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Novato, CA—94949

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$1,241,000
1.1% YoY Growth
Household Income
$116,000
29.2% YoY Growth
Days on Market
28
17.0% Shorter YoY
Home Price Forecast
-2.2%
Median Rent
$2,900
6.8% YoY Growth
1-Bed Rent
$2,400
2.8% YoY Growth
2-Bed Rent
$3,200
2.9% YoY Growth
3-Bed Rent
$4,550
0.6% YoY Growth

Other Zip Codes in Novato, CA

9494594947
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Novato, CA

As of May '26, the median home price in Novato, CA is $1,241,000, with a year-over-year change of 1.1%. This indicates that home prices in Novato, CA are increasing. 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 TypeMedian Home ValueYoY % Change
All Homes
$1,241,0001.1%
Single Family $1,430,0002.0%
Condos $590,0000.0%

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • N/A
    N/A
    2 Bed
    		$593,0000.2%
    3 Bed
    		$1,166,0000.8%
    4 Bed
    		$1,536,0002.3%
    5 Bed $1,729,4303.3%
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    % of Housing Stock

    Studio
    1.6%
    1 Bedroom
    7.5%
    2 Bedrooms
    32.6%
    3 Bedrooms
    31.3%
    4 Bedrooms
    21.5%
    5+ Bedrooms
    5.6%

    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.

    TypeMedian RentAverage Rent
    Average Rent$2,900$3,310
    Studio Rent N/AN/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
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    % of Rental Stock

    Studio
    4.5%
    1 Bedroom
    16.9%
    2 Bedrooms
    46.5%
    3 Bedrooms
    23.4%
    4 Bedrooms
    6.7%
    5+ Bedrooms
    2.1%

    Property Listings — Novato, CA

    As of May '26, Realtor.com reports that the median days on market for a home in Novato, CA is 28. This is a decrease of -17.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 27.0%, representing a large inventory and a lot of supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$1,040,000-14.0%
    Listing Count
    		4414.0%
    Listings as % of Homes0.3%14.0%
    Days on Market
    		28-17.0%
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    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.

    MetricLatest CensusYoY % Change
    Population
    		18,4005.2%
    % Under 18
    		20.9%11.2%
    % Seniors
    		24.7%25.4%
    % WFH
    		20.5%125.3%
    % w/ College Degree
    		47.6%-6.1%
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    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

    MetricLatest Census5-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%
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    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

    MetricZip 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%
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    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 SizeHUD PremiumMarket RentMax 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

    MetricZip Code Average
    Home Price to Income Ratio10
    Median Home Price$1,241,000
    Median Household Income$116,000

    Novato, CA — ZIP Code Boundary Map

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    Nearby ZIP Codes

    San Rafael, CA

    94903

    Novato, CA

    94945

    San Anselmo, CA

    94960

    San Rafael, CA

    94901

    Novato, CA

    94947

    Frequently Asked Questions