Median home price around Tahoe stands at $617,475 | SierraSun.com

Median home price around Tahoe stands at $617,475

The Associated PressThe median price of a single-family home sold at Lake Tahoe last year increased 17 percent to $617,475, with the biggest gains among the more than 200 homes sold for more than $1 million, a real estate study shows.The median price of a condominium sold in the Lake Tahoe Basin in 2004 was $352,688, up 27 percent from 2003, according to the report by Chase International.”Overall the Lake Tahoe market continues to show remarkable gains,” said Susan Lowe, vice president for Chase International, based in Tahoe City, Calif. “The over-million market has seen noteworthy upsurges. Consumer confidence and economic growth is on the rise nationally and it’s reflective in the Tahoe area,” she said Thursday.The largest percentage increase in the median price of a single-family home sold in the basin from 2003 to 2004 was at Tahoe City – a gain of 24 percent, from $475,000 to $589,000.Prices increased 17 percent on Tahoe’s south and east shores – to a median price of $379,000 for single-family homes at South Lake Tahoe, Calif., and to $695,000 on the east shore in Nevada, including Glenbrook and Zephyr Cove.The median price of a single-family home at Truckee rose 24 percent to $539,900.