Marin Median Home Price ticks up to $1.75M

The median price for a detached home in Marin County edged up to $1.75 million last month, a 4% increase over the prior year, according to the latest county data.

For the Bay Area as a whole, the year-over-year median price increase was 5.7%, the California Association of Realtors reported. The median price is the point at which half the homes sold for more and half for less.

Last month, the region’s median price leader was San Mateo County at $2.1 million, a 10.5% year-over-year increase, followed by Santa Clara County at $1.81 million, up 11.1%, the industry association said. The October figure for San Francisco was $1.65 million, a 2.5% decline over the prior year, while Sonoma County reached $857,500, a 7.5% increase.

The association said in five counties — including four in the Bay Area — more than half the home sales last month were above the list price. Marin was not among them. The statewide leader was Alameda County, where 72% of the sales exceeded the asking price. The others were San Francisco at 67%, Santa Clara County at 65%, and San Mateo County at 58%.

According to the Zillow real estate data firm, sales at the $1.75 million median price in Marin last month included homes in Mill Valley, Sausalito, San Rafael, Dillon Beach, and Kentfield. Josh Burns, the listing agent for the Kentfield home — a four-bedroom on Rancheria Road — said it got three offers. It sold for $50,000 over asking.

“That price point is good for Marin County,” said Burns, who works for Sotheby’s International Realty. “It’s more affordable for buyers who are obtaining financing, with the high-interest rates.”

The U.S. weekly average for a 30-year fixed-rate mortgage was 7.44% as of Thursday, down from 7.5% the prior week, according to Freddie Mac, the federally chartered mortgage company. A year ago, the average was 6.61%.

“All people involved in the real estate market have faced their challenges in this higher-interest-rate, lower-inventory market,” Burns said. “I’d say it’s across the board.”

The county assessor’s office reported 173 sales of detached homes last month, compared with 171 the prior October.

Last month, median prices for detached homes in specific areas included $6.2 million on two sales in Ross, $6 million on five sales in Belvedere, and $3.75 million on five in Tiburon, according to the county assessor’s office data.

Other medians included $2.55 million on 10 sales in Larkspur, $2.35 million on six sales in Sausalito, $1.81 million on 15 sales in Mill Valley, $1.8 million on 50 sales in unincorporated areas of the county, $1.78 million on eight sales in Corte Madera; $1.67 million on 17 sales in San Anselmo; $1.47 million on 26 sales in San Rafael; $1.21 million on 25 sales in Novato; and $1.2 million on four sales in Fairfax.

In the Marin condominium and townhome market, the county reported that the median price last month was $825,000 on 61 sales. The prior October, it was $853,000 on 57 sales. Throughout the Bay Area, the number of single-family home sales declined 3.9% over the one-year period, the California Association of Realtors said. Statewide, the decline was 11.9%.

“If inflation continues to cool, we could see more improvement in mortgage rates than the Fed is currently projecting for next year, which would alleviate some pressure on both the buy and sell sides of the housing market in 2024,” said Jordan Levine, the association’s chief economist.

Marin County’s median home price exceeded $2 million in April 2022 and May 2022 before receding.

Marin real estate data
The median prices for detached homes in the county over the past year.

October 2023: $1.75 million
September 2023: $1.65 million
August 2023: $1.51 million
July 2023: $1.61 million
June 2023: $1.7 million
May 2023: $1.8 million
April 2023: $1.7 million
March 2023: $1.67 million
February 2023: $1.53 million
January 2023: $1.6 million
December 2022: $1.5 million
November 2022: $1.54 million
October 2022: $1.68 million

Source: Marin County assessor’s office