2024 presented a dynamic landscape for residential real estate in Marin and Sonoma Counties. Marin County experienced increased inventory and fluctuations in median sales prices, while Sonoma County saw a reduction in inventory and a slight decline in median sale prices. Rising days on market in Marin County and stable mortgage rates throughout the year further influenced market conditions. These trends highlight the importance for buyers and sellers to stay informed and adapt to the evolving real estate environment.
Marin County Real Estate Market
Inventory Levels: Throughout 2024, Marin County experienced fluctuations in housing inventory. In April, inventory increased by 30% compared to the previous month, providing buyers with more options. By November, the number of homes for sale rose by 17% year-over-year, totaling 484 homes.
Sales Prices: The median sold price for homes in Marin County saw variations over the year. In October 2024, the median price increased by 8.7% month-over-month to approximately $1.826 million, marking a 1.2% rise from the same period last year. However, by November, the median sold price declined by 5.2% year-over-year to $1.65 million.
Days on Market: The average days on market (DOM) for homes in Marin County increased over the year. In December 2024, homes spent an average of 49 days on the market, a 21.8% increase compared to 40 days in December 2023.
Sonoma County Real Estate Market
Inventory Levels: Sonoma County's housing inventory decreased towards the end of 2024. In December, there were 936 homes for sale, a 14.4% drop from 1,094 homes in November.
Sales Prices: The median sale price in Sonoma County experienced a slight decline. In the most recent month, the median sale price was $766,000, representing a 1.6% decrease from the previous year.
Days on Market: Specific data on the average days on market for Sonoma County in 2024 is limited. However, the observed decrease in inventory and slight decline in median sale prices suggest a potential shift towards a more balanced market.
Mortgage Rates Overview
Mortgage rates in 2024 influenced buyer behavior in both counties. After a decline of over 1% in November and December 2023, the average 30-year mortgage rate stabilized between 6.60% and 6.70% in January 2024. These rates remained relatively steady throughout the year, impacting affordability and purchasing decisions.