Is Palo Alto, CA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Palo Alto is a seller's market

Buyer's
Market

Difference Since November 2021

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.

How much do homes in Palo Alto, CA cost?

Median Sold Price

$3,266,000

$1,724/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2021

+$109,250(+3.5%)

Key Takeaway

Homes in Palo Alto have sold for 3.5% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSNov 2021Nov 2022%
1 $882.5K$937.5K
+6.2%
2 $1.5M$1.5M
+1.1%
3 $2.8M$2.9M
+4.7%
4 $3.6M$3.7M
+3.4%
5+ $4.5M$5.1M
+14.0%

Median Sold Price Compared To Nearby Cities

Los Altos Hills
+15.7%
Los Altos
+5.9%
Palo Alto
+3.5%
Mountain View
+2.5%
Menlo Park
-4.1%

How many homes are available in Palo Alto, CA?

Number of Homes For Sale

Oct 2022Nov 2022%
108110+1.9%

Homes For Sale By Bedroom Count

# BEDSOct 2022Nov 2022%
1 56
+20.0%
2 2223
+4.5%
3 3235
+9.4%
4 2722
-18.5%
5+ 2224
+9.1%

Number of Homes Sold

Oct 2022Nov 2022%
2431+29.2%

Asking Price vs. Sold Price

16 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

12 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Palo Alto, you may be able to get a good deal. 51.6% of homes here sold below asking price last month.

Average Sale Time

Nov 2021Nov 2022%
26 Days26 Days-2.1%

Breakdown of Home Sale Times

22 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Palo Alto are selling fast, if you're buying plan to act quickly.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

About Palo Alto, CA

Number of homes for sale in Palo Alto, CA real estate market have reached 110. The inventory of homes for sale in Palo Alto, CA between October 2022 and November 2022 increased by 1.9%. Listings spent 26 days on the market in November 2022, and had a median list price of $3,266,000 during the same period. Real estate listing prices changed between October 2022 and November 2022: 1 bedroom properties prices increased by 6.2%, 2 bedrooms properties became 1.1% more expensive, the cost of 3 bedrooms properties went up by 4.7%, prices of 4 bedrooms properties went up by 3.4%, prices of 5 bedrooms properties went up by 14%. The following changes in the number of homes for sale were observed in this housing market: 1 bedroom homes became 20% more available, 2 bedrooms homes became 4.5% more available, 3 bedrooms homes became 9.4% more available, 4 bedrooms homes became 18.5% less available, the quantity of 5 bedrooms homes went up by 9.1%. While more than 12 listings in Palo Alto, CA in November 2022 were sold above asking price, there were more than 3 listings sold at asking price, and more than 16 were sold below.

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