December 2024
Palo Alto is home to Stanford University, two great downtown areas, top-performing K-12 schools and a wonderful neighborhood feeling. Click on links to see additional information the Palo Alto Community and Schools.
The annual median price for Palo Alto homes rose by 10.8% in 2024. Overall, the median price has appreciated 6.1% per year since 1998 (CAGR).
Market demand remains at historically high levels, The Average Days on Market (red line) are at 10-year lows and final sales prices over list (blue line) are relatively high.
The supply of New Listings (blue line) are at pre-pandemic levels.
Palo Alto homes start at $2.0M. Their outstanding performing K-12 school district commands a high price.
The $/SQFT varies widely. The scatter chart above shows the $/SQFT by the size of the home. This gives you an idea of range of both $/SQFT and the size of homes in Palo Alto.
The Quarterly Median Price provides insight into the annual averages.
This Monthly Median Price for listings that entered into contract in the prior month.
The monthly average Days on Market is seasonal with peaks typically in Nov-Jan.
The monthly average sales vs. list price percentages suggests competing multiple offers.
Homes selling within the first 10 days on market can sell for well over list price. .
The supply of New Listings is seasonal with Nov-Dec being the slowest.
The Inventory of Active Listings at month-end is also seasonal.
The monthly number of Sales 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.