Palo Alto Real Estate Market Trends, Average Home Prices

Our Palo Alto market trend charts below were updated: Apr 17, 2024. We've calculated our unique Palo Alto trend graphs using all sales records available from MLSListings, the multiple listing service used by nearly all licensed Silicon Valley real estate agents when listing real estate for sale.

Save time and save money. Work with a top Palo Alto real estate agent.

On Apr 17, 2024, current quarterly market statistics for Palo Alto houses

• Palo Alto house median sale price: $5,010,000
• Palo Alto house average sale price: $3,340,000
• Palo Alto days on market: 11
• Palo Alto number of houses sold: 2
• Palo Alto sale price to list price for houses: 114%

Effective annual percentage change in median sq.ft. sales price over last:

• 5 years (2019 to 2024): 2.4%
• 10 years (2014 to 2024): 3.3%

Early in the quarter there may not be any closed escrows to report. Effective annual percentage change can not be calculated if there were no sales in one of the years.

Go view all Palo Alto homes for sale

Recent Palo Alto Real Estate Trends - highlights we see on 3/20/2024

Palo Alto house prices per sq.ft. have grown fairly slowly since 2015. The 5 year growth rate is 2.4% and the 10 year growth rate is 3.3%. Palo Alto prices were perhaps the first to start recovering after the 2008 downturn climbing beyond their 2007 peak of about $950 per sq.ft. to about $1,800 per sq.ft. at the end of 2023. As a comparison Cupertino climbed from a 2007 peak of about $700 per sq.ft. to about $1,600 at the end of 2023 but has a significantly higher 5 year growth rate of 9.2%.

Introduction To Extensive Palo Alto Real Estate Market Trends

For most areas, houses are the most common type of home sold. To quickly spot changes in the Palo Alto real estate market view Palo Alto house prices per sq.ft. and Palo Alto house sales price vs. list price. Changes in the mix of houses sold in Palo Alto can change the average price even when the price per sq.ft. does not change. The sales price vs. list price graph flags changes in demand vs. supply. The numerous other trends graphed help you both understand and compare Palo Alto real estate to other areas. Recently completed townhouse and condo developments, because of their size, can have significant short term impacts on supply vs. demand for their respective home types but typically do not affect overall Palo Alto housing supply vs. demand trends.

Jump down to extensive Palo Alto real estate trends

• Palo Alto real estate trends for townhomes
• Palo Alto real estate trends for condos

Palo Alto Real Estate Trends - Average and Median Home Prices Of Houses

When trying to understand Palo Alto home prices, the first and most often real estate trend looked at is either average sale price or median home sale price. The average price can be pushed up by a particularly expensive home being sold. Much less often an especially low price for several homes can push the average price down. By looking at both average and median home prices, a quick judgment can be made about any unusually high or low prices.

Palo Alto Real Estate Trends - Home Prices Per Square Foot For Houses

The sales price of a Palo Alto house is affected by its size. Looking at price per square foot gives a partial adjustment for differences between houses. Furthermore if you look at the average size of a Palo Alto house sold you will see that it varies with time. Part of the variation is due to the random nature of which houses are being sold but there tends to be a increase in the size with time because when a house is replaced with a newer house, the newer house is almost always larger.

Palo Alto Real Estate Trends - House Sales Prices vs. List Prices

Home buyers and sellers want to know the typical relationship between list price and sales price. This relationship varies with city and time. The plots below show this relationship for Palo Alto houses using color coding which generally highlights changes in the market. More Palo Alto homes being sold over list price is a very good indicator of rising home prices. More homes being sold under list price is a very good indicator of falling home prices.

Palo Alto Real Estate Trends - Number of Houses Sold

A quick estimate of how active the Palo Alto real estate market is can be found by looking at the number of houses sold. Locally there is a strong seasonal change in the number of houses sold. The lowest number of houses sold typically occurs around December & January. The highest number of houses sold typically occurs around May. Price changes do not track the seasonal change in the number of houses sold.

