The San Rafael, CA metro area is experiencing a cooling trend in its housing market as of January 2025. The Median Sales Price has decreased to $1,239,000, reflecting a year-over-year decline of 4.7%. This downward trend in sales prices is mirrored by the Median List Price, which stands at $1,297,444, a slight decrease of 0.1% from the previous year.

Price Per Square Foot metrics also indicate a softening market. The median Price Per Square Foot has dropped by 2.8% to $686.65, while the Median List Price per square foot has seen a more significant decline of 5.1%, now at $733.71. These figures suggest that sellers may be adjusting their expectations in response to market conditions.

Despite the decrease in prices, the number of Homes Sold remains unchanged year-over-year at 97 units. However, there is a positive shift in Pending Sales, which have increased by 3.6% to 115 units. This uptick in Pending Sales could indicate a potential rebound in buyer interest, although it remains to be seen if this will translate into higher sales figures in the coming months.

New Listings have surged by 21.3%, reaching 154 units. This increase in New Listings, coupled with a slight 0.7% rise in inventory to 273 units, suggests that more homeowners are entering the market, possibly in response to the cooling prices. The Months of Supply remains stable at 2.8 months, indicating a balanced market.

The Median Days on Market have increased by 12% to 74 days, suggesting that homes are taking longer to sell. This is further supported by the average sale to list ratio, which has seen a marginal increase of 0.1% to 98.4%, indicating that homes are selling slightly closer to their list prices. However, the percentage of Homes Sold above list price remains unchanged at 24.7%.

Price Drops have become more common, with 22% of listings experiencing a reduction, marking a 7.2% increase from the previous year. Additionally, the percentage of homes going off the market within two weeks has risen by 13.9% to 38.3%, suggesting that while some properties are lingering, others are being snapped up quickly, possibly due to strategic pricing adjustments.

Overall, the San Rafael housing market is showing signs of cooling, with declining prices and longer selling times. However, the increase in Pending Sales and New Listings indicates potential for future activity. Buyers may find opportunities in the current market, while sellers may need to adjust expectations to align with the evolving conditions.