The Truckee, CA metro area housing market in January 2025 presents a complex landscape with several key indicators showing downward trends. The Median Sales Price stands at $582,250, reflecting a 3.0% decrease year-over-year. This decline in sales price is accompanied by a significant drop in the Median List Price, which is now $625,000, marking a 16.3% decrease from the previous year. This suggests a potential correction in the market as sellers adjust their expectations to align with current buyer demand.

In terms of Price Per Square Foot, the median price is $316.52, down by 3.4% compared to last year. Conversely, the Median List Price per square foot has increased by 3.3%, reaching $334.74. This divergence indicates that while sellers are listing properties at higher per-square-foot prices, the actual sales are occurring at lower rates, possibly due to negotiation dynamics or buyer resistance to higher prices.

The volume of Homes Sold has decreased by 6.9% year-over-year, with 94 Homes Sold in January 2025. Pending Sales have also declined by 11.7%, totaling 113. This reduction in sales activity is mirrored by a 14.9% drop in New Listings, which now number 97. Despite these declines, inventory has increased by 4.4%, reaching 332 homes. This rise in inventory, coupled with a 40.0% increase in Months of Supply to 3.5 months, suggests a shift towards a more balanced market, potentially giving buyers more options and negotiating power.

The Median Days on Market have surged by 48.0%, with homes now taking an average of 100 days to sell. This extended time on the market may be a result of the increased inventory and the adjustments in pricing strategies by sellers. The average sale to list ratio has decreased by 1.4%, now at 96.2%, indicating that homes are selling closer to their list prices, albeit slightly lower than in the previous year.

Additionally, the percentage of Homes Sold above list price has dropped by 5.8%, now at 16.0%. This decline suggests that competitive bidding situations are less frequent, possibly due to the increased inventory and longer market times. Price Drops have become more common, with 27.1% of listings experiencing reductions, a 7.6% increase from last year. This trend further underscores the need for sellers to be more flexible in their pricing strategies.

The percentage of homes going off the market within two weeks has decreased by 2.3%, now at 20.4%. This indicates a slower pace of transactions, likely influenced by the broader market conditions and buyer caution.

Overall, the Truckee, CA housing market in January 2025 is characterized by declining prices, increased inventory, and longer market times. These factors suggest a cooling market where buyers may have more leverage, and sellers need to be strategic in their pricing and marketing efforts to attract interest and close deals.