Novato, CA—94949
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 $1,198,000, with a year-over-year change of -0.6%. This indicates that home prices in Novato, CA are flat. According to Zillow, the 1-year price projection is -2.2%, suggesting a decrease housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $1,198,000 | -0.6% |
| Single Family | $1,372,000 | -0.2% |
| Condos | $587,000 | -1.5% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $584,000 | -2.7% |
3 Bed | $1,130,000 | -1.0% |
4 Bed | $1,466,000 | 0.1% |
| 5 Bed | $1,627,000 | -0.4% |
% of Housing Stock
Rental Trends — Novato, CA
As of July '25, Rentcast reports the average rent in Novato, CA is $3,310, with a year-over-year rent change of -6.8%. Per bedroom, the median rent as of July '25 in Novato, CA is 1-bedrooms: $2,400, 2-bedrooms: $3,200, 3-bedrooms: $4,640, 4-bedrooms: $6,000. The most common rental property sizes in Novato, CA are 2-bedroom and 3-bedroom, accounting for 46.5% and 23.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,900 | $3,310 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $2,400 | $2,400 |
| 2 Bed Rent | $3,200 | $3,200 |
| 3 Bed Rent | $4,550 | $4,640 |
| 4 Bed Rent | $6,000 | $6,000 |
% 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 34. This is a increase of 16.0% 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 25.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $1,220,000 | 13.0% |
Listing Count | 48 | 20.0% |
| Listings as % of Homes | 0.3% | 20.0% |
Days on Market | 34 | 16.0% |
Demographics — Novato, CA
As of the latest ACS Survey released in 2023, Novato, CA has a population of 18,400, which has increased by 5.2% over the past 5 years. Novato, CA is a moderately popular place for families, as children make up 20.9% of the population. The area has a highly educated workforce, with 47.6% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 20.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 18,400 | 5.2% |
% Under 18 | 20.9% | 11.2% |
% Seniors | 24.7% | 25.4% |
% WFH | 20.5% | 125.3% |
% w/ College Degree | 47.6% | -6.1% |
As of the latest ACS Survey released in 2023, Novato, CA is a predominantly white area, with 56.4% of the population identifying as white. The white population has shrunk by 10.0% in the last 5 years. The second most common race or ethnicity in Novato, CA is hispanic, making up 26.4% of the population. Foreign-born residents account for 25.1% of the population in Novato, CA, and this percentage has increased by 21.3% 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 | 56.4% | -10.0% |
% Black | 4.4% | 7.3% |
% Hispanic | 26.4% | 84.6% |
% Asian | 7.4% | -26.0% |
% Foreign Born | 25.1% | 21.3% |
Mortgage and Risk — Novato, CA
According to HUD data as of 2023, there were 243 mortgage originations in Novato, CA, of which 95.0% of loans were conventional mortgages. The average loan-to-value was 50.0%, with 9.0% above 90% LTV (normal). This implies small mortgage risk in Novato, CA. Investor activity is low, as 2.0% of loans were by investors. 7.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 243 |
% Conventional Loans | 95.0% |
% Government Loans | 5.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 7.0% |
Loan Activity
Rentals and Section 8 — Novato, CA
As of 2024, the percent of homes in Novato, CA under the Section 8 program is 14.2%. 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 | 379 |
Total Units Section 8 | 379 |
% Rentals under Section 8 | 14.2% |
% Occupied Section 8 | 92.9% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $220 | $2,400 | $2,620 |
| 2 Bedroom | -$70 | $3,200 | $3,130 |
| 3 Bedroom | -$650 | $4,550 | $3,900 |
| 4 Bedroom | -$1,850 | $6,000 | $4,150 |
Affordability — Novato, CA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 9.8 |
| Median Home Price | $1,198,000 |
| Median Household Income | $116,000 |