The 2025 luxury real estate market in Truckee tells a story of normalization at elevated values, rather than decline. After the rapid price acceleration of recent years, luxury buyers in 2025 became more deliberate, more analytical, and more value-driven, but they did not disappear. Across Truckee’s premier communities, pricing remained resilient, inventory stayed constrained, and demand continued to concentrate around homes that offered the right blend of location, design, and long-term lifestyle value. While market conditions varied by neighborhood, the overarching theme was clarity: buyers rewarded realism and quality, and sellers who understood today’s environment continued to transact successfully. The following community-by-community analysis pairs long-term historical data with 2025 performance to provide context, insight, and practical guidance for anyone considering a luxury purchase or sale in Truckee.
Martis Camp
2025 End-of-Year Recap
Martis Camp once again defined the top of the Truckee luxury market in 2025. Sales volume increased meaningfully year over year, and the median sold price reached a new all-time high, reinforcing the community’s position as the region’s premier ultra-luxury enclave. While buyers were more selective and negotiated more aggressively than in prior years, demand remained deep and global, with homes still selling in a reasonable timeframe relative to price point. Pricing per square foot remained among the highest in the region, reflecting both limited inventory and rising replacement costs. For buyers, 2025 demonstrated that Martis Camp remains a market driven less by short-term conditions and more by long-term desirability. For sellers, success hinged on precision pricing and thoughtful presentation rather than speculative ambition.
Historical Overview
Since its inception, Martis Camp has evolved from an emerging luxury concept into one of the most established private communities in the Western U.S. Early sales during the post-financial-crisis years occurred at a fraction of today’s values, but over time the combination of exclusivity, amenities, and limited build-out has permanently reshaped pricing. The data shows a steady climb punctuated by brief pauses, not true reversals. Long-term buyers have been rewarded with strong appreciation, and the community now operates in a pricing environment largely insulated from broader Truckee market fluctuations.
Lahontan
2025 End-of-Year Recap
Lahontan experienced one of the strongest momentum shifts of any Truckee luxury community in 2025. After a subdued 2024, buyer activity returned decisively, with a notable increase in both sales count and total dollar volume. Median pricing moved higher, and homes sold closer to asking price, signaling renewed confidence among qualified buyers. Days on market shortened, suggesting that well-priced homes aligned more closely with buyer expectations. For buyers, 2025 represented an opportunity window that rewarded decisiveness as demand accelerated. Sellers who adjusted pricing to current conditions benefited from improved execution and fewer concessions.
Historical Overview
Lahontan was the first of the luxury communities in Truckee, with homes coming online in the late 90's. The long-term data reflects a classic luxury cycle: early volatility, a post-recession reset, and a steady rebuild into a mature, stable market. Values today sit well above historical averages, supported by lifestyle appeal, golf amenities, and proximity to Truckee and Northstar. Unlike newer luxury developments, Lahontan’s pricing behavior increasingly mirrors that of established resort communities, where supply is constrained and long-term ownership is common. Over time, this has created a market that favors patience and strategic timing over short-term speculation.
Schaffer's Mill
2025 End-of-Year Recap
Schaffer’s Mill continued its transition into a firmly established luxury market in 2025. Median prices reached their highest level on record, supported by rising price-per-square-foot figures that reflect both product quality and buyer expectations. While homes took slightly longer to sell than the year prior, values held firm and buyer commitment remained strong once engaged. Negotiations were present but measured, indicating a healthy balance between buyers and sellers. For buyers, Schaffer’s Mill offered clarity: pricing has reset higher, and value now lies in long-term ownership rather than waiting for meaningful pullbacks. Sellers were rewarded when pricing aligned with today’s luxury benchmarks rather than yesterday’s.
Historical Overview
Historically, Schaffer’s Mill shows one of the most dramatic value transformations in the Truckee market. Early sales occurred at relatively modest price points, but sustained investment in homes, amenities, and community identity has driven a long-term re-rating. The data illustrates a clear shift from transitional market to destination luxury community. This evolution has created a more discerning buyer pool and a pricing structure that now competes directly with Truckee’s top neighborhoods.
*Data comprises single family homes and townhomes.
Gray's Crossing
2025 End-of-Year Recap
Gray’s Crossing delivered a steady and disciplined performance in 2025. Median prices remained near historic highs, even as buyers took more time to evaluate options and move forward. While days on market increased modestly, sellers continued to capture a strong percentage of their asking price, reflecting realistic pricing expectations. The market favored homes that were well-located, well-maintained, and competitively positioned. For buyers, Gray’s Crossing offered stability and transparency rather than volatility. Sellers benefited from patience and an understanding that this is a value-driven, not speculative, luxury market.
