Marin County Real Estate Market Report
January 2024

byThomas Henthorne|January 22, 2024|inMarin Real Estate, Market Reports

Marin Real Estate Market Report

January 2024

Happy New Year! My first market report of the year brings good news for sellers – the Marin County median home price has increased two months in a row, up 5.1% vs. the same time last year to $1.350. The average sold price was only up 2%, indicating that higher-priced homes performed better (with more volume) than more moderately priced homes in December. If you’re interested in seeing some of the most expensive Marin County homes sold in 2023, check out my new blog article here

The number of homes for sale, which we agents call home inventories, followed the year-long trend in 2023, down 11% vs. December of 2022. This is the #1 challenge facing home sellers, buyers and real estate agents: There are just not enough homes on the market.

If you are thinking of selling your home in 2024, NOW is the time to talk to agents and set a plan as the busy spring season is right around the corner. I’m hoping you will consider calling me at 415-847-5584 to discuss how I might be able to help you.

Coming Soon!

I have a beautiful home in San Rafael’s exclusive Country Club neighborhood coming on the market in early February. The home is located on 2 acres offering incredible privacy and jaw dropping 180 degree views of Mt. Tam and beyond.

I am also working on a great home in the Tam Valley area of Mill Valley which offers a great floor plan, a large back yard and views. This home will be coming on the market in early spring.

The Golden Gate Sotheby’s SF Bay Area 2023 Market Report

The Golden Gate Sotheby’s SF Bay Area 2023 Market Report is now out, with a complete overview of the major real estate market that comprise the SF Bay Area. Click here to read the full report, or scroll down to check out some highlights.

How Can I Help?

While the market is shifting, there are many opportunities out there for smart buyers and sellers. Let me help pave the road to success for you!

These market reports are a great place to start, but let’s continue the conversation. I am always happy to discuss the market and the best way to approach buying or selling a home in Marin County or the greater Bay Area. Call or text me anytime at 415-847-5584.

Check Out My Sizzle Reel!

From the Golden Gate Sotheby’s Bay Area Market Report…

LOW INVENTORY IN A STABILIZING MARKET

The housing market stabilized somewhat during the second half of 2023, following the softening that began in mid-2022. For-sale inventory remained low throughout the year, constraining purchase activity for entry-level and trade-up buyers alike. Buyer demand for homes rose within the inner SF Bay Area as many employers pushed workers to return to office locations and commute times increased.

JOB GAINS MODERATE WHILE INTERNATIONAL MIGRATION RISES

Tight labor market conditions, rising wages and slowing in the technology sector all led to a moderation of job gains in the SF Bay Area. The regional economy added an estimated 50,000 jobs last year, while the unemployment rate ticked higher to 3.9%, which was still low by historical standards.

MORTGAGE RATES CONTINUE TO IMPACT INVENTORY

Despite a modest improvement in mortgage rates during the second half of 2023, many homeowners are still locked into mortgages with rates much below the current level. As a result, the number of active listings remained low throughout 2023, and for-sale inventory decreased further into the end of the year as seasonal trends took hold. In fact, the number of active listings decreased to less than 2,900 as of December 2023, the lowest level since January 2022. Highlighting the low level of inventory, active listings averaged 4,400 homes in 2023, a decrease of 16% from 2022.

Inventory was tight in all counties, as purchases outpaced new listings in half of SF Bay Area counties in December, while the number of listings was nearly unchanged in two more. The largest decreases in average inventory during 2023 were in Alameda and Contra Costa counties, with Santa Clara County not far behind. In Napa and Sonoma counties, inventory increased slightly from an already very low level.

SALES CONSTRAINED BY LOW SUPPLY AND LOWER TECH-SECTOR DEMAND

The number of homes sold in 2023 declined by 23% to less than 36,000. The dwindling supply of homes for sale, as well as elevated mortgage rates and reduced affordability, constrained home sales. The buyer pool in some neighborhoods was further diminished by weakness in the technology sector. Tech sector jobs can provide significant income growth for employees, leading to greater housing demand.

In the case of 2023, with many tech firms trimming staff or undergoing hiring freezes, diminished income prospects led to some households remaining on the sidelines.

However, in the fourth quarter of 2023, sales volume was only 7% less than the same period one year prior, compared with a delta of 28% in mid- 2023, ending the year only slightly worse than 2022.

LOOKING AHEAD

While the broader SF Bay Area housing market remains somewhat constrained by limited inventory to start 2024, demand for homes remains strong. Mortgage rates have fallen in recent weeks, which may bring some sidelined buyers back to the market. Additionally, the recent drop in rates may even make refinancing an option for those that purchased last year.

Overall, economic conditions in the region should remain on par with 2023, with modest job and income gains across a range of industries. The key tech industry may have stabilized, which should help housing demand in many neighborhoods. For-sale inventory may remain somewhat limited for the foreseeable future. This will continue to constrain sales volume but at the same time potentially lead to increased competition in prime neighborhoods and gains across a range of price points.

Please click here to read the full report.

What My Clients Are Saying…

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23 Maplewood Drive in San Rafael, California

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Marin Real Estate Market Stats

Marin county annual sales by town full year 2023

Marin county real estate market trends full year 2023

Marin County Real Estate Market Report Charts

(click any slide to enlarge & launch slideshow)

“For Sale” vs. Sold Home Prices vs. Median Home Prices

Marin county real estate market update January 2024 home prices chart

Marin Home Prices List Price vs. Sold

Marin County Months of Inventory Based on Closed Sales

Average Price Per Square Foot

Marin County Number of Homes on the Market

Marin county real estate market update January 2024 number of homes for sale chart

I hope you have found my Marin County Real Estate Market Report informative. Please feel free to add your comments, questions or suggestions in the comments section below. If I may be of any assistance in helping you attain your real estate goals, please call or text me at 415-847-5584 and I will be in touch right away.

Wondering If You Should Buy or Rent?

This handy calculator is a great place to start. Then give me a call at 415-847-5584 and let’s discuss.

Would you like to see this data for your town only?

I am also excited to announce that my website now has new real estate market reports by town with more coming soon. Please check these out:

Belvedere Real Estate Market Report

Corte Madera Real Estate Market Report

Fairfax Real Estate Market Report

Kentfield Real Estate Market Report

Larkspur Real Estate Market Report

Mill Valley Real Estate Market Report

Novato Real Estate Market Report

San Anselmo Real Estate Market Report

San Rafael Real Estate Market Report

Tiburon Real Estate Market Report

These are all accessible from the “Market Reports” menu item here on my website at any time.

About the Author

Thomas Henthorne is consistently top-ranked, award-winning real estate agent in Marin, helping people buy and sell homes for almost a decade. He writes the #1 real estate blog in Marin County and is a frequent speaker on panels at industry gatherings.

He may be reached at 415-847-5584.

Learn More About Thomas Henthorne

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