Belvedere Real Estate – 2024 Year End
Marin saw an 8% increase in the total number of homes sold in 2024 compared to 2023, with 1,752 single-family homes changing hands. The $1 million to $3 million price range experienced the largest growth, with a 10% rise in sales compared to the previous year. The average selling price in 2024 remained steady at $2,150,000, nearly unchanged from 2023.
Homes that are less than ideal faced price reductions, while remodeled properties featuring open floor plans and premium amenities—such as pools, breathtaking views, or expansive yards—drew strong buyer competition and multiple offers.
Forecasting the short-term impact of a new administration, global trade developments, and financial markets remains complex. However, with anticipated lower interest rates, robust stock market performance, and a strong regional job market, demand is expected to continue outpacing the supply of available homes, contributing to price stability.
Belvedere Summary
In 2024, Belvedere saw a decline in home sales, dropping from 38 transactions in 2023 to 29. The average sale price decreased to $5.6 million, primarily due to fewer high-end property sales. Only one home sold for over $10 million in 2024, compared to six the previous year. However, sales of homes priced between $7 million and $8 million rose, with eight transactions compared to 5 in 2023.
The average price per square foot sold also fell to $1,870, reflecting the reduction in high-end sales. The market showed signs of cooling in the second half of 2024, with very few homes selling above the asking price. Additionally, 46% of homes sold in the latter half of the year underwent price reductions, up from 21% in the first half.
Despite these market shifts, demand remains active, particularly for homes featuring updated finishes, modern amenities, and open floor plans.
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