Marin County Single Family Homes Update, November 2024

December 8, 2024

In November 2024, the Marin County single-family homes market showed several notable trends:

Median Home Prices: The median price for single-family homes in Marin County decreased to $1.5 million in November 2024, marking a 7% year-over-year decline. This figure indicates a stabilization within a range of $1.5 million to $1.8 million over the past year, with a peak exceeding $2 million in the spring of 2022.
Sales Volume: There was a slight increase in sales volume from the previous year, with 71 detached residences sold in November 2024 compared to 55 in January of the same year. However, this volume remains below the typical monthly sales of over 100 homes, with peaks sometimes exceeding 250 sales during 2022.
Market Dynamics: Despite the decline in median prices, the market remains a sellers' market due to low inventory. The Months of Supply Inventory (MSI) indicates a sellers' market for single-family homes, with a tight supply expected to continue into spring 2025. This situation is influenced by high interest rates and a scarcity of properties on the market, impacting affordability.
Price Trends: The median sold price for existing single-family homes in Marin County was $1.477 million in October 2024, showing a 6.7% increase compared to the previous year. This suggests that while November saw a dip, the broader trend for the year might still be upward, considering the October data.
Inventory and Days on Market: There was an increase in inventory by 6.7% from September to October 2024, with homes staying on the market for an average of 40 days in October. This indicates a slight easing of market conditions for buyers but still within a competitive environment.