At the close of 2023, there were 165 actively listed homes for sale in the Tahoe Sierra MLS, a significant decrease from the 287 homes listed at the end of 2019. The real estate market is apparently  undergoing a correction influenced by the impacts of COVID-19, readjusting from the unique trends and heightened demand seen during the pandemic.

This transition is marked by a dual phenomenon: on one side, potential buyers are cautiously anticipating further price reductions, while on the other side, opportunistic sellers are taking advantage of the current low supply. These dynamics collectively illustrate a market in flux, moving away from the frenetic activity of previous years towards a more balanced yet careful real estate environment.

Looking ahead, all eyes are on interest rates as a key determinant of market performance. With the Federal Reserve indicating the possibility of multiple rate reductions in 2024, there is an expectation that the market will respond positively, leading to a rebound in sales activity. As sales volume increases, it is anticipated that prices will reverse the slight decline observed in 2023.