Palo Alto Real Estate Trends - Days On Market for Houses Sold

Many people look at "Days On Market", the average number of days a house is offered for sale before it sells, to spot changes in the Palo Alto real estate market. Increasing DOM implies buyers are not being as competitive to buy homes. This statistic also tends to have a seasonal variation. DOM is typically greater late in the year. Seasonal variation in this statistic can make it difficult to use this statistic to predict either rising or falling house prices.

Palo Alto Real Estate Trends - Size of Houses Sold

The behavior of buyers and sellers can be somewhat different depending on the price of the house. There are times when low to mid-range homes are selling quickly but higher priced homes aren't or the reverse may be true. Generally house price is proportional to size in a given area. Locally newer homes are often larger than older homes. Looking at the average size of houses being sold can provide additional insight into the Palo Alto real estate market.

Palo Alto Real Estate Trends - Lot Size of Houses Sold

As mentioned above generally house price is proportional to house size in a given area. Another factor is lot size. Most local cities limit the maximum size of house that can be built depending upon the lot size. A larger house can be built on a larger lot. Additionally local cities may allow a secondary dwelling if the lot is greater than a specified size (typically 8,000 sf).

Looking at the average lot size of houses being sold can provide additional insight into the Palo Alto real estate market. Lot sizes over 150,000 sf are excluded from the statistics to prevent the uncommon sale from pushing the average much higher than the median.

Palo Alto Real Estate Trends - Age of Houses Sold

A brand new Palo Alto home typically sells for a premium price compared to a similar sized home in the same neighborhood. When looking at average Palo Alto home prices, the average age should be checked to see if prices are changing because of demand or because different types of houses are being sold.

Palo Alto Home Prices - Maximum and Minimum for Houses Sold

When trying to understand the Palo Alto real estate market, it is useful to take a look at the extremes of the sales price range. Average buyers and sellers in each price range may act differently.

Go view all Palo Alto homes for sale

Palo Alto Real Estate Trends - Average and Median Townhouse Prices

When trying to understand Palo Alto townhouse prices the first and most often real estate statistic looked at is either average or median townhouse sale price. The average price can be pushed up by a particularly expensive townhouse being sold. Much less often an especially low price for several townhouses can push the average price down. By looking at both average and median price a quick judgment can be made about any unusually high or low prices. When a townhouse development is offered for sale, the high number of units offered can shift both average and median prices.

Palo Alto Real Estate Trends - Townhouse Prices Per Square Foot

The average sales price of townhouses is typically affected by the average size of the townhouses sold. If a new development comes up for sale, the average size can be affected which in turn affects the average sales price. This same development may affect statistics a second time about five years later if many of the first purchasers decide to sell and move to a bigger home. Looking at price per square foot gives a partial adjustment for changes in the typical townhouse sold.

Palo Alto Real Estate Trends - Townhouse Sales Prices vs. List Prices

Palo Alto townhouse buyers and sellers want to know the typical relationship between list price and sales price. This relationship varies with city and time. The plots below show this relationship using color coding which generally highlights changes in the market. More townhouses being sold over list price is a very good indicator of rising demand for townhouses. More townhouses being sold under list price is a very good indicator of falling townhouse demand. Comparing Palo Alto townhouse prices to Palo Alto house prices can give you more insight into whether there is a general change in Palo Alto home prices or if something unique to townhouses is happening.

Palo Alto Real Estate Trends - Number of Townhouses Sold

A quick estimate of how active the Palo Alto townhouse real estate market is can be found by looking at the number of townhouses sold. Locally there is a strong seasonal change in the number of townhouses sold. The lowest number of townhouses sold typically occurs around December & January. The highest number of homes sold typically occurs around May. This seasonal variation is often altered for townhouse sales by a large new development beginning to sell their townhouses. Price changes do not track the seasonal change in the number of townhouses sold.

