The Marin County median home price is edging back towards the $2 million mark amid a surge in real estate values around the Bay Area. In May, the median price for a detached home in Marin was $1.84 million, according to the county assessor’s office, representing a 9% increase from April and a year-over-year rise of nearly 3%.

In April 2022, Marin’s market peaked with a median price of $2.12 million. Prices hovered between $1.5 million and $1.8 million until reaching $1.96 million in March 2024. 

Market Trends and Area Highlights

In specific Marin areas, Ross led with a median detached home price of $4.76 million in May, followed by Tiburon at $4.05 million, Belvedere at $3.39 million, and Sausalito at $3.14 million. Mill Valley saw a median of $2.9 million, Larkspur $2.4 million, San Anselmo $2.27 million, and Corte Madera $1.81 million. Unincorporated areas had a median price of $1.7 million, San Rafael $1.58 million, Fairfax $1.53 million, and Novato $1.32 million.

The median price for Marin townhomes and condominiums was $850,000 last month, up from $785,000 in May 2023. Across the nine-county Bay Area, the median single-family home price hit $1.46 million, a 12% increase year-over-year and a 1% rise from April.

Factors Influencing Price Increases

San Mateo and Santa Clara counties saw significant price jumps, with San Mateo reaching $2.4 million and Santa Clara $2.1 million. Jim Hamilton, former president of the Silicon Valley Association of Realtors, attributes this to the area’s wealthy tech buyers who can absorb higher interest rates. He predicts that demand, especially for high-end homes, will remain strong and could increase during the summer months, potentially pushing prices higher as new listings remain scarce.

In Marin, 207 detached homes and 77 townhomes or condominiums were sold in May. The 30-year fixed-rate mortgage average was 6.86% as of last Thursday. Oscar Wei, an economist with the California Association of Realtors, anticipates rates could fall to around 6.5% by year-end, possibly driving more competition and higher prices into the warmer months.

House prices tend to rise over time, making home ownership a savvy investment. To achieve your goal, start by consulting with the McCarthy + Moe Group and kick off the process today.

Source: marinij.com