Recent data from the assessor’s office reveals a significant surge in Marin County’s real estate market, with the median price of a house reaching $1.64 million last month. This marks a substantial year-over-year increase of over 7%.

Across the broader Bay Area, the median house price stood at $1.23 million in February, reflecting a notable 23% surge compared to the previous year, as reported by the California Association of Realtors. Understanding the median price is crucial; it represents the midpoint where half of the homes sold for more and half for less.

Notably, Marin County experienced a remarkable 57.7% surge in active listings between January and February, the highest among all counties in the state. This surge coincided with a rise in house sales, with 90 recorded sales in Marin last month, a noticeable increase from the previous months.

Despite fluctuations, Marin’s median house prices have generally remained between $1.5 million and $1.8 million over the past year. The market peaked in April and May 2022 when the median exceeded $2 million.

In specific areas within Marin County, median house prices varied widely, with notable figures including $4.99 million in Tiburon, $2.5 million in Larkspur, $2.3 million in Belvedere, and $2.2 million in Sausalito. These figures reflect the diverse nature of the county’s real estate landscape.

The condominium and townhome market in Marin also saw activity, with a median price of $718,000 on 29 sales last month.

Beyond Marin, San Mateo County led in median house prices at $1.92 million, followed by Santa Clara County at $1.8 million, San Francisco at $1.59 million, and Alameda County at $1.3 million. Sonoma County’s median stood at $826,500. 

Overall, the statewide median for houses last month was $806,490, showcasing a 9.7% year-over-year increase.

For detailed information on Marin County’s real estate trends, including historical median prices for detached homes, refer to the data below:

• Feb. 2024: $1.64 million
• Jan. 2024: $1.5 million
• Dec. 2023: $1.56 million
• Nov. 2023: $1.74 million
• Oct. 2023: $1.75 million
• Sept. 2023: $1.65 million
• Aug. 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
• Feb. 2023: $1.53 million

This comprehensive overview captures the dynamic nature of Marin County’s real estate market and provides valuable insights for buyers, sellers, and investors alike.

House prices almost always go up over time. That makes buying a home a smart move, if you want to accomplish your goal, begin by talking to a McCarthy + Moe Group to start the process today.

Source: mercurynews.com