Palo Alto Real Estate Trends - Days On Market for Townhouses Sold

Many people look at "Days On Market", the average number of days a townhouse is offered for sale before it sells, to spot changes in the townhouse real estate market. Increasing DOM implies buyers are not being as competitive to buy townhouses. This statistic also tends to have a seasonal variation. DOM is typically greater late in the year. Seasonal variation in this statistic can make it difficult to use this statistic to predict either rising or falling townhouse prices. New townhouse developments can change the typical DOM.

Palo Alto Real Estate Trends - Size of Townhouses Sold

The behavior of buyers and sellers can be somewhat different depending on the price of the townhouse. There are times when low to mid-range townhouses are selling quickly but higher priced townhouses aren't, or the reverse may be true. Builders try to match what they build to what is selling well. It can take several years for a townhouse development to begin selling but it was surely built to target expected demand. Looking at the average size of townhouses being sold can provide additional insight into the townhouse real estate market.

Palo Alto Real Estate Trends - Age of Townhouses Sold

A brand new townhouse typically sells for a premium price compared to a similar sized townhouse in the same neighborhood. When looking at average townhouse prices, the average age should be checked to see if prices are changing because of demand or because different types of townhouses are being sold.

Palo Alto Home Prices - Maximum and Minimum for Townhouses Sold

When trying to understand the Palo Alto real estate market, it is useful to take a look at the extremes of the sales price range. Average buyers and sellers in each price range may act differently.

Palo Alto Real Estate Trends - Average and Median Condo Prices

When trying to understand Palo Alto condo prices the first and most often real estate statistic looked at is either average or median condo sale price. The average price can be pushed up by a particularly expensive condo being sold. Much less often an especially low price for several condos can push the average price down. By looking at both average and median price a quick judgment can be made about any unusually high or low prices. When a condo development is offered for sale, the high number of units offered can shift both average and median prices.

Palo Alto Real Estate Trends - Condo Prices Per Square Foot

The average sales price of condos is typically affected by the average size of the condos sold. If a new development comes up for sale, the average size can be affected which in turn affects the average sales price. This same development may affect statistics a second time about five years later if many of the first purchasers decide to sell and move to a bigger home. Looking at price per square foot gives a partial adjustment for changes in the typical condo sold.

Palo Alto Real Estate Trends - Condo Sales Prices vs. List Prices

Palo Alto condo buyers and sellers want to know the typical relationship between list price and sales price. This relationship varies with city and time. The plots below show this relationship using color coding which generally highlights changes in the market. More condos being sold over list price is a very good indicator of rising demand for condos. More condos being sold under list price is a very good indicator of falling condo demand. Comparing Palo Alto condo prices to Palo Alto house prices can give you more insight into whether there is a general change in Palo Alto home prices or if something unique to condos is happening.

Palo Alto Real Estate Trends - Number of Condos Sold

A quick estimate of how active the Palo Alto condo real estate market is can be found by looking at the number of condos sold. Locally there is a strong seasonal change in the number of condos sold. The lowest number of condos sold typically occurs around December & January. The highest number of homes sold typically occurs around May. This seasonal variation is often altered for condo sales by a large new development beginning to sell their condos. Price changes do not track the seasonal change in the number of condos sold.

Palo Alto Real Estate Trends - Days On Market for Condos Sold

Many people look at "Days On Market", the average number of days a condo is offered for sale before it sells, to spot changes in the condo real estate market. Increasing DOM implies buyers are not being as competitive to buy condos. This statistic also tends to have a seasonal variation. DOM is typically greater late in the year. Seasonal variation in this statistic can make it difficult to use this statistic to predict either rising or falling condo prices. New condo developments can change the typical DOM.

Palo Alto Real Estate Trends - Size of Condos Sold

The behavior of buyers and sellers can be somewhat different depending on the price of the condo. There are times when low to mid-range condos are selling quickly but higher priced condos aren't, or the reverse may be true. Builders try to match what they build to what is selling well. It can take several years for a condo development to begin selling but it was surely built to target expected demand. Looking at the average size of condos being sold can provide additional insight into the condo real estate market.

