Marin County Real Estate Market Report

October 2024

In September we saw the median home price in Marin County rise to $1.8 million, up 1.2% from the same time last year, while we also saw the inventory of homes increase by 24% to a record high for the last 12 months. It appears the recent interest rate cuts have motivated some buyers and sellers who had been waiting to “see what happens” to move into the market.

Days on Market & Sale-to-List Price Ratio

In September the average days on market (DOM) for homes in Marin County saw a notable decrease compared to the previous month, landing at 36 days.This represents a faster-paced market, where homes are being sold more quickly than in prior months. While the overall days on the market have improved, we are still experiencing a mixed market where homes that are priced and presented well are going quickly, sometimes over the asking price. At the same time, we are also seeing a fair amount of price reductions. This tends to be for  homes that are not priced appropriately for the market and/or are not updated or lack attributes that many buyers are looking for (a good floor plan, easily accessible outdoor space, etc.).  

Marin County Home Prices & Market Activity

The median sold price for Marin County homes in October 2024 increased by 8.7% month-over-month, reaching approximately $1.826 million. Compared to the same period last year, the median price is up by 1.2%, suggesting a steady appreciation in property values. Meanwhile, the average active listing price grew by 3.5%, indicating that sellers remain confident in the market’s potential. Additionally, the average price per square foot increased to $906, a 11.3% rise from September 2024

Inventory & Sales Volume

The number of homes for sale in October surged by 29% compared to September, bringing more options to the market and potentially alleviating some of the competition among buyers. Despite the increased inventory, the number of sold homes grew by 5.2% year-over-year, signaling continued buyer engagement. Pending sales also saw a significant increase of 29% compared to the previous month, which suggests a strong pipeline of transactions set to close in the coming months.

Key Takeaways for Buyers:

• Enhanced Selection: With inventory up by 29% compared to the previous month, buyers have a wider array of premium homes to choose from. This market shift offers a rare opportunity to explore a broader selection of luxury properties in Marin County.
• Upward Price Momentum: The median home price has surged by 8.7% month-over-month, and average price per square foot has risen by 11.3%. This signals a robust market with increasing values—buyers who move swiftly can secure their dream homes before further appreciation.
• Swift Market Pace: Properties are moving quickly, with average days on market down to 36. To compete effectively, buyers should be well-prepared, have financing in place, and be ready to act decisively when the right opportunity arises.

Key Takeaways for Sellers:

• Market in Your Favor: The sale-to-list price ratio has climbed to an impressive 99%, demonstrating that buyers are willing to pay close to asking prices. Sellers can confidently position their homes at market value, knowing that demand remains strong.
• Expedited Sales: With homes selling faster than before, the reduced time on market offers a prime window for sellers who desire a smooth, swift transaction.
• Leverage Pricing Trends: With median sold prices and per-square-foot values both on the rise, this is an opportune moment to list. Sellers can capitalize on the strong buyer demand and current pricing trends, making it a strategic time to bring their luxury property to market.

Now Available and Coming Soon!

378 Margarita Drive in San Rafael is available for $2,595,000. This is a beautiful gated home on two acres offering incredible privacy and amazing 270 degree views.

Just Sold and in Contract

I am pleased to announce that several of my listings sold in September and closed in October. 40 Alta Vista Avenue, a gorgeous legacy property in the Winship Neighborhood of San Anselmo, closed for $5,250,000.  

I also sold 21 Edgewood Way in San Rafael in one week for $2,300,000 which was $105,000 over the asking price.

203 H Street in San Rafael is under contract – more about that one next month.

I was also privileged to represent clients on the buy side who successfully closed on 80 Chamberlain Drive in Novato.

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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!

It is never too early to discuss how to best prepare your home for the busy spring selling season.

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.