Marin's Q3 real estate market brought a mix of opportunity and change—take a look at how falling rates, increased inventory, and shifting buyer preferences could impact your next move.

Q3 2024

YEAR-OVER-YEAR COMPARISON

In Q3 2024, the Marin real estate market saw steady single-family home appreciation, with an active sales season driven by key economic shifts. Falling interest rates, lower inflation, and a stronger stock market improved consumer confidence, spurring a significant uptick in buyer activity. Here’s a closer look at the trends shaping Marin County’s housing market this quarter and what they mean for buyers and sellers.

Key Market Highlights

Increased Sales Volume: The number of homes entering escrow rose by 20% year-over-year, with 476 properties going under contract. Overall sales jumped by 10%, signaling renewed buyer enthusiasm in response to improved borrowing conditions.
Shifting Home Values: While single-family home appreciation remained stable, the median sales price dipped slightly to $1.595 million, a 0.3% decrease from last year. This subtle change indicates a market where sellers may need to price competitively, especially as buyers exercise selectivity amidst broader inventory.
Extended Days on Market: The median days on market climbed to 24 days from 17 days in Q3 2023—a 41% increase. While demand remains robust, buyers are taking a bit more time to assess options, likely due to the broader inventory available.

Trends by Region

High-Value Markets: Belvedere and Tiburon saw contrasting dynamics, with Belvedere’s median sale price holding near $5.5 million while Tiburon's fell 18% to $2.8 million. Both areas reported extended days on market, highlighting a more balanced dynamic between buyers and sellers in Marin's luxury segments.
Competitive Mid-Range: Mill Valley experienced a slight decrease in its median sales price, down 4% year-over-year to $2.054 million, with days on market increasing to 23 days. Larkspur saw a unique trend this quarter with days on market jumping significantly to 39 days, while the median sale price held steady at around $2.4 million. This increase in market time suggests that while demand is steady, buyers in Larkspur are carefully weighing options. Regions like Corte Madera and Novato saw significant year-over-year price gains, up 15% and 8%, respectively. These areas continue to attract buyers looking for homes at a price point that still offers room for appreciation.
Noteworthy Inventory Levels: The quarter closed with 310 single-family homes on the market—a modest 3.7% increase from last year, providing a broader selection for buyers navigating Marin’s neighborhoods.

Outlook for Marin Real Estate

As we move through the fall selling season, we anticipate a healthy continuation of activity until mid-November. With interest rates trending downward, more buyers are expected to seize the opportunity to secure homes at favorable borrowing rates. For sellers, setting realistic expectations and considering minor property enhancements can make a difference in attracting motivated buyers amidst broader inventory.

Q3 brought a refreshed momentum to Marin’s real estate market. With improved borrowing conditions and a wide range of inventory, the season is ideal for both strategic buyers and motivated sellers. For those considering a move, now is the time to engage with our expert team at Own Marin to navigate the opportunities and maximize your outcomes in this dynamic market.

FAQS

Q: Is now a good time to buy a home in Marin?

A: Absolutely. With interest rates trending downward and increased inventory, buyers have more options to choose from and can benefit from improved borrowing conditions. Additionally, while home prices in Marin remain stable, there’s a window of opportunity to secure a home before rates potentially decline further, which could increase competition in the coming months. Now is a strategic time to lock in favorable terms and find a property that meets your needs.

Q: How should sellers approach pricing in today’s market?

A: With days on market increasing and buyers taking more time to assess options, setting a competitive price is essential. While Marin’s market remains strong, sellers who price realistically and make minor upgrades—such as fresh paint, landscaping, or staging—are more likely to attract serious offers quickly. At Own Marin, we guide sellers on pricing strategies to ensure they’re well-positioned to capitalize on current buyer interest.

Q: What types of homes are selling fastest in Marin right now?

A: Properties that are move-in-ready, recently updated, or well-located near schools, parks, and community hubs are moving quickly. Buyers value turnkey homes with minimal renovation needs, especially in areas like Mill Valley and Corte Madera, where convenience and quality of life are top priorities. Homes with modern finishes, energy-efficient upgrades, or desirable outdoor spaces also stand out in the current market.

Q: How will Marin’s market change if interest rates continue to drop?

A: If rates continue to decline, we expect to see increased buyer competition, as more people will want to take advantage of the favorable financing environment. This could lead to quicker sales, more multiple-offer situations, and potentially higher final sale prices. For buyers, acting sooner rather than later could mean securing a home at a more favorable price, while sellers might see greater demand but should be prepared for a more competitive listing environment.

Q: How long does it take to sell a home in Marin right now, and what can sellers do to expedite the process?

A: The median days on market in Marin has increased to 24 days, with some regions like Larkspur, Fairfax and San Rafael taking longer. Sellers looking to speed up the sale can benefit from professional staging, minor updates, and marketing strategies that highlight their home’s unique appeal. At Own Marin, we offer expert guidance on how to make your property stand out, attracting motivated buyers and reducing time on the market.

Thinking of making a move?

The ever-changing housing market can be daunting, especially with tight supply, high demand, and higher financing costs. We are here to guide you through these complexities, ensuring your success whether you are buying or selling a home. Feel free to reach out to one of our team members to get started.