$2,898,000
1,119 SqFt
2 Beds
•1 Full Bath, 1 Partial
Bob Kamangar, Listing Office: Christie's International Real Estate Sereno
Is Palo Alto, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 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
$3,239,033
$1,768/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$231,033(+7.7%)
Key Takeaway
Homes in Palo Alto have sold for 7.7% more than they did a year ago.
Summary: The median home sold price in Palo Alto was $3,239,033 in October 2024, up 7.7% from last year, and the median price per square foot was $1,768.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $910.5K | $1.1M | +25.4% |
| 2 Bedrooms | $1.7M | $1.4M | -17.7% |
| 3 Bedrooms | $2.8M | $3.0M | +4.7% |
| 4 Bedrooms | $3.4M | $3.8M | +14.0% |
| 5+ Bedrooms | $4.2M | $5.4M | +27.5% |
Summary: Palo Alto housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 25.4%, 2 bedroom homes decreased by 17.7%, 3 bedroom homes increased by 4.7%, 4 bedroom homes increased by 14%, and 5+ bedroom homes increased by 27.5%.
Median Sold Price Compared To Nearby Cities
| Los Altos | $3.8M | $4.1M | +8.1% |
| Palo Alto | $3.0M | $3.2M | +7.7% |
| Los Altos Hills | $5.2M | $5.5M | +6.5% |
| Menlo Park | $2.5M | $2.6M | +4.8% |
| Mountain View | $1.7M | $1.8M | +3.6% |
Housing Supply in Palo Alto, CA
How many homes are available in Palo Alto, CA?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 138 | 149 | +8.0% |
Summary: The Palo Alto real estate market had 149 homes for sale in October 2024, a 8.0% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 5 | +25.0% |
| 2 Bedrooms | 24 | 26 | +8.3% |
| 3 Bedrooms | 31 | 34 | +9.7% |
| 4 Bedrooms | 44 | 54 | +22.7% |
| 5+ Bedrooms | 35 | 30 | -14.3% |
Summary: The Palo Alto housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 25%, 2 bedroom homes increased by 8.3%, 3 bedroom homes increased by 9.7%, 4 bedroom homes increased by 22.7%, and 5+ bedroom homes decreased by 14.3%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 36 | 52 | +44.4% |
Asking Price vs. Sold Price
16 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
33 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Palo Alto, you could pay more than the asking price. 64.7% of homes here sold above asking price last month.
Summary: A total of 52 homes were sold or pending in Palo Alto in October 2024, up by 44.4% month-over-month. Of the 51 sold homes, 31% were sold under asking, 4% were sold at asking, and 65% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 17 Days | 19 Days | +13.1% |
Summary: Homes in Palo Alto had an average of 19 days on market in Oct 2024, up by 13.1% compared to last year.
Breakdown of Home Sale Times
43 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
2 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 October 2024, 52 homes were sold in Palo Alto; 83% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 4% 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.