In Q2 2024, the median house sales price rose 6% from Q2 2023, while condo prices fell 2.5%. Homes for sale on July 1st increased 3%, with San Francisco not seeing the large listing increases of other Bay Area counties. Home sales rose 9%, with $3 million+ homes up 29% and $5 million+ homes up 54%, driven by affluent buyers.
Market dynamics show peak overbidding and the lowest days on the market in 2 years, with fewer price reductions. The housing market is more active than the condo market. Mortgage rates are around 7%, with hopes for a Fed rate cut in 2024. Stock markets are rising, but homeowner's insurance is costly and hard to find. The Bay Area population is aging, with fewer children and more residents over 65.
In Marin County, the median house price was unchanged from Q2 2023, with a slight rise in condo prices. New listings were up 14% and homes for sale on July 1st rose 32%, potentially cooling the market. Q2 home sales fell 0.5%, but $4 million+ home sales rose 3.5%. The average sale closed for 1.5% over the list price, with the shortest median days on the market since spring 2023. Price reductions in June 2024 increased by 50%, indicating sellers are adjusting expectations. As always, reach out to our team if you have any questions, we're here to help.
CLICK HERE TO SEE THE FULL MARIN COUNTY REPORT
CLICK HERE TO SEE THE FULL SAN FRANCISCO REPORT
