Q2 2024: What’s happening in Marin County Real Estate

Q2 2024 has been buzzing with activity, and we can't wait to share the latest trends and insights with you.

Q2 2024

YEAR-OVER-YEAR COMPARISON

$1.8M

MEDIAN SALES PRICE UP 0.6% ▲

$916

MEDIAN PRICE/SQFT DOWN 0.5% ▼

15

AVG. DAYS ON MARKET UP 7.1% ▲

545

PROPERTIES SOLD UP 0.4% ▲

MONTH-OVER-MONTH COMPARISON

MEDIAN SALES PRICE & DAYS ON MARKET

KEY TRENDS

Quarter over Quarter Highlights

Price: The median single-family home price in Marin County increased by 6% from $1.789M to $1.8M since Q1 2024, reaching the third-highest quarter on record.
Sales: Sales (closed homes) surged by 22%, driven by a substantial increase in new listings in Q2 2024.
New Inventory: There was an impressive 85% rise in new listings, providing much-needed inventory, helping to support the high buyer demand.

Year over Year Highlights

New Listings and Inventory: Both saw an uptick, providing more options for buyers.
Price and Sales: Slight increases were noted amongst in-demand inventory in desirable locations and remains closely aligned with last year’s trends.
Price Reductions: The number of price reductions in June 2024 jumped by 50% compared to last year, indicating that some sellers are adjusting their expectations to better align with what buyers are willing to pay.

Demand and Affordability

Despite mortgage rates averaging 7.0% in Q2, the demand for homes in Marin remained strong. Mortgage rates reached a 23-year high in Q4 2023 at 7.79% before declining in Q1 2024, then rising again in Q2 to a 2024 high of 7.22% in early May. The low but rising inventory helped sustain prices, even as affordability remained near all-time lows. Last week, interest rates ticked down following June’s jobs report, which showed a cooling labor market. According to Freddie Mac, the 30-year fixed-rate mortgage is now at 6.89%.

Seasonal Trends and Looking Ahead

As summer progresses, we are observing a typical seasonal decline in inventory and absorption rates. However, we anticipate another busy selling period after Labor Day, driving sales until mid November. As more homes come to market, we expect prices to remain stable in Q3 2024.

FAQS

Q: Is it a good time to sell my house?

A: The Fall market is expected to boom with buyers, and pricing continues to increase in Marin. The best strategy is to hit the market after the long summer lull of low inventory. If you're thinking of selling, reach out to one of our agents to get your home market-ready this Fall.

Q: If Inventory has spiked, why does it seem like there’s nothing on the market?

A: It might feel like there's not much on the market right now, even though inventory has increased. That's because we're in a typical summer slowdown when more homes are trading off-market.

Since June 1st, Own Marin has sold 12 homes off-market. If you feel like you're missing out on inventory, connect with an Own Marin agent for exclusive access to off-market opportunities.

Thinking of making a move this year?

The ever-changing housing market can be challenging, 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.