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 June 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

$3,063,333

$1,704/sqft

Based on all homes sold in the last 12 months.

Difference Since June 2023

-$16,666(-0.5%)

Key Takeaway

Homes in Palo Alto have sold for 0.5% less than they did a year ago.

Summary: The median home sold price in Palo Alto was $3,063,333 in June 2024, down 0.5% from last year, and the median price per square foot was $1,704.

Median Sold Price By Bedroom Count

# BEDSJun 2023Jun 2024CHANGE
1 $925K$884.4K
-4.4%
2 $1.6M$1.5M
-4.3%
3 $2.8M$2.8M
-0.1%
4 $3.3M$3.8M
+12.5%
5+ $4.7M$4.8M
+2.4%

Summary: Palo Alto housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 4.4%, 2 bedroom homes decreased by 4.3%, 3 bedroom homes decreased by 0.1%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes increased by 2.4%.

Median Sold Price Compared To Nearby Cities

Los Altos
+8.3%
Mountain View
+5.8%
Menlo Park
0.3%
Palo Alto
-0.5%

Housing Supply in Palo Alto, CA

How many homes are available in Palo Alto, CA?

Number of Homes For Sale

May 2024Jun 2024CHANGE
146111-24.0%

Summary: The Palo Alto real estate market had 111 homes for sale in June 2024, a 24.0% decrease compared to May 2024.

Homes For Sale By Bedroom Count

# BEDSMay 2024Jun 2024CHANGE
1 33
0.0%
2 2325
+8.7%
3 3420
-41.2%
4 4933
-32.7%
5+ 3730
-18.9%

Summary: The Palo Alto housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 8.7%, 3 bedroom homes decreased by 41.2%, 4 bedroom homes decreased by 32.7%, and 5+ bedroom homes decreased by 18.9%.

Number of Homes Sold

May 2024Jun 2024CHANGE
6739-41.8%

Asking Price vs. Sold Price

12 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

23 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Palo Alto, you could pay more than the asking price. 60.5% of homes here sold above asking price last month.

Summary: A total of 39 homes were sold or pending in Palo Alto in June 2024, down by 41.8% month-over-month. Of the 38 sold homes, 32% were sold under asking, 8% were sold at asking, and 61% 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

Jun 2023Jun 2024CHANGE
31 Days21 Days-33.0%

Summary: Homes in Palo Alto had an average of 21 days on market in Jun 2024, down by 33% compared to last year.

Breakdown of Home Sale Times

31 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

1 Home Was 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.

Summary: During June 2024, 39 homes were sold in Palo Alto; 79% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.

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

Report Updated 20 Days Ago

Newest Listings in Palo Alto, CA

Nearby Markets to Palo Alto, CA

What housing markets are near Palo Alto, CA?