Truckee, CA Metro Area Housing Market Analysis - August 2024

The Truckee, CA metro area housing market has experienced notable shifts as of August 2024. The Median Sales Price for homes stands at $699,000, reflecting a slight decrease of 2.2% year-over-year (YoY). This decline in sales price is accompanied by a more significant drop in the Median List Price, which is currently $650,000, down by 7.1% YoY.

Despite the overall decrease in median prices, the median Price Per Square Foot has risen to $369.79, marking a 4.0% increase YoY. Conversely, the Median List Price per square foot has decreased by 8.2% YoY, now at $349.50.

The number of Homes Sold in the Truckee area has also seen a decline, with 166 Homes Sold, representing a 7.8% decrease YoY. Pending Sales have dropped even more sharply, down by 20.0% YoY to 164. However, New Listings have increased by 5.8% YoY, totaling 238 New Listings for the month.

Inventory levels have risen significantly, with a 21.4% increase YoY, bringing the total inventory to 630 homes. This increase in inventory has contributed to a substantial rise in the Months of Supply, which now stands at 3.80 months, up by 90.0% YoY.

The Median Days on Market for homes in Truckee is currently 43 days, reflecting a 10.0% increase YoY. The average sale to list ratio has seen a slight decline, now at 98.4%, down by 0.3% YoY. Additionally, the percentage of Homes Sold above list price has decreased to 22.3%, a 4.9% drop YoY.

Price Drops have become more common, with 33.8% of listings experiencing a price reduction, though this is a 4.7% decrease YoY. The percentage of homes going off the market within two weeks has also slightly decreased, now at 31.1%, down by 1.6% YoY.

Overall, the Truckee, CA metro area housing market is experiencing a period of adjustment, with declining sales and list prices, increased inventory, and longer time on the market. These trends suggest a shift towards a more balanced market, providing potential opportunities for buyers.