According to recent data from the county assessor's office, the Marin County real estate market saw the median house price increase to $1.76 million in September 2024, a nearly 7% rise year-over-year. This uptick reflects a significant increase from the $1.5 million median price in August 2024. In September 2023, the median price was recorded at $1.65 million.
Marin's real estate prices surpassed the $2 million mark in April and May of 2022, but haven’t reached that peak since. The market's dynamics, especially for high-end properties, have influenced pricing trends, with newer construction and highly desirable lots commanding a premium, while properties with more challenging features have seen price adjustments closer to 2019 or early 2020 levels.
In September, sales activity remained stable in Marin County, with 153 houses sold, up 4% from the same period in 2023. However, the volume of new listings in Marin surged 36% year-over-year, a trend among the highest in California counties, as reported by the California Association of Realtors.
Statewide, the median house price reached $868,150 in September 2024, up by 2.9% from the previous year, though sales volume has fluctuated. Interest rates have continued to impact buyer behavior; the average 30-year fixed mortgage rate was 6.54% as of late September, according to Freddie Mac, and recent rate hikes reflect an ongoing economic shift.
Marin County Market Highlights and Projections
In Marin’s towns, median house prices varied in September:
- Belvedere: $6.33 million on two sales
- Ross: $4.74 million on three sales
- Mill Valley: $3.58 million on ten sales
- Tiburon: $3.39 million on six sales
- Larkspur: $2.33 million on six sales
Additional areas included Corte Madera at $1.85 million, Sausalito at $1.8 million, and Novato at $1.16 million. For Marin condominiums and townhomes, the median price last month was $795,000, aligning closely with the $790,000 median in September 2023.
The market may continue to see limited inventory as the holiday season approaches and mortgage rates rise, likely curbing the number of new listings. However, as 2025 begins, experts anticipate a possible price uptick and renewed buyer interest.
Source: Marin Independent Journal
