Marin County Real Estate Market Report
May 2024

byThomas Henthorne|May 21, 2024|inMarin Real Estate, Market Reports

Marin County Real Estate Market Report

May 2024

In April we saw the number of homes for sale in Marin increase 32% vs. the same month last year, while the median price dipped 6% to $1.89 million. Based on my own observations as well as speaking to other top agents in Marin County, the Marin real estate market appears to be returning to normalcy after 18 months of low inventory and stagnating pricing. Buyers are willing to accept higher interest rates now with the hope of refinancing later if and when rates decline.

I’m happy to say that I just closed on 134 Laurel Avenue in San Anselmo with my buyers this week. It was a great house in the flats of San Anselmo and a competitive bidding situation. I’m thrilled that our strategic offer prevailed. I am working with several other buyers looking to move to Marin. It is great news that people from outside the area continue to be drawn to our incredible quality of life here in Marin Country. I feel very lucky to live and work here.

Coming Soon!

I have a gorgeous vintage home with modern updates in the coveted Forbes neighborhood coming to the market in July. Stay tuned!

I am also working on a great home in the Tam Valley area of Mill Valley which offers a great floor plan, a large back yard and views. This home will be coming on the market later this year

Price Improvement in Country Club

I just announced a price improvement for 378 Margarita Drive in San Rafael’s Country Club neighborhood last week. It is a spectacular Country Club gated estate offering complete privacy and stunning panoramic views, situated on two acres of very private land. Offered exclusively for $2,695,000 – click here for more information.

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!

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.

Check Out My Sizzle Reel!

From the Golden Gate Sotheby’s Bay Area Market Report…

SIGNS OF PROGRESS

The SF Bay Area housing market continued to gain steam even as modest headwinds persisted. Mortgage rates remained high to start 2024 and the pace of economic expansion in the SF Bay Area slowed. Tech-related hiring slowed somewhat, though not in AI-related positions. The SF Bay Area added 18,000 jobs year-to-date, a slower pace than last year. Hiring was stronger in the South Bay and East Bay suburbs, while San Francisco had minor losses. Despite this, the local labor market remained positive and the unemployment rate stayed in the low-4% range. In the last year, fewer households departed the SF Bay Area, which helped to maintain the large pent-up demand for housing. While new listings increased in April, signs point to continued pricing gains.

MORE HOMES FOR SALE

The tight inventory of the last 18 months eased further in April, giving buyers more options. The inventory available for sale increased by 30% since last month to 5,700 homes, the highest level since late 2022. The large increase brings inventory closer to the historical average, highlighting the limited options buyers faced during the last two years. Listings increased in all counties and most rapidly in Alameda, Contra Costa, San Mateo and Sonoma counties.

SALES ACTIVITY HELPED BY INVENTORY GAINS

The greater number of purchase options brought additional buyers to the market, helping to boost sales activity. There were more than 3,700 home sales across the SF Bay Area in April, nearly 25% higher than in March and the highest level since roughly a year ago. Sales activity was especially robust in the Peninsula and South Bay counties.

Home sales in San Francisco reached the highestlevel in nearly two years. Meanwhile in the East Bay, Contra Costa County sales increased by more than 40% and it overtook Alameda County for the most sales in April. Higher-priced homes, particularly those in prime neighborhoods in San Francisco, San Mateo and Santa Clara counties, sold particularly well in April. Sales of homes priced above $2.5 million increased by two-thirds since last April.

SanFrancisco, San Mateo and Santa Clara counties accounted for nearly 70% of these upper-price tier sales. Furthermore, the number of homes sold for $5.0 million or more nearly doubled compared with last year in these three counties.

HOMES SELLING QUICKLY

Even with the uptick in new listings, for-salehomes continued to move quickly. The average number of days spent on the market tightened for the third-consecutive month to slightly more than three weeks. This was three days less than in March and five days less than the same time last year.

LOOKING AHEAD

The spring buying season got off to a strong startand the market should continue to improve during the next few months. Buyers have adjusted to a higher mortgage rate environment, with many buyers realizing that the potential for lower rates in the future may lead to refinancing opportunities. Continued economic growth will attract more households to the region despite the high cost of living. For many households in the area, increased wages and growing wealth, primarily from stock market gains, are leading to entry into the ownership market or trade-up activity. The recent price gains may also entice current homeowners to list their homes, helping to bring a better balance to the supply side of the equation. Overall, continued demand for homes should persist, providing a boost to sales and pricing.

Please click here to read the full report.

What My Clients Are Saying…

Price Improvement!

378 Margarita Drive | San Rafael

378 Margarita Drive in San Rafael view of Mt. Tamalpais at sunset

Spectacular Country Club Gated Estate Offering Complete Privacy and Stunning Panoramic Views

Exclusively Offered for $2,750,000

More Information

Please Click Here to See All My Featured Listings

Coming Soon

Gorgeous Remodeled Home in Forbes Neighborhood of San Rafael – Stay Tuned!

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Marin Real Estate Market Stats

Marin County sales by city and town april 2024

Marin County real estate market trends April 2024

Marin County Real Estate Market Report Charts

(click any slide to enlarge & launch slideshow)

“For Sale” vs. Sold Home Prices vs. Median Home Prices

Marin County real estate market report May 2024 home prices chart

Marin Home Prices List Price vs. Sold

Marin County real estate market report May 2024 days on market chart

Marin County Months of Inventory Based on Closed Sales

Marin County real estate market report May 2024 months of inventory chart

Average Price Per Square Foot

Marin County Number of Homes on the Market

Marin County real estate market report May 2024 number of homes for sale chart

I hope you have found my Marin County Real Estate Market Report informative. Please feel free to add your comments, questions or suggestions in the comments section below. If I may be of any assistance in helping you attain your real estate goals, please call or text me at 415-847-5584 and I will be in touch right away.

Would you like to see this data for your town only?

I am also excited to announce that my website now has new real estate market reports by town with more coming soon. Please check these out:

Belvedere Real Estate Market Report

Corte Madera Real Estate Market Report

Fairfax Real Estate Market Report

Kentfield Real Estate Market Report

Larkspur Real Estate Market Report

Mill Valley Real Estate Market Report

Novato Real Estate Market Report

San Anselmo Real Estate Market Report

San Rafael Real Estate Market Report

Tiburon Real Estate Market Report

These are all accessible from the “Market Reports” menu item here on my website at any time.

About the Author

Thomas Henthorne is consistently top-ranked, award-winning real estate agent in Marin, helping people buy and sell homes for almost a decade. He writes the #1 real estate blog in Marin County and is a frequent speaker on panels at industry gatherings.

He may be reached at 415-847-5584.

Learn More About Thomas Henthorne

Click Here to See My Featured Listings