May 2025: Incline Village/Crystal Bay Housing Market
Inventory continues to rise; Sales flat. Housing market back in “Buyer’s Market” territory!
SFRs
May 2025’s SFR sales came in at 10 homes sold—two fewer than the number of SFRs sold in April. Year-over-year, May sales were up 11.1%.
May’s median sales price for SFRs fell to $1,804,944—a decrease of 13.8% month-over-month. Year-over-year, May’s median sales price is down 40.8%.
The median list price for SFR homes in May 2025 was $1,880,000, yielding a sold-to-list price ratio of 96.0%.
May’s median DOM (days on market) came in at 109 days. This number is 11 days fewer than April’s median DOM of 120 days. However, May’s DOM is 77 days longer than May 2024’s median DOM of 32 days.
Available inventory sits at 98 SFRs for sale—a 46.3% increase over last month’s available SFRs; and a 22.5% increase over this time last year.
With sales down and inventory substantially up May’s MSI (months supply of inventory) has climbed to a 9.8 months supply—reflective of a “Buyer’s Market”.
Pending sales currently sit at 16 listings under contract—5 more than this time last month; and 6 greater than this time last year. Pending sales represent homes that have accepted offers and are under contract, but the sale has not closed.
Condo/Townhomes
Turning to the condo/townhome market, 7 condos/townhomes sold in May. This number is 1 more than April’s 6 condo/townhome sales; and is 2 fewer year-over-year.
The median sales price for condos/townhomes rose to $1,035,000 in May. That number represents a 10.1% increase over April’s condo median sales price; however, it is down 22.2% year-over-year.
The median list price for condo/townhomes in May 2025 was $1,100,000—resulting in a sold-to-list price ratio of 94.1%.
May’s median DOM (days on market) rolled back to just 39 DOM for the month. For comparison, April’s condo DOM was 139 days, and May 2024’s median DOM was 37 days.
Available inventory sits at a whopping 90 condo/townhomes for sale—up 23.3% over this time last month; and up 83.7% year-over-year.
As observed with SFRs, the rising condo/townhome inventory is resulting in a rising MSI (months supply of inventory). May’s MSI currently sits at a 12.9 months supply—again, indicating a “Buyer’s Market”.
Pending sales currently sit at 19 listings—7 more than this time last month; and 7 more than this time last year.
May 2025 unequivocally marks a shift in the Incline Village/Crystal Bay real estate market, with both single-family homes and condos/townhomes now firmly in ‘Buyer’s Market’ territory. The significant and sustained increase in inventory across both segments provides more choices for prospective buyers, a trend reinforced by more normalized sales figures. While median prices have seen some adjustments, the surge in available properties creates a dynamic landscape that offers unique opportunities. As we head deeper into the summer, this expanded inventory will likely continue to shape market activity.
Thinking of selling your Incline Village / Crystal Bay property and looking for guidance in the current market? Or, considering taking advantage of the market’s current buying opportunities? Schedule a consultation with us to obtain personalized advice on your real estate goals.
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Data courtesy of the Incline Village REALTORS® and its Multiple Listing Service as of June 17, 2025. Note: This information is deemed reliable, but not guaranteed.
