Mill Valley Real Estate Review – YEAR-END 2020
An Inside Look at Marin County Real Estate
Buyers flooded into Marin County from cities last year, supercharging home sales and increasing the number of homes sold by 10%. This spike in demand increased the average selling price in Marin County by 11% to a record $1,874,895. In addition, upper-income buyers purchased a record number of homes priced above $2 million.
Because many people are continuing to work from home, we expect continued heightened demand for homes with outdoor living and remote working space.
Low mortgage interest rates and a record-high stock market will also likely fuel continued high demand. This increased demand for Marin County homes is outstripping supply, putting further upward pressure on home prices.
Mill Valley Summary
2020 was an excellent year for Mill Valley from a real estate perspective. Three hundred and fifty homes sold in Mill Valley – the highest number of annual sales ever recorded (the previous high was 298 in 2017). Pandemic buying accelerated during the second half of 2020 as 44% more homes sold compared to the same period in 2019. The average selling price increased 6% to a record $2,150,000. The average price per square foot sold rose by 3% to a record $916.
A record 100 homes sold priced between $2 and $3 million during 2020. For reference, the previous record was 64 selling in 2018. Twenty-nine homes sold priced between $3 and $4 million, compared to 23 in 2019. And a record 11 homes sold priced above $5 million! Only three sold in this price range in 2019. Nearly 45% of all homes sold received multiple offers and sold over the asking price.
In sum, right now is a great time to sell if you’ve been considering doing so.