Marin County Real Estate Market Report
March 2024

Marin Real Estate Market Report

March 2024

We didn’t win the Super Bowl but the good news is spring is right around the corner, and the Marin County real estate market is starting to wake from its winter slumber. In February we saw all of our metrics move up, with the median sold price up 20% vs. the same time last year to $1.44 million. The great news is that we also saw 20% more homes on the market, with 248 on in February. The days on market also moved up 20% to 61 days, likely reflecting the impact the rains and higher interest rates have had on buyers, some of whom are on the sidelines. 

March Will Be An Interesting Month in Marin Real Estate

I just attended the Golden Gate Sotheby’s Top Agent dinner at the St. Francis Yacht Club last week and “what’s the market going to do this year” was a hot topic. It is no secret that 2023 was a very tough year for real estate, with many long-term agents saying it was their worst year since 2009.

We seem to be in a “feedback loop” where sellers do not want to sell because home inventories are at historic lows, and buyers are on the sidelines waiting for that inventory to appear. We will see if March is the month that homes come on the market. Traditionally that is the case but last year that did not happen. Sellers who are waiting until fall may decide to postpone to the following spring, as the fall market in election years is typically slower than normal in my experience.

Real estate is highly weather-dependent, as agents wait for sunny days for their photo shoots and buyers stay in and watch Netflix on those cold and rainy Sundays. Next weekend is supposed to be our first sunny weather in some time with temperatures near 80 degrees.

Just Listed in Country Club

I just launched 378 Margarita Drive in San Rafael’s Country Club neighborhood last week. It is a spectacular Country Club gated estate offering complete privacy and stunning panoramic views, situated on two acres of very private land. Offered exclusively for $2,795,000 – click here for more information.

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 later this year.  

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. 

If you have any questions about the market or are considering your next real estate move, please don’t hesitate to reach out. Together, let’s make your real estate goals a reality. Call or text me anytime at 415-847-5584.

Check Out My Sizzle Reel!

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

Building on a strong January, the housingmarket continued to improve in February as buyer activity improved. Despite ongoing cost-cutting in technology and other industries, the regional economy added more than 60,000 jobs last year. The unemployment rate increased slightly to 4.1%, which was still tight by historical standards. Continued economic gains combined with stable mortgage rates should support an additional rebound in housing demand throughthe remainder of the year.
For-sale inventory eased further, with a growing number of homes coming onto the market in February. The number of active listings in the SF Bay Area increased by 15% to 3,800, which was nearly 3% greater than the same month last year. Listings increased in all SF Bay Area counties, with the largest increases in Marin and Santa Clara counties and the most modest increases in San Mateo and Sonoma counties. While inventory increased in most neighborhoods, listing volume remained lower than historical averages.
While buyers were still somewhat limited by tight inventory, sales velocity accelerated. Some buyers were enticed off of the sidelines as fixed-rate mortgage rates decreased to start the year while others took advantage of capital gains from the rallying stock market. While housing market activity typically begins to improve in February, recent improvements were far more impressive than typical seasonal gains. Single family home sales increased to 2,200, an increase of 23% from January and 13% more than February of last year. This was the largest year-over-year increase in sales activity since mid-2021.
Notably, closed sales increased from January in all SF Bay Area counties, and increased year-over-year in seven counties. Alameda, Contra Costa and Santa Clara counties accounted for the majority of sales, after increases of 10%, 15%, and 26% year-over-year, respectively. Sales activity also picked up in San Francisco and San Mateo counties, where sales increased by more than 15% year-over-year.
The number of homes that sold for between $1.25 and $2.5 million increased by more than 50% from the previous month. Similarly, more than 250 homes sold for $2.5 million or more, an increase of 32%. Meanwhile, the number of homes that sold for less than $1.25 million declined slightly inFebruary.
The increase in the active buyer pool also drove greater competition among those homes listed for sale. The average number of days that homes spent on the market decreased in all but one SF Bay Area county in February. Across the SF Bay Area, homes spent an average of 32 days on the market, which was ten days less than in January.
The SF Bay Area housing market should continue to improve heading into the spring buying season. While potential buyers have adjusted to the higher mortgage rate environment, even a modest drop in fixed-rate mortgage rates can entice even more buyers to enter the market. The relatively strong economic conditions will continue to support income gains, helping to offset some of the declining affordability levels. With pricing stabilized, more potential sellers may list homes, improving the number of options for the broad pool of buyers. Accelerating sales and pricing point to the potential for the regional housing market to rebound strongly through the remainder of the year.

Please click here to read the full report.

What My Clients Are Saying…

Just Listed

378 Margarita Drive | San Rafael

378 Margarita Drive in San Rafael view of Mt. Tamalpais at sunset

Spectacular Country Club Gated Estate Offering Complete Privacy and Stunning Panoramic Views

Exclusively Offered for $2,795,000

Coming Soon

Your Home Here – Let’s Talk!

Marin Real Estate Market Stats

Marin County Home Sales by City Town February 2024 chart
Marin County real estate market trends chart February 2024

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 real estate market report March 2024 marin home prices chart

Marin Home Prices List Price vs. Sold

Marin real estate market report March 2024 days on market chart

Marin County Months of Inventory Based on Closed Sales

Marin real estate market report March 2024 months of inventory chart

Average Price Per Square Foot

Marin real estate market report March 2024 marin county home prices average price per square foot chart

Marin County Number of Homes on the Market

Marin real estate market report March 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.

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.

Marin County Realtor Thomas Henthorne headshot

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.

Share Your Thoughts Here

0 replies

Leave a Comment

What do you think?
Please leave your comment below!

What Do You Think? Please Leave Your Comment Here....