Novato, California Housing Market Prices
Novato Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 53% above the California median$997,012
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Median rent 22% above the California median$2,477
Housing Market Overview
| Metric | Novato | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $997,012 | $650,794 | $248,835 |
| Price Trend (Annual %) | 112.6% | 8.9% | 7.5% |
| Median Gross Rent | $2,477 | $2,036 | $1,407 |
| Rent Trend (Annual %) | 4.4% | 5.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Novato is about 53% higher than in California. Rent is about 22% higher than the California average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Novato, up about 112.6% and 4.4% a year respectively. Home prices are changing faster.
Median rent in Novato rose about 46.7% between 2015 and 2024, from $1,689 to $2,477. Over the same span, rent in California rose about 62.2%.
Affordability
On average, housing unit costs 9.0 yearly household incomes in Novato.
Buying the median-priced home in Novato costs roughly 33.5 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Novato. The price-to-rent ratio in California is about 26.6.
| Metric | Novato | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $997,012 | $650,794 | $248,835 |
| Median Household Income | $110,811 | $99,161 | $80,455 |
| Price-to-Income Ratio | 9.0 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Novato rose about 123.6%, while median household income rose about 34.8% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Novato | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 61.2% | 51.7% | 58.5% |
| Rental Rate | 34.0% | 40.8% | 31.2% |
| Vacancy Rate | 4.7% | 7.5% | 10.2% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Novato has a homeownership rate of 61.2%, higher than the California average of 51.7%. Its housing vacancy rate is 4.7%, compared with 7.5% in California.
Housing Stock
| Metric | Novato | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.56 people | 2.84 people | 2.53 people |
| Median Structure Built Year | 1975 | 1975 | 1978 |
| Median Number of Rooms | 5.6 | 5.0 | 5.5 |
The typical housing unit in Novato was built around 1975. On average, 2.6 people live in a home with about 5.6 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Novato, California.
What is the median home price in Novato, California?
The median home price in Novato, California is $997,012, higher than the California average of $650,794.
What is the average home price in Novato, California?
The typical home price in Novato, California, reported as the median sale price, is $997,012. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Novato, California?
The median gross rent in Novato, California is $2,477 per month, higher than the California average of $2,036.
What was the median gross rent in Novato in 2020?
In 2020, the median gross rent in Novato, California was $1,971 per month.
What is the price-to-rent ratio in Novato, California?
The price-to-rent ratio in Novato, California is about 33.5, meaning it would take roughly 33.5 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Novato.
Are home prices or rent rising faster in Novato, California?
Both home prices and rent are rising in Novato, up about 112.6% and 4.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Novato, California?
61.2% of households in Novato, California own their home, higher than the California average of 51.7%.
What is the vacancy rate in Novato, California?
The housing vacancy rate in Novato, California is 4.7%, lower than the California average of 7.5%.
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