Chris Iverson's Market Report
Palo Alto, CA
Single-Family Homes
Market data for your neighborhood, updated weekly.
Palo Alto, CA
Fri Jul 26 2024
This week the median list price for Palo Alto, CA is $6,498,000 with the market action index hovering around 59. This is about the same as last month's market action index of 59. Inventory has increased to 45.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
Market conditions have been consistently cooling in the past several weeks. Because we’re still in the Seller’s zone, prices have not yet begun to drop. It may take a few more weeks of slack demand for prices to reflect and begin to fall. Expect prices to fall if the index persistently falls to the Buyer’s zone.
Real-Time Market Profile
| Median List Price | $6,498,000 | |
| Median Price of New Listings | $4,350,000 | |
| Per Square Foot | $1,911 | |
| Average Days on Market | 99 | |
| Median Days on Market | 42 | |
| Price Decreased | 22% | |
| Price Increased | 0% | |
| Relisted | 7% | |
| Inventory | 45 | |
| Median Rent | ||
| Market Action | 59 | |
| Strong Seller's Market | ||
Prices continue their climb again this week. We’re a long way from the market’s price high-point so watch the Market Action Index as an indicator of how long this trend will last.
Market Segments
Each segment below represents approximately 25% of the market ordered by price.
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $14,388,000 | 5,433 | 0.25 - 0.5 acre | 5 | 7 | 53 | 2 | 0 | 70 |
| $7,288,000 | 3,635 | 8,000 - 10,000 sqft | 5 | 4 | 79 | 0 | 0 | 42 |
| $5,450,000 | 3,457 | 6,500 - 8,000 sqft | 4 | 5 | 62 | 4 | 0 | 42 |
| $3,099,500 | 2,161 | 6,500 - 8,000 sqft | 4 | 3.5 | 74 | 7 | 2 | 10 |