It’s true what you’ve heard, Novato real estate prices are giving up some gains from the past 2 years of incredible growth– but despite the gloomy headlines, the good news is that homeowners are still way ahead.
Watch this video for more good news about the November 2022 Novato Real Estate Market from Erin McGinnis with Team McGinnis Realtors at Compass.
The Anomaly of The Pandemic Market
When the pandemic hit in March 2020, there was a period of uncertainty in the market, but by summer of that year, demand soared and so did prices. In the chart below, the purple bars represent year over year growth starting with March 2020. By March 2021 – a year after the pandemic started, the median home sale price in Novato was up by 14 percent, almost double the typical growth. Over the next year, the median price rose by another 23%. The market peaked this past June.
When you look back to March 2020 in Novato real estate, the median price was just shy of $1 million. That’s the red line. You can see most recently, in October 2022, the median price is well above that line, by 29% in fact.
Returning to a More Balanced Market
So, while prices are down from the peak, they are still well above where they would’ve been had the heated pandemic market not happened, and had growth continued at 8 percent a year, which was the average in the years leading up to 2020.
It’s impossible to say what’s going to happen next, but what’s positive is that prices in Novato have stabilized at least for now. They dipped quite a bit from August to September, and part of that was seasonal, but the median sale price rebounded last month, to $1,275,000.
The market of the past 2 years was an anomaly, and we are back to a more balanced market that favors neither buyers nor sellers. If you are thinking about moving, we’re here to guide you through the process.
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