In October 2024, Marin County’s real estate market showcased resilience amidst broader economic changes, with significant growth in median home prices and inventory. However, rising mortgage rates are beginning to shape buyer behavior and market dynamics. Let’s dive into the key trends and what they mean for buyers and sellers alike.
Key Market Trends
- Median Home Price Growth: The median sold price for homes in Marin County climbed 13% year-over-year to $1.8 million, reflecting continued strong demand for the area’s exclusive properties.
- Rising Inventory: There were 484 homes for sale, up 17% compared to October 2023, providing buyers with more choices and fostering a more balanced market.
- Extended Selling Times: Average days on market increased 31% to 46 days, indicating a slower pace of transactions as the holiday season approaches.
- Slightly Higher Supply: Months of supply rose 5% to 2.1 months, still signaling a seller’s market but with increasing equilibrium.
Interest Rates and Market Impact
After a dip to 5.89% in mid-September, mortgage rates surged back to 6.77% by late October, the highest level since mid-July. Jumbo 30-year loans saw a similar rise, averaging 6.8%. This increase represents nearly a full percentage point jump in just over a month, adding new affordability challenges for buyers. Despite these increases, September and October remained active for Marin real estate, with many buyers locking in deals before rates climbed
Looking forward, the higher borrowing costs may temper buyer enthusiasm heading into winter, though Marin’s desirableness and limited inventory will likely sustain demand for well-positioned properties.
Seasonal and Economic Outlook
The seasonal slowdown heading into the holidays is typical, but this year, market conditions are compounded by broader economic uncertainties. The recent volatility in the stock and bond markets and the incoming new Presidential administration have added layers of unpredictability. Buyers and sellers alike are watching closely to see how these factors influence the housing market into 2025.
For Buyers: The rise in inventory offers a unique opportunity to explore more choices in Marin County. However, with rates higher, it’s critical to be financially prepared and to act decisively when the right property appears.
For Sellers: Despite rising inventory, Marin remains a seller’s market, with homes selling for strong prices. Properly positioning your home for the current market dynamics will be essential to achieving the best results.
Marin County continues to offer a unique combination of luxury, lifestyle, and opportunity. Whether you’re looking to buy, sell, or simply stay informed, the expertise of a seasoned real estate professional is invaluable in navigating these market conditions.
Now Available!
203 H Street in San Rafael is available. This is a beautifully remodeled 4 bed/3 bath vintage victorian located in the heart of the coveted Forbes neighborhood.
378 Margarita Drive in San Rafael is available off market for $2,595,000. This is a beautiful gated home on two acres offering incredible privacy and amazing 270 degree views.
Just Sold
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.
I was also privileged to represent clients on the buy side who successfully closed on 80 Chamberlain Drive in Novato.
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.
