$10,000 Closing Credit*
$1,150,000
1,211 SqFt
2 Beds
•2 Full Baths
Denise Welsh, Listing Office: Compass
Is Palo Alto, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
Since last year, Palo Alto has remained a Seller's Market.
Key Takeaway
Palo Alto is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Palo Alto, CA
How much do homes in Palo Alto, CA cost?
Median Sold Price
$3,353,250
$1,783/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$353,250(+11.8%)
Key Takeaway
Homes in Palo Alto have sold for 11.8% more than they did a year ago.
Summary: The median home sold price in Palo Alto was $3,353,250 in November 2024, up 11.8% from last year, and the median price per square foot was $1,783.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $910.5K | $884.4K | -2.9% |
| 2 Bedrooms | $1.7M | $1.4M | -17.6% |
| 3 Bedrooms | $2.8M | $3.1M | +8.5% |
| 4 Bedrooms | $3.3M | $3.8M | +15.6% |
| 5+ Bedrooms | $4.5M | $5.4M | +19.5% |
Summary: Palo Alto housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 2.9%, 2 bedroom homes decreased by 17.6%, 3 bedroom homes increased by 8.5%, 4 bedroom homes increased by 15.6%, and 5+ bedroom homes increased by 19.5%.
Median Sold Price Compared To Nearby Cities
| Palo Alto | $3.0M | $3.3M | +11.8% |
| Los Altos Hills | $5.1M | $5.6M | +9.0% |
| Los Altos | $3.8M | $4.1M | +8.7% |
| Menlo Park | $2.5M | $2.7M | +5.7% |
| Mountain View | $1.7M | $1.8M | +4.8% |
Housing Supply in Palo Alto, CA
How many homes are available in Palo Alto, CA?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 138 | 94 | -31.9% |
Summary: The Palo Alto real estate market had 94 homes for sale in November 2024, a 31.9% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 5 | 0.0% |
| 2 Bedrooms | 26 | 21 | -19.2% |
| 3 Bedrooms | 35 | 20 | -42.9% |
| 4 Bedrooms | 51 | 34 | -33.3% |
| 5+ Bedrooms | 21 | 14 | -33.3% |
Summary: The Palo Alto housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 19.2%, 3 bedroom homes decreased by 42.9%, 4 bedroom homes decreased by 33.3%, and 5+ bedroom homes decreased by 33.3%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 52 | 35 | -32.7% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
24 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Palo Alto, you could pay more than the asking price. 70.6% of homes here sold above asking price last month.
Summary: A total of 35 homes were sold or pending in Palo Alto in November 2024, down by 32.7% month-over-month. Of the 34 sold homes, 24% were sold under asking, 6% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 22 Days | 28 Days | +27.8% |
Summary: Homes in Palo Alto had an average of 28 days on market in Nov 2024, up by 27.8% compared to last year.
Breakdown of Home Sale Times
25 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Palo Alto are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 35 homes were sold in Palo Alto; 71% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.