Chase International releases year end real estate report: Volume down, value consistent

Chase International released its 2022 Year-end Real Estate Market Report which showed a lower overall volume in sales and available units for sale. Still, year over year, there is consistent value growth for homeowners throughout the Northern Nevada and California markets.

“Overall, real estate as an asset shows a consistent increase in value over time and remains the single largest contribution to household wealth,” said Susan Lowe, president/corporate broker for Chase International.

After two recording-breaking years of historically higher volume and twice the activity compared to pre-pandemic years, the market has normalized down by 13% to 50% in volume and units sold–but home values have remained relatively stable.

The figures are part of a final report released by the Lake-Tahoe-based real estate agency which compared all Multiple Listing Services (MLS) homes sales in their market from January 2022 through December 2022 to the same time frame in 2021.

Lowe presented a five-year perspective that validated her statement about investing in real estate. In the Lake Tahoe region in 2017, the median household price was $585,000 compared to $935,000 in 2022 which represents a 59.8 percent increase in value. In the Reno/Sparks region, the 2017 median price was $336,950 which showed a 53.3 percent increase in 2022 with median home values at $515.000.

“These statistics document our clients’ perspective on buying a home in today’s market. They are investing in real estate as part of their long-term wealth strategy in addition to their new sense of well-being and lifestyle choices,” said Lowe.

Referring to the home sales on Lake Tahoe’s Nevada side, Lowe noted a 50 percent decrease in volume on the East Shore with home values increasing 10 percent. On the north shore, Incline Village recorded a 47 percent decrease in single-home volume while the value of homes and condominiums increased by 17 percent.

Lake Tahoe’s California real estate showed similar trends. The South Lake Tahoe market saw a 16 percent decrease in volume with a one percent increase in median home prices and a 15 percent increase in value for condominiums. Property on Lake Tahoe’s West and North Shore volume mirrored the region’s activity with a 40 percent drop in volume, a two percent increase in home value, and a nine percent increase in the median price for condominiums.

In Truckee, California, single-family home volume dropped 12 percent while property value increased by four percent for homes and 12 percent for condominiums. The Tahoe Donner region reflected the continued interest in this popular community with home volume down just 3% and the average price up four percent.

On the eastern side of the High Sierra in Nevada, Reno and Sparks followed the trends with the combined average volume down 13 percent and the median price up 10 percent. To the east, Fernley saw comparable results, Carson City and the burgeoning Carson Valley documented a decrease in volume at nine percent and 16 percent respectively with home values seeing a growth in demand at eight percent in Carson City and five percent in the Carson Valley.

The Lake Almanor region is new to Chase International which partnered with Lake Almanor Brokers in August 2022. Not surprisingly, this recreational mecca was right in line with the Lake Tahoe region documenting a drop in volume at 10 percent and seeing a four percent increase in property value.

For a complete analysis of Chase International’s 2022 year-end review of the real estate market in Northern Nevada and California, visit Chase International/Market-Report.

About Chase International ~ Chase International is a dynamic real estate company joining the hearts of buyers and sellers worldwide. Founded in 1986 and committed to the success of its clients, sales associates, staff and community, Chase cares and loves making a difference in people’s lives. With more than 375 professional Realtors® representing homes at all price points, the company is proud to be the market leader, achieving the highest 2021 volume in the region of $2.6 billion in sales per Real Trends market tracker. The company currently operates in 14 locations: Zephyr Cove, Glenbrook, Incline Village, Carson Valley, Reno, Sparks, Henderson, South Lake Tahoe, Tahoe City, Truckee, Roseville, Lake Almanor and London. With powerful national and international connections in place, Chase exclusive listings receive maximum exposure to potential purchasers worldwide. For more information about Chase International or to explore career opportunities, visit ChaseInternational.com.