Is Palo Alto, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 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
$3,003,900
$1,695/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Palo Alto have sold for 2.6% less than they did a year ago.
Summary: The median home sold price in Palo Alto was $3,003,900 in May 2024, down 2.6% from last year, and the median price per square foot was $1,695.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $917.7K | $900K | -1.9% |
| 2 Bedrooms | $1.6M | $1.6M | 0.0% |
| 3 Bedrooms | $2.8M | $2.8M | -0.1% |
| 4 Bedrooms | $3.4M | $3.8M | +9.4% |
| 5+ Bedrooms | $4.9M | $4.3M | -12.7% |
Summary: Palo Alto housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.9%, 2 bedroom homes did not change, 3 bedroom homes decreased by 0.1%, 4 bedroom homes increased by 9.4%, and 5+ bedroom homes decreased by 12.7%.
Median Sold Price Compared To Nearby Cities
| Mountain View | $1.6M | $1.8M | +8.4% |
| Los Altos Hills | $5.2M | $5.5M | +5.6% |
| Los Altos | $3.7M | $3.9M | +4.1% |
| Palo Alto | $3.0M | $3.0M | -2.6% |
| Menlo Park | $2.6M | $2.5M | -2.6% |
Housing Supply in Palo Alto, CA
How many homes are available in Palo Alto, CA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 153 | 153 | 0.0% |
Summary: The Palo Alto real estate market had 153 homes for sale in May 2024, the same as April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 3 | 0.0% |
| 2 Bedrooms | 32 | 25 | -21.9% |
| 3 Bedrooms | 37 | 35 | -5.4% |
| 4 Bedrooms | 52 | 49 | -5.8% |
| 5+ Bedrooms | 29 | 41 | +41.4% |
Summary: The Palo Alto housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 21.9%, 3 bedroom homes decreased by 5.4%, 4 bedroom homes decreased by 5.8%, and 5+ bedroom homes increased by 41.4%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 56 | 66 | +17.9% |
Asking Price vs. Sold Price
17 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
43 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Palo Alto, you could pay more than the asking price. 68.3% of homes here sold above asking price last month.
Summary: A total of 66 homes were sold or pending in Palo Alto in May 2024, up by 17.9% month-over-month. Of the 63 sold homes, 27% were sold under asking, 5% were sold at asking, and 68% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 29 Days | 18 Days | -36.1% |
Summary: Homes in Palo Alto had an average of 18 days on market in May 2024, down by 36.1% compared to last year.
Breakdown of Home Sale Times
55 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Palo Alto are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 66 homes were sold in Palo Alto; 83% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 2% 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. 
Listings on this page identified as belonging to another listing firm are based upon data obtained from the SFAR MLS, which data is copyrighted by the San Francisco Association of REALTORS©, but is not warranted. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Listing Broker has attempted to offer accurate data, but buyers are advised to confirm all data provided. 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. Properties may or may not be listed by the office/agent presenting the information.