, a private club atmosphere, and a strong sense of community. Designed to balance privacy with connection, the neighborhood offers a lifestyle centered around golf, dining, and year-round mountain recreation, all set within a limited and carefully curated residential footprint.

Tahoe Mountain Realty has guided buyers and sellers through multiple phases of the community’s evolution and remains a leading advisor within Schaffer’s Mill today. With deep institutional knowledge and longstanding relationships, our team continues to represent clients in one of Truckee’s most tightly held and enduring residential

$3,270,000

$3,687,500

Lahontan has long stood as one of Truckee’s most established private communities, distinguished by its craftsmanship, expansive homesites, and a deeply rooted culture of generational ownership. Set among open meadows, forested parcels, and a private championship golf course, the neighborhood offers a sense of space and permanence that continues to attract long-term residents.

Tahoe Mountain Realty has been closely involved in Lahontan through multiple market cycles, representing many of the community’s most notable transactions and advising owners as the neighborhood has evolved. Today, we remain one of the leading brokerages within Lahontan, trusted for our institutional knowledge and long-standing alignment with the community’s values.

Martis Camp reshaped the landscape of luxury mountain living when it was introduced, setting a new benchmark for design, amenities, and private club ownership. Today, it stands as one of the most exclusive and affluent private communities in the West, drawing national attention for its amenity-driven membership—from its private ski lodge and championship golf to its comprehensive lifestyle programming. From the early days of the community,

Tahoe Mountain Realty has remained closely aligned with Martis Camp’s growth, representing buyers and sellers through some of its most significant transactions. We remain the number one outside brokerage within the community and proudly represented the buyer in the highest Martis Camp sale to date, reinforcing our role at the highest level of the market.

$8,500,000

Sugar Bowl holds a singular place in Tahoe history, known for its authentic mountain culture, deep snowfall, and fiercely loyal ownership base. Unlike many large-scale destination resorts, Sugar Bowl has remained intentionally intimate, preserving a skier-driven experience rooted in tradition and community.

Today, Tahoe Mountain Realty serves as the exclusive inhouse real estate sales team for Sugar Bowl, representing properties within the resort and working directly alongside the community to support thoughtful ownership transitions that align with its long-term vision.

Incline Village is one of Lake Tahoe’s most established and influential lakefront communities, defined by its pristine shoreline, private beaches, and enduring fourseason appeal. Located on Tahoe’s north shore in Nevada, the community offers a distinct ownership profile that continues to attract buyers seeking both lifestyle and residency advantages.

Today, Incline Village remains a key driver of demand and pricing within the broader Tahoe market, attracting buyers drawn to its balance of natural beauty, access, and longterm value. Tahoe Mountain Realty advises buyers and sellers navigating this highly nuanced market, offering strategic insight into timing, valuation, and ownership considerations within one of Tahoe’s most sought-after lake communities.

$1,400,000

NORTH LAKE TAHOE

$1,087,500

Lake Tahoe stands as one of the West’s most iconic alpine destinations, defined by its extraordinary clarity, dramatic shoreline, and enduring appeal as both a recreational retreat and legacy ownership market. Spanning two states and multiple jurisdictions across California and Nevada, the lake is shaped by a diverse mosaic of communities, regulations, and development constraints that make each shoreline and neighborhood distinct. Preservation efforts, limited inventory, and long-standing demand continue to influence value across the region, while lifestyle preferences vary widely from lakefront estates to mountain enclaves. Tahoe Mountain Realty represents buyers and sellers throughout the Lake Tahoe basin, offering informed guidance in a market where local insight, regulatory awareness, and timing are essential to successful ownership.

COMMUNITIES

LAKE TAHOE

COMMUNITIES

AS A PROUD FOUNDING MEMBER OF FORBES GLOBAL PROPERTIES, TAHOE MOUNTAIN REALTY OFFERS OUR CLIENTS UNMATCHED EXPOSURE TO A WORLDWIDE AUDIENCE OF HIGH-NET-WORTH BUYERS.

This exclusive network connects us with top-tier brokerages in over 25 countries, ensuring our listings are seen alongside the world’s most exceptional properties. Backed by the power of the Forbes brand and editorial platform, our membership elevates every listing with global reach, luxury credibility, and marketing that speaks directly to qualified buyers—wherever they may be.

Rendering of the new Deer Valley East Village is provided courtesy of EX Utah Development LLC. Renderings are artist’s conceptions and may not reflect final details.

$ 2,007,000

PRICE

3,002,199

TMR extends our commitment to luxury real estate into the heart of Utah’s premier resort communities with MTN UTAH.

Whether it’s the alpine sophistication of Deer Valley, the dynamic energy of Park City, or the unspoiled beauty of Ogden Valley, MTN UTAH offers the same personalized service, market expertise, and lifestyle-driven insight our clients have come to expect.

Through our partnership with Forbes Global Properties, we connect you with premier opportunities across the globe, ensuring seamless expertise wherever you call home.

$1,014,750

2025 proved to be a year of sorting for the Tahoe Truckee real estate market. Headline results were mixed: average home prices rose 8% year over year, fueled by strength at the top of the market, while the median price dipped slightly by 0.5%. Transaction volume increased 8% from 2024 but remained roughly 11% below longterm historical averages.

Beneath these surface metrics, a distinctly K-shaped market emerged. Elite segments surged to record levels while other tiers moved more deliberately, creating a clear divide between premium, utility-driven homes and those more sensitive to pricing and interest rates.

Luxury led the story. A record number of homes sold above $10 million as Northern California’s wealthiest families continued to prioritize Tahoe lakefronts and private communities such as Martis Camp. On the Nevada side, favorable tax conditions further accelerated demand, pushing trophy properties to record pricing—often off-market. In total, 23 properties traded above $10 million, making 2025 the strongest year on record for eight-figure sales. Communities including Schaffer’s Mill, Lahontan, and Northstar reached all-time highs, while Martis Camp recorded its second-ever sale above $20 million.

While the top tier flourished, other segments experienced a more measured pace. Interest-rate sensitivity and broader economic realignment led to longer decision cycles, even within historically strong neighborhoods. In some areas, new or bestpositioned homes set records, while resale inventory accumulated with longer days on market.

Across mid-tier communities such as Gray’s Crossing, Old Greenwood, Tahoe Donner, and Northstar, sales volume edged higher as pricing adjusted away from peak pandemic-era levels. This shift reflected strategic repositioning and equity redeployment—not seller distress. At the entry level, where pricing now nears $1 million across much of the region, sales remained constrained by a lack of quality inventory.

In total, the market recorded 1,252 transactions and more than $2.2 billion in dollar volume—the third-largest year on record—with over half of all sales closing above $1 million.

Ultimately, 2025 pricing was driven by use and utility rather than momentum. Buyers prioritized lifestyle, location, and quality. Homes that delivered held value; those that didn’t adjusted. Looking ahead to 2026, modestly higher inventory and realistic pricing expectations suggest a market positioned for steady, sustainable activity—grounded in real demand rather than speculation.

Best regards,

Jeff Brown

General Manager

Tahoe Mountain Realty

Tahoe Mountain Realty | A Legacy of Excellence

Tahoe Mountain Realty (TMR) is the premier luxury brokerage serving the Tahoe Truckee region, offering unmatched expertise in connecting buyers and sellers with the area’s most distinctive properties. With deep roots in the local community, TMR pairs exceptional service with a passion for the Tahoe lifestyle, providing strategic insights and unparalleled guidance to help clients achieve their real estate goals.