Which Novato neighborhoods saw the strongest sale prices in 2023, despite the challenging market?
There are a small handful that performed better in 2023 than the Novato real estate market as a whole.
You can watch the video below with Novato Realtor Erin McGinnis, or keep reading.
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Only a Handful in the Novato Real Estate Market?
You may be asking, why so few? Well, because of higher interest rates, many neighborhoods saw a double-digit drop in median sale prices last year. The Novato market overall fared ok, with the median home sale price down 8% from 2022. Remember, 2022 was the market peak.
There are pockets of Novato that didn’t see much of a decline, where prices stayed relatively flat. And in a tough year like 2023, that was a win.
Here are 4 Novato neighborhoods that stood out:
Number 4 was Bel Marin Keys. The median home sale price was $1,746,023. Very similar to 2022.
Number 3 was Hamilton. The median home sale price there was $1.3 million.
At number 2 was Marin Country Club, with a median sale price of $2M. That was 1% less than in 2022.
And the neighborhood that seemed to perform best.. and in fact is the only area we found with an increase in the median sale price, was the Olive Avenue corridor.
This includes all the homes along Olive Avenue to the east of Highway 101. There’s a mix of price points there, but the majority of properties are more affordable homes that buyers flocked to because of those higher interest rates. The median sale price was $1,155,000, which is up 8% from 2022.
Other Neighborhoods | Novato Real Estate
Here’s a look at what happened to prices in several other areas in Novato, including Presidents, San Marin, Pointe Marin, Indian Valley, Domingo Canyon, Loma Verde, Pleasant Valley, Green Point and Bahia.
What will happen to home prices in 2024? Tell us in the comments what you think.
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