January 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 home has declined 8% from 2021-22. Yet it is still the third highest price over the past 25 years. The quarterly median price chart below shows that prices dropped in Q3 2022 and have stayed there for the past five quarters. Overall, the median price has appreciated 7.1% per year since 1998 (CAGR).
The Average Days on Market shows a significant uptick reflecting a softening of demand for Palo Alto homes. The average final Sales vs. List price has also declined to 2019 levels.
The supply of New Listings (blue line) jumped in 2020 while the number of sales remained flat. This chart is updated annually after year-end.
Palo Alto homes start at $2.0M. Their outstanding performing K-12 school district commands a high price. The chart above shows the distribution of prices for homes by number of bedrooms for closed sales in 2021.
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 has been very consistent over the past four quarters. Current levels are about equal to 2018.
This Monthly Median Price is lower than 2021-22, but consistent with 2017-2020. Keep in mind the monthly numbers are for listings that entered into contract the prior month.
The monthly average Days on Market has increased.
The monthly average sales vs. list price percentages are running close to list price.
Homes selling within the first 10 days on market are selling for 5% to 15% over list.
The supply of New Listings in Palo Alto remains relatively strong. Note the seasonality with December typically being the low-point during the year.
The Inventory of Active Listings is fairly consistent with the past four years.
The monthly number of Sales is fairly consistent with recent 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.