Novato, CA—94947
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Novato, CA
As of Oct '25, the median home price in Novato, CA is $985,000, with a year-over-year change of -3.6%. This indicates that home prices in Novato, CA are decreasing. According to Zillow, the 1-year price projection is -2.1%, suggesting a decrease housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $985,000 | -3.6% |
| Single Family | $1,057,000 | -2.9% |
| Condos | $531,000 | -3.3% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $522,000 | -4.4% |
3 Bed | $927,000 | -3.9% |
4 Bed | $1,225,000 | -1.1% |
| 5 Bed | $1,528,000 | -2.0% |
% of Housing Stock
Rental Trends — Novato, CA
As of July '25, Rentcast reports the average rent in Novato, CA is $3,420, with a year-over-year rent change of -14.5%. Per bedroom, the median rent as of July '25 in Novato, CA is studios: $1,600, 1-bedrooms: $2,860, 2-bedrooms: $3,020, 3-bedrooms: $4,500, 4-bedrooms: $5,080. The most common rental property sizes in Novato, CA are 3-bedroom and 2-bedroom, accounting for 36.1% and 29.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $3,300 | $3,420 |
| Studio Rent | $1,600 | $1,600 |
| 1 Bed Rent | $2,440 | $2,860 |
| 2 Bed Rent | $3,100 | $3,020 |
| 3 Bed Rent | $4,250 | $4,500 |
| 4 Bed Rent | $4,950 | $5,080 |
% of Rental Stock
Property Listings — Novato, CA
As of Oct '25, Realtor.com reports that the median days on market for a home in Novato, CA is 47. This is a increase of 45.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 26.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $1,010,000 | 5.0% |
Listing Count | 53 | 12.0% |
| Listings as % of Homes | 0.2% | 12.0% |
Days on Market | 47 | 45.0% |
Demographics — Novato, CA
As of the latest ACS Survey released in 2023, Novato, CA has a population of 24,400, which has decreased by -8.3% over the past 5 years. Novato, CA is a moderately popular place for families, as children make up 19.4% of the population. The area has a highly educated workforce, with 47.5% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 16.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 24,400 | -8.3% |
% Under 18 | 19.4% | -1.0% |
% Seniors | 24.8% | 21.6% |
% WFH | 16.7% | 198.2% |
% w/ College Degree | 47.5% | 6.3% |
As of the latest ACS Survey released in 2023, Novato, CA is a predominantly white area, with 58.5% of the population identifying as white. The white population has shrunk by 14.6% in the last 5 years. The second most common race or ethnicity in Novato, CA is hispanic, making up 26.1% of the population. Foreign-born residents account for 19.3% of the population in Novato, CA, and this percentage has increased by 8.4% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 58.5% | -14.6% |
% Black | 2.5% | 0.0% |
% Hispanic | 26.1% | 48.3% |
% Asian | 5.5% | -12.7% |
% Foreign Born | 19.3% | 8.4% |
Mortgage and Risk — Novato, CA
According to HUD data as of 2023, there were 271 mortgage originations in Novato, CA, of which 96.0% of loans were conventional mortgages. The average loan-to-value was 48.0%, with 8.0% above 90% LTV (normal). This implies small mortgage risk in Novato, CA. Investor activity is low, as 3.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 271 |
% Conventional Loans | 96.0% |
% Government Loans | 4.0% |
% Investor Loans | 3.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 8.0% |
Loan Activity
Rentals and Section 8 — Novato, CA
As of 2024, the percent of homes in Novato, CA under the Section 8 program is 12.0%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Novato, CA, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 312 |
Total Units Section 8 | 306 |
% Rentals under Section 8 | 12.0% |
% Occupied Section 8 | 91.2% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $100 | $2,440 | $2,540 |
| 2 Bedroom | -$70 | $3,100 | $3,030 |
| 3 Bedroom | -$540 | $4,250 | $3,710 |
| 4 Bedroom | -$920 | $4,950 | $4,030 |
Affordability — Novato, CA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 7.7 |
| Median Home Price | $985,000 |
| Median Household Income | $127,000 |