The Truckee, CA metro area housing market in February 2025 presents a dynamic landscape with notable shifts in pricing, sales, and inventory. The Median Sales Price has risen to $618,500, marking a 6.2% increase year-over-year, while the Median List Price has surged by 11.8% to $699,000. This indicates a growing gap between seller expectations and buyer transactions, potentially reflecting increased demand or seller optimism.

Price Per Square Foot metrics show a more modest change, with the median Price Per Square Foot at $343.47, up by only 0.2% year-over-year. In contrast, the Median List Price per square foot has increased by 8.2% to $364.12, suggesting that sellers are pricing properties higher per square foot than buyers are willing to pay.

Sales activity has experienced a downturn, with Homes Sold decreasing by 10.0% year-over-year to 90 units. Pending Sales have also declined by 6.3%, totaling 118. This reduction in sales activity could be attributed to the rising prices or a shift in buyer sentiment. However, New Listings have increased significantly by 28.0% to 151, indicating a growing inventory and potentially more options for buyers.

The inventory of homes has expanded by 15.1% year-over-year to 351 units, contributing to an increase in the Months of Supply, which now stands at 3.90 months, up by 80.0%. This suggests a shift towards a more balanced market, although it still leans towards sellers given the relatively low Months of Supply.

Market dynamics are further highlighted by the Median Days on Market, which has decreased by 10.0% to 59 days, indicating that homes are selling more quickly than they were a year ago. The average sale to list ratio has improved slightly by 0.7% to 98.3%, suggesting that sellers are achieving closer to their asking prices.

Despite these positive indicators, the percentage of Homes Sold above list price has decreased by 4.0% to 20.0%, and Price Drops have increased by 1.0% to 19.4%. This could imply that while some sellers are achieving their desired prices, others are adjusting expectations to meet market conditions. Additionally, the percentage of homes going off market in two weeks has risen by 3.1% to 35.6%, indicating a segment of the market is moving quickly.

Overall, the Truckee housing market in February 2025 is characterized by rising prices and increased inventory, with a slight cooling in sales activity. Buyers and sellers alike should be aware of these trends as they navigate the evolving market landscape.