Trend Report Incline Village Real Estate 2020-2025

by Sandy Ravens

Trend Report for Incline Village Real Estate Market 2020–2025

The Incline Village and Crystal Bay real estate market has undergone a remarkable evolution over the past six years. From the unprecedented surge of the pandemic years to today’s more balanced yet supply-constrained environment, the data tells a clear story: this is a market defined by scarcity, resilience, and long-term value.

Below is a breakdown of key market trends across single-family homes, PUDs, condominiums, and vacant land from 2020 through 2025.

Sales Activity: From Frenzy to Stability

Transaction volume peaked in 2020 with 636 total sales, driven by historically low interest rates and a nationwide flight to lifestyle destinations like Lake Tahoe. That pace slowed significantly over the following years, reaching a low of 249 sales in 2023 as interest rates rose and affordability tightened.

By 2025, total sales rebounded modestly to 301 transactions, signaling a more normalized market—one that prioritizes intentional buyers and sellers over speculative activity.

Pricing Trends: A New Baseline Has Been Established

Despite fluctuations in sales volume, prices have remained remarkably resilient.

The median sale price climbed from $1,075,000 in 2020 to a peak of $1,600,000 in 2024
In 2025, the median adjusted slightly to $1,440,000, reflecting stabilization; not decline
Average sale prices remain elevated, consistently above $2.3M in recent years

This confirms what many local buyers and sellers already know: Incline Village pricing has reset permanently higher, supported by limited inventory and enduring demand.

Luxury Market: A Consistent Driver

One of the most striking trends is the strength of the luxury segment.

Highest recorded sale jumped from $27.5M in 2020 to a record $62M in 2024
In 2025, luxury activity remained strong with a top sale of $42M

High-end transactions continue to anchor overall market confidence, influencing pricing expectations across all segments.

Days on Market: Still Intentional, Not Immediate

Average days on market shortened dramatically during peak pandemic conditions; dropping to 87 days in 2021, before lengthening again as conditions normalized.

2023–2025 DOM hovered between 131–142 days
Homes are selling—but not without preparation, pricing strategy, and patience

This reinforces the importance of expert positioning and realistic pricing, particularly as buyers become more discerning.

Negotiation Trends: Buyers Gaining Slight Leverage

List-price-to-close ratios tell a compelling story about negotiation power:

100% ratio in 2021 reflected intense bidding competition
Ratios moderated to 93–95% from 2023–2025
2025 settled at 94%, indicating room for strategic negotiation

The market remains strong but not overheated, creating opportunities for well-qualified buyers and well-advised sellers alike.

What This Means Heading Into 2026

The data confirms that Incline Village and Crystal Bay are no longer driven by short-term cycles. Instead, the market reflects long-term commitment, limited supply, and lifestyle-driven demand.

Key Takeaways Moving Forward:

Entry-level inventory remains extremely limited
Luxury buyers continue to set market benchmarks
Pricing is stable, not speculative
Strategy matters more than speed

For buyers, preparation and decisiveness remain essential. For sellers, thoughtful pricing and presentation are key to maximizing value in a discerning market.

Based on data from the Incline Village Board of REALTORS® MLS.. All data sourced from the Incline Village Board of REALTORS® MLS, covering 2020–2025 sales across single-family homes, PUDs, condominiums, and vacant land. Deemed reliable but not guaranteed!

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