Is Palo Alto, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Palo Alto has remained a Seller's Market.
Housing Prices in Palo Alto, CA
How much do homes in Palo Alto, CA cost?
Median Sold Price
$2,951,875
$1,671/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Palo Alto was $2,951,875 in March 2024, down 5.1% from last year, and the median price per square foot was $1,671.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $950K | $902.1K | -5.0% |
2 Bedrooms | $1.5M | $1.7M | +9.7% |
3 Bedrooms | $2.9M | $2.8M | -4.2% |
4 Bedrooms | $3.6M | $3.5M | -1.7% |
5+ Bedrooms | $5.0M | $4.5M | -9.6% |
Summary: Palo Alto housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 5%, 2 bedroom homes increased by 9.7%, 3 bedroom homes decreased by 4.2%, 4 bedroom homes decreased by 1.7%, and 5+ bedroom homes decreased by 9.6%.
Median Sold Price Compared To Nearby Cities
Mountain View | $1.7M | $1.8M | +4.7% |
Los Altos | $3.9M | $3.8M | -1.1% |
Los Altos Hills | $5.4M | $5.3M | -3.5% |
Palo Alto | $3.1M | $2.9M | -5.1% |
Menlo Park | $2.6M | $2.3M | -8.0% |
Housing Supply in Palo Alto, CA
How many homes are available in Palo Alto, CA?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
98 | 129 | +31.6% |
Summary: The Palo Alto real estate market had 129 homes for sale in March 2024, a 31.6% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 5 | 4 | -20.0% |
2 Bedrooms | 21 | 29 | +38.1% |
3 Bedrooms | 18 | 29 | +61.1% |
4 Bedrooms | 34 | 45 | +32.4% |
5+ Bedrooms | 20 | 22 | +10.0% |
Summary: The Palo Alto housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 20%, 2 bedroom homes increased by 38.1%, 3 bedroom homes increased by 61.1%, 4 bedroom homes increased by 32.4%, and 5+ bedroom homes increased by 10%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
21 | 41 | +95.2% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
27 Homes Were Sold
Over Asking
Summary: A total of 41 homes were sold or pending in Palo Alto in March 2024, up by 95.2% month-over-month. Of the 38 sold homes, 21% were sold under asking, 8% were sold at asking, and 71% 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
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
29 Days | 26 Days | -8.2% |
Summary: Homes in Palo Alto had an average of 26 days on market in Mar 2024, down by 8.2% compared to last year.
Breakdown of Home Sale Times
35 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During March 2024, 41 homes were sold in Palo Alto; 85% of homes were sold within 30 days, 7% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.