Palo Alto Real Estate Trends - Age of Condos Sold

A brand new condo typically sells for a premium price compared to a similar sized condo in the same neighborhood. When looking at average condo prices, the average age should be checked to see if prices are changing because of demand or because different types of condos are being sold.

Palo Alto Home Prices - Maximum and Minimum for Condos Sold

When trying to understand the Palo Alto real estate market, it is useful to take a look at the extremes of the sales price range. Average buyers and sellers in each price range may act differently.

Use The Best Palo Alto Realtor

Save both your time and money by working with the best Palo Alto Realtor. The number 1 reason home buyers choose to work with a real estate agent is to get help "finding" the best home. Up to date knowledge and connections are key to finding the best home. However, there is much more involved than finding the home. After finding the best home, you will have to make the most attractive, competitive, offer. It is important to know that factors other than just money play a key part in the seller's decision. You will have to resolve any problems that pop-up so that escrow can close.

I negotiate over one hundred successful purchase offers each year. I have up-to-date experience and knowledge to plan and make a great offer. What if something goes wrong with your loan application or with something else? We at JLee Realty have the experience and connections to solve nearly all problems. Work with us, the best Palo Alto real estate agents. We know Palo Alto very well AND we know other nearby Silicon Valley cities. For 3 years in a row I was recognized as one of the three top, and most recently as the number 1 top Realtor nationwide at KW. The Juliana Lee Team has grown beyond what KW can provide and I now own and operate my own real estate brokerage for my team: JLee Realty, 4260 El Camino Real, Palo Alto CA 94306.

Our unique team approach splits up the various tasks when buying a home. You will work with both myself and a core member of the Juliana Lee Team who is also a top real estate agent. My buyer team specialist is especially skilled at helping you both find a home and to understand the tradeoffs you will be making. I discuss your purchase offer with you and negotiate with the seller. Get the support of two top Palo Alto Realtors (and the rest of our team) working closely together. Give us, the Juliana Lee Team, a call at 650-857-1000 or stop by our brokerage, JLee Realty, and let's talk about what you are looking for.

So far I've talked about buying real estate because it is not as well understood by home buyers as selling real estate is. When selling your home, it has to be advertised. It has to be promoted. The Juliana Lee Team has one of the most prominent real estate websites in Silicon Valley. It rates highly for key real estate terms in 35 Silicon Valley cities. If a home buyer searches for real estate trends or house prices in a Silicon Valley city, they will almost surely find julianalee.com on the first page of Google search results. In fact searching for "Silicon Valley real estate trends" will probably return julianalee.com in the first position or at least in a one of the first three. Similarly searching for "Palo Alto real estate trends" will probably return julianalee.com in one of the first three positions. We achieve similar excellent search results for nearly all Silicon Valley cities. We know how to promote successfully both digitally and in print.

Of course there is much more involved to sell your home than simply advertising it. The Juliana Lee team at JLee Realty has both a buyer team and a seller team. Our seller team gets current knowledge about what buyers are looking for from our buyer team. Our seller team also gets current knowledge about what problems buyers are currently facing and how the problems are minimized. If a buyer makes an offer to buy your home but runs into problems getting a loan, we can help with expert current advice. Since our buyer team gets potential buyers from our seller team, they want our seller team to be successful and knowledgeable about issues buyers are facing. Our buyer team can represent buyers while our seller team can represent sellers without a conflict of interest or loyalty.

Have you ever wondered what the difference is between a Palo Alto real estate agent and a Palo Alto Realtor? "Realtor" is a trademarked name owned by the National Association of Realtors (NAR). A Palo Alto Realtor is a real estate agent who belongs to NAR. Many purchase contract forms used locally are created by the California Association of Realtors (CAR) which is under NAR. The local Silicon Valley Association of Realtors (SILVAR), the Santa Clara County Association of Realtors (SCCOAR) and San Mateo County Association of Realtors (SAMCAR) manage access to the multiple listing service and establish standards of practice for local real estate agents.

If you want to learn more about buying or selling real estate, come to our free real estate seminar.