The Palo Alto Median House Price Surpasses $3,780,000
Palo Alto has long been the epicenter of Silicon Valley culture and home to some of the most competitive real estate in America. It's a beautiful city with a thriving business community, excellent schools, and plenty to do outdoors. All these factors contribute towards why this has been one of the hottest markets for real estate over the past decade.
The median price point for a home in Palo Alto has just crept past $3,780,000.
For most places in the country, the past year has been unlike any other; especially in the real estate markets. People flocked toward the outskirts of the Bay Area, and trickled into neighboring states seeking space, seclusion and safety. Markets exploded. Local residents were pushed out. Cities began implementing rules around non-local buyers, AirBnB, and controlling rent increases, alongside the nationally recognized eviction memorandum.
Palo Alto, however, kept churning along with the median single family home price steadily increasing by 8% over the past 3 months compared to the previous quarter.
July saw 62 properties exchange hands, and June saw 85. A typical year, to put this into context, sees an average of 36 homes sell per month here.
We are peaking from our own already excessive standards.
The market shows no signs of slowing down, either. 49 properties have accepted offers in the past few weeks, and 58 new listings on the market for buyers to tour.
With most of the major companies in the Valley delaying their back-to-office mandate from September to October, we're anticipating post-Labor day through October to be just as chaotic before tailing off into the holidays.
If you've been waiting for the market to peak, it's rapidly approaching.
