Tahoe Market Update from Timber and Tide

Whether it's first tracks on a powder day, afternoons spent on the lake, or evenings around a fire with family and friends, the Truckee-Tahoe region offers a lifestyle that keeps people coming back year after year. It's no surprise that it remains one of the most sought-after second-home markets for Bay Area buyers. To learn how the market is evolving—and what today's buyers should know—we sat down with Chris and Carlynn Fajkos of Timber and Tide Real Estate. 

Tell us about the post-COVID trajectory of the Tahoe market and how it compares to the Bay. 

The Bay Area saw a big spike in prices in Q1, with multiple offers are again the norm. Our post-pandemic peak was summer 2022 when median price in SF was $1.55MM and Alameda County was $1.275MM. The East Bay is still below that peak price (and climbing) but SF is at a new high of almost $1.7MM. 

The Truckee-Tahoe market, post-COVID, has continued to see median sold prices climb YoY, despite the number of sales declining steadily since its peak in 2020. For context, the Truckee – Tahoe area concluded 2020 with a record-shattering 1,976 sales and a median sold price of $799,450. By the end of 2021 sales dropped down to 1,590 but the median sold price had exploded to $1M, representing 25% increase from the year prior. This number was even higher in some of the more desirable, luxury communities with gains reaching the 40%-50% range. Fast forward to today, median sold price is now resting at $1,183,000, year-to-date, and home sales have remained relatively stagnant post-COVID, averaging 1,048 transactions per year. 

The current Truckee – Tahoe market, is running more akin to how it looked pre-COVID, which was a more stable and less frantic market. Activity remains steady and inventory quality is strong, but buyers appear more measured and value-conscious than they were in prior years. Well-positioned homes attract attention, while aspirational pricing faces more resistance. Unlike the Bay Area market, the Truckee – Tahoe market is an overwhelmingly second home market with ~66% of the housing stock being used solely as second homes. As such, the home buying decision process in Tahoe is vastly different from the Bay Area, namely because these are discretionary purchases which can have longer lead times and are sensitive to economic turbulence. 

Where are most of your Bay Area clients looking to buy vacation homes? 

A popular theme that I see is that my clients are seeking homes that are “mountain modern” design and are located in communities that provide exclusive access to top-notch amenities. Whether it’s access to a private ski lodge or golf course, stepping off your back deck onto a ski-run, or being able to easily walk down to the crystal clear waters of Lake Tahoe, it’s all about the easy life and not having to battle for access to the things that make Tahoe special. Communities that come to mind are Martis Camp, Lahontan, Schaffer’s Mill, and true Tahoe lakefronts or properties with access to private beaches and piers. But of course, this all depends on factors like budget, short-term renting restrictions, and location (CA vs. NV, Lakeside vs. Amenity-rich community, etc.).

One of the initial resources I offer my clients to determine which Truckee community is right for them, are our Community Fact Sheets. Truckee is spread across 2 counties and 6 distinct communities, with many nuances from county to county, and community to community. We help people narrow down which community is right for them by supplying them with each community’s details. You can download the 2026 Truckee Luxury Community Fact Sheets if you would like to review the HOA dues, amenities, membership fees and cost-to-own in all of Truckee’s luxury communities. 

What's the best season to shop for a property in the Tahoe area? We imagine it's different from the Bay, where summer tends to be slow and spring is the toughest for buyers. 

Funny because Tahoe is the exact opposite. Year after year the trend lines always show that once spring time hits, it allows owners to assess their homes for any damages that may have occurred over the winter. From there, owners get their homes ready for the market and inventory starts ramping up throughout spring and early summer. Summer is statistically the busiest time in Tahoe in terms of tourism, which allows people to take time to explore the various communities and get familiar with our market. Transactions increase throughout the summer with Labor Day representing the peak transaction period. After that, our market gets a little sleepy as people shift out of vacation mode, kids go back to school, and people forget about Tahoe until the ski resorts open. Sometimes, we get a little bump around October-November as buyers look to secure properties in time for a full season on the slopes and rental revenue (should they be seeking to short-term rent their home out). 

What's the landscape like for short term rentals in the Tahoe basin? 

When COVID hit and there was the massive surge in home sales in Tahoe, many people were quickly converting them into short-term rentals (STR), thereby taking an existing issue and making it an even bigger issue to manage. The Truckee – Tahoe market consists of 2 states, 6 counties, and 2 incorporated cities, which resulted in a patchwork of STR ordinances. Some are notoriously more difficult to get an STR permit in. For instance, within the Town of Truckee’s jurisdictions you can no longer STR a condo or townhome. You can rent a single-family home but you need to wait a full year after closing to apply. Then you go on a waitlist, which can take another 8-12 months. Conversely, Eastern Placer County areas such as Northstar, Olympic Valley, Martis Valley, and the unincorporated towns around the north and west shore (Kings Beach, Tahoe City, etc.) are still relatively easy to obtain a STR permit, taking only a few weeks or so. Through my work on local boards and councils, I was very involved with the counties and the Town of Truckee when they were debating how to handle the surge in STRs, so I am well versed on the issue and can help clients understand what area makes the most sense for them to explore. 

There's a LOT to love about Tahoe, and obviously tons of well-known hot spots. Would you be willing to share a local's-only place that you think is exceptional?

We live in Glenshire in Truckee and use Boca Reservoir a lot when we want to be around water. Lake Tahoe is amazing but sometimes you just want easy access to go paddle boarding, kayaking, or even camping. Off the beaten path reservoirs like Boca, Prosser, and Stampede are great options for all of that and there’s great camping out there too. For getting out on Lake Tahoe we love Moon Dune Beach, Patton Beach, and Sandy Beach. Sand Harbor Beach on the East Shore is gorgeous but be aware that they now only take reservations, which honestly helps make the experience less chaotic like it was years ago.  

If you had only three words to describe your philosophy of client care, what would they be? 

The three main pillars of my brokerage, Timber & Tide, are: education, honesty, and service. 

Education, meaning that our main goal every day is to arm people with timely and detailed information so they can make the most informed decision for their investment and their families.

Honesty, meaning that even if the truth of the matter might not lead to sale, we ensure all conversations are open and honest. 

Service, meaning that we provide an elevated level of service to our clientele, from opening the door for a delivery after the sale is over to meeting with a general contractor to help obtain a bid, or connecting them with a trusted and capable local lender. We don’t end our customer service at the closing, we still take care of our clients long after the transaction is done.  

How can people reach you to start talking about their own mountain getaway? 

I’m available anytime to chat, whether that’s in-person, via email or over the phone. I find jumping a quick call is the best way for people to get a sense of who I am, what my background is, and what my core principles are. 

CHRIS FAJKOS

Broker/Owner, MBA

Timber & Tide Realty Co. 

CA 02017161, NV S.0195337

M. 415.309.8227

@timberandtide_realtyco

https://timberandtiderealtyco.com/