December 2024
Menlo Park is a wonderful community with a fun downtown. Top performing elementary schools. Just blocks away from Stanford Shopping Center and downtown Palo Alto. Click on links to see additional information on the Menlo Park Community and Schools.
The median price for Menlo Park homes declined by 2.3% in 2024. Prices have appreciated an average of 7.0% since 1998 (CAGR).
Market demand for Menlo Park homes remains strong. Average Days on Market (red line) remains at historic lows. The Final Sales vs. List Price (blue line) has declined to at-list levels. Note homes that sell within the first two weeks of going on market can sell for over the annual average (see scatter charter below).
The supply of New Listings is rebounding to 2015-2018 levels.
Menlo Park single family residences start at $1.0M. Homes in the Menlo Park City School district command a higher price. Homes in the northern areas are more affordable and the east Menlo Park homes the lowest price.
The $/SQFT varies by size of home. The scatter chart above shows the distribution of $/SQFT and the associated size of the home.
The Quarterly Median Price provides insight into the annual averages.
Keep in mind that the fluctuation may be due to a change in the mix of homes selling in a particular month, not necessarily changes in home values.
The spikes are typically in Dec-Jan during the slowest time of the year.
This reflects homes that sold in the month prior and reported the final sales price after escrow closed, usually 30 days after the sale.
Homes that sell within the first week or two on the market typically sell for well over list price. This reflects multiple offers driving up market values.
Note the seasonality with December typically being the low-point during the year.
The Inventory of Active listings is seasonal.
The number of Sales per month is also seasonal.
Source: The data above is obtained directly from MLSlistings, the multiple listing service (MLS) serving Santa Clara and San Mateo counties. The information is deemed to be accurate, however is not guaranteed.