Q4 Marin Market Update: The Year in Review
Adam Potts Photography
Yearly Comparison
2022 V. 2021
$1.8M
MEDIAN SALES PRICE UP 7.5% ▲
$929
MEDIAN PRICE/SQFT UP 9.4% ▲
12
AVG. DAYS ON MARKET DOWN 14.3% ▼
2,113
PROPERTIES SOLD DOWN 22% ▼
Monthly Comparison
4TH QUARTER
The real estate market experienced a shift in trends in 2022. The high demand from 2021 persisted through the traditionally slow holiday season and the first half of 2022. However, various factors such as volatile economic conditions and increasing interest rates resulted in a decline in demand from July, with the typical holiday slowdown returning by winter. Although many homes were still being sold in Marin County each month, the trend showed less competition and declining sales. Some buyers took advantage of this trend and secured the best deals in years.
As we move into the spring-selling season, an influx of new and refreshed listings is expected to replenish the market over the next few months. For sellers, pricing, preparation, and marketing are crucial, while buyers are likely to negotiate more aggressively, especially for homes with longer days-on-market.
Last week, national mortgage rates increased slightly to 6.48 percent for a 30-year fixed, but FreddieMac predicts that inflationary pressures will ease and lead to lower mortgage rates in 2023. Homebuyers are waiting for rates to decrease further, and if they do, a strong job market and a large demographic tailwind of Millennial renters will support the purchase market. Additionally, borrowers who bought homes in the last year will have opportunities to refinance into lower rates if rates continue to decline.
YEARLY COMPARISON
YEARLY REGIONAL COMPARISON
Thinking of making a move?
Our team is happy to provide a complimentary home evaluation if you’re curious what your home would trade for in today’s market. If you’re considering making a move, reach out to one of our team members anytime.
RECENT SALES
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