Historical Overview
Over the long term, Gray’s Crossing stands out for consistency. Following a clear post-recession reset, prices rebuilt steadily and have since stabilized at levels supported by lifestyle appeal and replacement cost. Unlike more volatile luxury segments, Gray’s Crossing tends to move in measured cycles, making it attractive to buyers seeking long-term confidence rather than short-term appreciation spikes. The data reflects a community that rewards disciplined ownership and realistic expectations.
*Data comprises single family homes and townhomes.
Old Greenwood
2025 End-of-Year Recap
Old Greenwood posted one of its most compelling years in recent history. Homes sold faster in 2025 than in most other luxury communities, and sellers frequently achieved full or near-full asking price. Median pricing remained firmly in the upper-$2M range, supported by decisive buyer behavior rather than aggressive discounting. The market rewarded well-presented listings, and buyer confidence was evident throughout the year. For buyers, competition required preparation and clarity of intent. For sellers, 2025 reinforced that Old Greenwood remains a market where correct pricing can generate urgency.
Historical Overview
Old Greenwood’s historical data reflects a lower-volume but highly resilient luxury market. Limited inventory and strong owner retention have historically supported pricing through multiple cycles. After bottoming during the post-financial-crisis years, values recovered steadily and have since entered a period of long-term stability. This dynamic has positioned Old Greenwood as a lifestyle-driven luxury community where supply constraints play an outsized role in value preservation.
*Data comprises single family homes, villas, and townhomes.
Northstar Village
2025 End-of-Year Recap
Northstar Village remained one of the most active and liquid luxury-adjacent markets in Truckee in 2025. While median pricing softened slightly due to unit mix, homes sold significantly faster and buyers paid higher prices per square foot. This combination signals sustained demand rather than market weakness. Buyers prioritized location, walkability, and access to resort amenities, often acting decisively when the right opportunity appeared. For buyers, Northstar Village continued to offer usability and lifestyle flexibility. Sellers benefited when pricing reflected current demand rather than past peaks.
Historical Overview
Historically, Northstar Village has been defined by volume and consistency rather than dramatic pricing swings. Its long-term data shows strong recovery following the financial crisis and steady appreciation tied to resort evolution and infrastructure investment. Because inventory composition varies year to year, headline pricing can fluctuate, but underlying demand has remained durable. This has made Northstar Village one of the most dependable markets for buyers seeking both enjoyment and long-term value.
Northstar Homes
2025 End-of-Year Recap
Northstar Homes experienced a more measured year in 2025, with median pricing easing slightly as fewer top-end homes traded. Importantly, buyers continued to pay strong prices per square foot, indicating that demand remained intact. Homes that were properly priced and well maintained still attracted attention, while over-ambitious listings faced longer timelines. For buyers, 2025 provided selective opportunities without signaling a broad market shift. Sellers were reminded that pricing discipline remains essential in a maturing luxury environment.
Historical Overview
The long-term data for Northstar Homes reflects one of the strongest appreciation stories in Truckee. Since the early 2010s, values have more than doubled, supported by broad buyer appeal and year-round livability. Because the community spans a wide range of home types and price points, annual medians can fluctuate based on sales mix. Over time, however, the trajectory has remained clearly upward, favoring long-term ownership strategies.
*Data comprises both Big Springs and Vintage Northstar single family homes.
Mountainside
2025 End-of-Year Recap
Mountainside continued to command premium pricing in 2025, with median values firmly above $3M and some of the highest price-per-square-foot figures in the Truckee market. Buyers, however, were more deliberate and negotiated more actively, leading to wider spreads between list and sale price. Homes that aligned pricing with current buyer expectations performed well, while aspirational pricing faced resistance. For buyers, Mountainside remained a top-tier option for design, ski access, and exclusivity. For sellers, accuracy mattered more than ever in a low-volume, high-stakes market.
Historical Overview
Historically, Mountainside has operated as a boutique luxury market with limited inventory and pronounced price sensitivity. Early years saw exceptionally high pricing relative to the broader market, followed by periods of recalibration. Over time, the community has demonstrated resilience through scarcity and construction quality. The long-term data suggests Mountainside rewards buyers focused on quality and long-term hold value rather than short-term market timing.
*Data comprises all Mountainside neighborhoods, including M25 single family homes.
Conclusion
As we close the book on 2025, Truckee’s luxury communities have proven their ability to adapt without losing value. Rather than a single, uniform market, luxury real estate in Truckee now behaves as a collection of highly specific micro-markets, each driven by its own buyer profile, pricing dynamics, and long-term appeal. For buyers, this environment favors preparation, patience, and informed decision-making — especially when opportunities emerge in communities where pricing has recalibrated without compromising fundamentals. For sellers, the data reinforces a critical truth: success is no longer about chasing peak pricing, but about aligning expectations with current demand. When approached strategically, Truckee’s luxury market continues to offer both lifestyle enrichment and long-term value, making it one of the most compelling mountain real estate markets in the West heading into 2026.
