Novato Monthly Update
Updated January 2025...
Pricing bumped up a little to start 2024. Inventory remained lower than normal but has increased since late summer. The overall market dynamics remained similar to last year. Inventory is tight and well priced properties in more desirable neighborhoods are seeing multiple offers. Contributing to the inventory shortage, many property owners have locked in historically low interest rates over the last few years, making them less likely to make a move.
28 single family homes sold in December 2024, which is above 2023, but below a "normal" year.
The median price in September for a single family home in Novato came in at $1,230,000, almost $100,000 above 2023.
2023 prices shown in gray, 2024 prices in orange:
Transaction volume remains lower than normal due to poor supply.
The market slowed last fall, primarily due to higher interest rates reducing affordability for Buyers. Sales volume has been very low due to limited supply. We expect inventory to increase into spring 2025 and values to be relatively stable.
For a bigger picture view take a look at how prices have looked from 2019 to today:
2020 through mid 2022 prices rose significantly in the low interest rate environment. The market slowed significantly in fall 2022 as interest rates rose. Absent a few spikes, prices have been relatively stable.
Take a look at our annual report to see how current trends fit in with a more historical perspective looking back 24 years - View report
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