According to The Marin Independent Journal, the real estate market in Marin County continues to show dynamic shifts, reflecting broader trends across the Bay Area. In October 2024, the median house price in Marin County stood at $1.7 million, marking a 3% year-over-year decline despite a 3.6% increase in values across the Bay Area, according to recent sales data. This figure also represents a drop from September's median of $1.76 million.
Key Insights:
- Sales Activity: Marin recorded 204 house sales in October, an 18% increase year-over-year, aligning with a 16.2% increase in sales across the nine-county Bay Area region.
- City-Specific Data:
- Sausalito: $3.8 million (1 sale)
- Mill Valley: $2.64 million (16 sales)
- Larkspur: $2.58 million (12 sales)
- San Anselmo: $2.04 million (8 sales)
- Novato: $1.23 million (40 sales)
- Fairfax: $1.05 million (7 sales)
- Condominium Market: The median price for condos and townhomes in Marin County was $702,500, a significant 15% year-over-year decline.
- The Bay Area median house price was $1.32 million in October, up from $1.27 million the previous year.
Interest rates remain a critical factor influencing market activity. As of November 21, 2024, the U.S. weekly average for a 30-year fixed-rate mortgage was 6.84%, slightly higher than the prior week’s 6.78%, but lower than the 7.29% rate a year ago.
Experts anticipate increased activity once rates decline closer to 5%, potentially unlocking pent-up demand. Seasonal trends also play a role, as buyers often return to the market in January, driving up prices.
Marin County Median Price Trends Over the Past Year:
| Month | Median Price |
|---|---|
| Oct. 2024 | $1.7 million |
| Sept. 2024 | $1.76 million |
| Aug. 2024 | $1.5 million |
| July 2024 | $1.6 million |
| June 2024 | $1.76 million |
| May 2024 | $1.84 million |
| April 2024 | $1.69 million |
| March 2024 | $1.96 million |
| Feb. 2024 | $1.64 million |
| Jan. 2024 | $1.5 million |
Source: Marin County assessor's office
Strategic Insights for Buyers and Sellers:
- Sellers listing during the holiday season are often motivated to move, presenting buyers with negotiation opportunities.
- Buyers looking to purchase in 2024 should act promptly to avoid increased competition and higher prices expected in January.
By keeping an eye on Marin County's evolving real estate trends and leveraging local expertise, buyers and sellers can navigate the market effectively. Contact us for personalized advice on how to make the most of current market conditions.
Source: The Marin Independent Journal
