Chase real estate report shows sales slower in 2022, home values steady
TRUCKEE, Calif. — Chase International released its 2022 Real Estate Market Report at the end of 2022, which showed lower overall sales volume and units available for sale. However, year over year, there are steady increases in value for homeowners throughout the Northern Nevada and California markets.
“Overall, real estate as an asset shows consistent growth in value over time and remains the single largest contributor to family wealth,” said Susan Lowe, President/Corporate Broker for Chase International.
After two record years of historically high volume and double the activity compared to pre-pandemic years, the market has normalized by 13-50% in volume and units sold – but home values have remained relatively stable.
The figures are part of a final report released by the Lake-Tahoe-based real estate agency, which compared all sales of Multiple Listing Services homes in their market from January 2022 to December 2022 with the same time period in 2021.
Lowe presented a five-year outlook that proved her real estate investment statement. In the Lake Tahoe region in 2017, the median household price was $585,000 compared to $935,000 in 2022, representing a 59.8% increase in value. In the Reno/Sparks region, the 2017 median price was $336,950, which showed a 53.3% increase in 2022 with median home values at $515,000.
“These statistics document our customers’ perspective on buying a home in today’s market. They are investing in real estate as part of their long-term wealth strategy in addition to their new sense of well-being and lifestyle choices,” Lowe said.
Referring to home sales on the Nevada side of Lake Tahoe, Lowe noted a 50% drop in volume on the East Coast with home values up 10%. On the North Shore, Incline Village recorded a 47% drop in single home volume while home and condo values rose 17%.
Lake Tahoe California real estate showed similar trends. The South Lake Tahoe market saw a 16% decrease in volume with a 1% increase in median home prices and a 15% increase in value for condominiums. Property volume on the west and north shores of Lake Tahoe mirrored the region’s activity with a 40% drop in volume, a 2% increase in home values and a 9% increase in the median price for condos.
In Truckee, the volume of single-family homes fell 12% while property values rose 4% for homes and 12% for condos. The Tahoe Donner region reflected continued interest in this popular community with home volume down just 3% and median price down 4%.
On the east side of the High Sierra in Nevada, Reno and Sparks followed the trends with combined average volume down 13% and average price down 10%. In the West, Fernley saw comparable results. Further south, Carson City and the booming Carson Valley documented a decline in volume of 9% and 16%, respectively, with home values seeing demand increase by 8% in Carson City and 5% in Carson Valley.
The Lake Almanor region is new to Chase International, which partnered with Lake Almanor Brokers in August 2022. Not surprisingly, this recreational mecca was in line with the Lake Tahoe region, documenting a 10% decline in volume and seeing a 4% increase in property value. For a complete analysis of Chase International’s latest 2022 review of the Northern Nevada and California real estate market, visit Chase International/Market-Report.