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 of Menlo Park homes is one of the few Silicon Valley cities showing a strong increase. Prices are up 15% over the prior year. Prices have appreciated an average of 7.2% 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 up to 15% over list (see scatter charter below).
The supply of New Listings has increased significantly since 2016. Sales is consistent with recent years.
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. Each dot represents a Closed Sale om 2021.
The Quarterly Median Price returned to 2021 levels after a spike in 4Q2021 and Q1 and Q2 of 2022.
This Monthly Median Price for Menlo Park homes spiked in early 2023 and are now declining. 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.
Monthly average days on market continues to be at record lows. The spikes are typically in Dec-Jan during the slowest time of the year.
The average final sales price is at or below list price. 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. Dots represent individual home sales in 2022.
The supply of New Listings for homes in Menlo Park is consistent with prior years. Note the seasonality with December typically being the low-point during the year.
The Inventory of Active listings is about the same as last year, which are significantly lower than 2019-20.
The number of Sales per month is running a little lower than prior years.
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.