Marin County Real Estate Market Report
June 2024

byThomas Henthorne|June 18, 2024|inMarin Real Estate, Market Reports

Marin Real Estate Market Report

June 2024

In May we saw the median home price in Marin County break the $2 million barrier again, the first time since June of 2022. All of the metrics are up vs. the same month last year, with the number of homes for sale up 38% and the months of supply up 33% to two months. The number of listings increased in all SF Bay Area counties, though inventory expanded the most in Alameda, Marin and San Francisco counties.

The market is starting to feel more like a “normal” market after going into a bit of retrenchment as interest rates inched higher. The strong stock market and jobs market, despite some layoffs, continue to fuel the Marin real estate market. I am working with a number of buyers who are looking for great schools and lifestyle afforded here in Marin.

Anecdotally, in speaking with other agents many of them are telling me they are seeing a slowdown for sellers. The data in the chart above would support that, with inventories of for sale homes in Marin up 38% vs. the same time last year. In wine country the shift is much more pronounced with a record number of homes for sale in places like Yountville and St. Helena.

It remains to be seen if this is just the summer slowdown but the market is still a strong one and the summer should be a great time for buyers to peruse listings with less competition from other buyers.

Coming Soon!

I have a gorgeous vintage home with modern updates in the coveted Forbes neighborhood coming to the market in August. Stay tuned!

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

Price Improvement in Country Club

I just announced a price improvement for 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 $2,695,000 – click here for more information.

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…

STRONG JOB MARKET KEEPS HOUSING MARKET MOVING

The housing market continued to heat up in May as more buyers and sellers entered the market. Stronger hiring in the outer SF Bay Area offset some losses in the inner SF Bay Area, and the regional economy added more than 12,000 jobs year-to-date. Positive year-over-year job growth helped keep the labor market strong, as the unemployment rate remained in the low-4% range. Stock market gains also continued to boost regional demand. Even as the inventory of available homes increased in May, upward pricing pressures remain.

INVENTORY OF AVAILABLE HOMES JUMPS HIGHER

With the spring buying season in full swing, more homes came onto the market across the SF Bay Area. Active listings increased to 6,400 homes, up more than 10% since last month. Highlighting a growing optimism among sellers, this was the highest inventory level in more than four years. Despite the increase in inventory, active listings remain slightly lower than the historical average.

The number of listings increased in all SF Bay Area counties, though inventory expanded the most in Alameda, Marin and San Francisco counties.

SALES INCREASE WITH HIGHER INVENTORY

Purchase activity increased alongside the growing number of homes available for sale, underscoring that available inventory remains one of the primary constraints on sales. There were more than 4,000 sales in May, a 9% increase over April. In some ways similar to listing volume, while sales activity was closer to a typical May it was still a bit lower than the historical average. As options to purchase increased, more buyers entered the market, though some remain on the sidelines hoping for mortgage rates to fall. Overall, sales activity increased in most SF Bay Area counties, with the largest increases in Alameda, Marin, Santa Clara, and San Mateo counties. Meanwhile, sales volume slowed slightly in Napa and Santa Cruz counties, two counties where vacation and second homes make up a larger share of sales.

HIGHEST PRICE TIER SHOWS SIGNIFICANT STRENGTH

Sales in the upper price tiers were still a major driver of overall SF Bay Area sales activity. Nearly 800 homes sold for more than $2.5 million, a 20% increase over April. Highlighting growing demand in this price range, the segment accounted for a larger share of sales than at any point in the last seven years. Most of the sales in this price tier were in prime neighborhoods in San Mateo and Santa Clara counties, but Alameda and Contra Costa accounted for an increasing number as well.

HIGH DEMAND LEADS TO INCREASED COMPETITION

Even with more homes on the market, strong demand resulted in accelerating buyer competition. Roughly two-thirds of homes sold for more than the asking price in May, the largest share in two years. Alameda and San Francisco counties continued to lead the SF Bay Area with nearly 80% of homes sold for more than the asking price. Of homes sold above the list price in the Alameda and San Francisco counties, sellers received a premium of more than 14% on average. Not only did more homes sell for a higher price in the SF Bay Area, but they also sold faster. SF Bay Area homes sold in May were on the market for an average of roughly three weeks. The number of days on market improved across all price ranges compared with last year. Homes in Santa Clara and San Mateo counties moved at the fastest pace, spending an average of roughly two weeks on the market. Homes in the North Bay were on the market for longer than the rest of the region, averaging more than two months in Napa and 1.5 months in Sonoma. However, in both cases time on market was down from the beginning of the year.

LOOKING AHEAD

The SF Bay Area housing market continued to expand even as pricing reached record levels in many neighborhoods. Prospective buyers seem to have fully adjusted to the current mortgage rate environment, realizing that there is an opportunity to purchase now and be able to refinance if interest rates fall in the future. Underlying the strengthening housing market is the relatively strong economy even as some industries reduce payrolls. Overall, the income gains and positive economic fundamentals will continue to support an elevated demand for quality housing. Heading into the summer months, it would not be a surprise if sales, active listings and pricing all increased.

Please click here to read the full report.

What My Clients Are Saying…

Price Improvement!

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 $2,750,000

More Information

Please Click Here to See All My Featured Listings

Coming Soon

Gorgeous Remodeled Home in Forbes Neighborhood of San Rafael – Stay Tuned!

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Marin Real Estate Market Stats

Marin county real estate sales by city chart May 2024

Marin county real estate market trends May 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 June 2024 marin county home prices chart

Marin Home Prices List Price vs. Sold

Marin real estate market report June 2024 days on market chart

Marin County Months of Inventory Based on Closed Sales

Marin real estate market report June 2024 months of inventory chart

Average Price Per Square Foot

Marin real estate market report June 2024 home prices per square foot chart

Marin County Number of Homes on the Market

Marin real estate market report June 2024 number of homes for sale

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.

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

Click Here to See My Featured Listings