Mill Valley Real Estate
History meets modern mountainside luxury
Just a few miles from the famous city of San Francisco, you can find the interesting locale of Mill Valley. Its name pays homage to the massive Mt. Tamalpais that overlooks it and creates picturesque views. History is rich here, dating back 5,000 years. Modern-day life has developed the area into a thriving, family-friendly city that ranks among the most affluent cities in the country. Surrounded by redwood trees and greenery, there’s a consistent feeling of being in a lush forest paradise. Homes here are pillars of expression, showcasing intricate builds combining the woodsy vibes of the area with modern architectural elements. Large windows and neutral-colored exteriors are among some of the beautiful traits a stroll down a Mill Valley residential area will expose you to.
Families have especially taken to the town, enchanted by the possibilities of being in a mountain valley but also close to all that a major city offers. The community has an unspoken unanimous vibe of being hip and upscale, all while maintaining the historic charm for which Mill Valley is known. Mornings and afternoons are filled with energy and the possibility wafting from the nearby larger cities as people head to work or school. Evenings are a mix of lively and relaxed, depending on what you’d like to dabble in. The hipster aura of the area makes sure people can have fun in their chosen way, whether that’s an afternoon spent with coffee and a book, an evening paint-and-sip, or dancing at a bar with friends.
Market Trends & Statistics – Year End 2023
This is the 2023 Marin Real Estate year end market report.
Mill Valley’s real estate market showed a notable change this past year with decreases of homes and condo sales, peaking in 2021.
In 2023 there was an overall decrease in total housing inventory for sale for residential homes and condos. New listings dropping by 24% compared to 2022, with only 291 new listings for 2023, compared to 383 the year before.
The average $/SqFt sold price also decreased as well, 1,030 $/SqFt in 2023, as opposed to 1,136 in 2022, a 9.3% drop from last year.
The market has demonstrated a level of softening during this unprecedented time of interest rate hikes, with a median sales price of $2,110,000, an 3.9% decrease from the previous year, and an average sales price of $2,300,000, down 6%.
Buyer and Seller Dynamics
Along with a decrease in overall sales, the Mill Valley’s real estate market is trying to recover from the interest rate hikes of 2023 and the FED pivot that started in March 2022, evidenced by an increase in median days on the market at 27 days, and increase of 22.7% from this point last year.
Economic Factors
Mill Valley's real estate market is buoyed by a thriving job market of San Francisco, known as a financial center and for its booming tech sector. I believe the next generation of AI technology companies will be created in San Francisco. Helping to increase demand for housing will inevitably lead to Marin.
During the pandemic, many people relocated out of San Francisco, however I believe that trend has normalized. That the greatest impacts of the Mill Valley real estate market of this past year have been primarily based on accelerated interest rate hikes and economic predictions of what may or may not materialize.
Predictions
Moving forward, I believe corporations will slowly do away with the work from home philosophy, making it a requirement for people to get back into the office, leading to greater interest in moving back to the city. Thus, creating a more traditional demand to accommodate growing families in Marin County.
Additionally, Marin's fantastic communities, rich cultural scene, outdoor lifestyle, our educational institutions, and family-friendly environment will always be in demand.
Marin’s real estate market in 2023 was marked by market forces that impacted everyone. However, our local Marin real estate market will always be a resilient combination of economic growth and higher quality of life. That does come with a price, but it’s worth it.
What to Love
- Great food and coffee
- Proximity to national parks and Mt. Tamalpais
- Praised local festivals
- Options for commuting and travel
Mill Valley Lifestyle
Mill Valley could easily be a city fresh out of a movie or sitcom. The mountainside suburb is on the smaller side but still maintains its charm and spice of life. A mix of artistic flair, comfortability, and community is embedded within the 4.84 square miles of the city. Many people here put a high value on doing well, whether in school, their profession, or keeping up with their physical health. The same is said for enjoying the fruits of their labor, so evenings and weekends are reserved for friend-and-family time. Heading out to enjoy a local festival, afternoon hike, or shopping trip are some of the ways residents of Mill Valley spend their free time. Residents enjoy active days of mountain biking or hiking at Mt. Tamalpais. Plus, only fourteen miles from San Francisco, it’s easy to take a drive south to the bustling city or north to spend some time in the forest meditating amongst the trees.
Dining, Entertainment & Shopping
It’s only right to have places for the fun-loving people of the city to coalesce when time allows. Coffee lovers of Mill Valley tend to make their way to The Depot, a cafe, and bookstore serving a full menu alongside a book of your choosing. Among many separate restaurants and bookstores in the area, this combination of the two is a crowd pleaser. A spicier meal can be had at Playa, the local hub for Mexican fare. Brunch, lunch, dinner, and cocktails are on the menu, with both classic and abstract takes on cuisine found south of the border. Pasta and pizza are made in classic Italian fashion at Piazza D’Angelo. Aiming to bring the taste of Southern Italy right to your table is accomplished with their traditional recipes and techniques.
More rustic, classic American fare can be had at the Watershed, a restaurant nestled among a forest of trees. Sticking to the historic and woodsy aesthetic of the town, the Watershed fits perfectly into the backdrop of Mill Valley. Keeping up with the classic atmosphere, Bungalow 44 is yet another American place to grab a meal. Known for more new-age, creative takes on American food, this restaurant has quickly grown in popularity.
Things to Do in Mill Valley
The artistic and creative people of Mill Valley peek out from the comfort of their studios and stages yearly to curate and attend the city’s film festival and music festival. The festivals are fueled by the artistic splendor of local artists from Mill Valley and surrounding cities.
When the festivals aren’t in session, movies, concerts, plays, and other art forms can be enjoyed at Sweetwater Music Hall and Throckmorton Theater. On days when you need quiet–we all sometimes do–head to the local library to catch up on some reading, get inspired, or laze by the large black framed windows.
