$10,000 Closing Credit*
$1,000,000
998 SqFt
2 Beds
•1 Full Bath, 1 Partial
Sophie Tsang, Listing Office: Compass
Is Palo Alto, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since September 2023
Since last year, Palo Alto has remained a Seller's Market.
Key Takeaway
Palo Alto is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Palo Alto, CA
How much do homes in Palo Alto, CA cost?
Median Sold Price
$3,200,000
$1,760/sqft
Based on all homes sold in the last 12 months.
Difference Since September 2023
+$135,000(+4.4%)
Key Takeaway
Homes in Palo Alto have sold for 4.4% more than they did a year ago.
Summary: The median home sold price in Palo Alto was $3,200,000 in September 2024, up 4.4% from last year, and the median price per square foot was $1,760.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Sep 2023 | Sep 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $910.5K | $1.1M | +25.4% |
| 2 Bedrooms | $1.7M | $1.4M | -18.0% |
| 3 Bedrooms | $2.9M | $2.9M | +0.7% |
| 4 Bedrooms | $3.3M | $3.8M | +16.4% |
| 5+ Bedrooms | $4.6M | $4.9M | +7.4% |
Summary: Palo Alto housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes increased by 25.4%, 2 bedroom homes decreased by 18%, 3 bedroom homes increased by 0.7%, 4 bedroom homes increased by 16.4%, and 5+ bedroom homes increased by 7.4%.
Median Sold Price Compared To Nearby Cities
| Los Altos | $3.8M | $4.1M | +7.9% |
| Los Altos Hills | $5.3M | $5.6M | +7.3% |
| Menlo Park | $2.5M | $2.7M | +5.6% |
| Mountain View | $1.7M | $1.8M | +4.5% |
| Palo Alto | $3.0M | $3.2M | +4.4% |
Housing Supply in Palo Alto, CA
How many homes are available in Palo Alto, CA?
Number of Homes For Sale
| Aug 2024 | Sep 2024 | CHANGE |
|---|---|---|
| 118 | 151 | +28.0% |
Summary: The Palo Alto real estate market had 151 homes for sale in September 2024, a 28.0% increase compared to August 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Aug 2024 | Sep 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 5 | +66.7% |
| 2 Bedrooms | 23 | 29 | +26.1% |
| 3 Bedrooms | 24 | 31 | +29.2% |
| 4 Bedrooms | 37 | 50 | +35.1% |
| 5+ Bedrooms | 31 | 36 | +16.1% |
Summary: The Palo Alto housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 66.7%, 2 bedroom homes increased by 26.1%, 3 bedroom homes increased by 29.2%, 4 bedroom homes increased by 35.1%, and 5+ bedroom homes increased by 16.1%.
Number of Homes Sold
| Aug 2024 | Sep 2024 | CHANGE |
|---|---|---|
| 27 | 38 | +40.7% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
21 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Palo Alto, you could pay more than the asking price. 60% of homes here sold above asking price last month.
Summary: A total of 38 homes were sold or pending in Palo Alto in September 2024, up by 40.7% month-over-month. Of the 35 sold homes, 34% were sold under asking, 6% were sold at asking, and 60% were sold over asking.
Days on Market for Palo Alto, CA
How long does it take to sell a home in Palo Alto, CA?
Average Sale Time
| Sep 2023 | Sep 2024 | CHANGE |
|---|---|---|
| 26 Days | 24 Days | -6.5% |
Summary: Homes in Palo Alto had an average of 24 days on market in Sep 2024, down by 6.5% compared to last year.
Breakdown of Home Sale Times
26 Homes Were Sold
Under 30 Days
11 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Palo Alto are selling fast, if you're buying plan to act quickly.
Summary: During September 2024, 38 homes were sold in Palo Alto; 68% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.