The number of sales declined in 2023 in most cities on the Peninsula. This drop was primarily a result of the fewer homes available on the market. Many sellers decided to postpone selling their home factoring into their decision the low interest rate they currently have. See details below on each of the individual local areas.

Our outlook for 2024 remains bullish on real estate due to the demand here for estate living. We expect a more level market reflective of pre-pandemic conditions and see a great deal of optimism in the market already this year. Interest rates are declining and anticipated to continue in that direction, unemployment and job creation is strong, as is the stock market.

If you are thinking about buying or selling in 2024, it would be our pleasure to represent you. If you have any questions about real estate, please reach out by phone or email.

Portola Valley

In 2023, the number of sales was the lowest on record dating back to 2000. There were just 50 sales, which reflected a decline of 15% compared to 2022 and a dramatic 55% compared to the all-time high set in 2021. Prices were also lower but were still the second highest on record; it is important to note that 2022 had record-high prices and exceeded an average of $5 million for the first time. The average price was down 18% and the median price was down 11%. In the first half of the year, the average price was $4,056,217 and then it increased to $4,753,774 as a result of an $11.2 million sale. The median price followed suit, which is favorable for going into 2024, with the first-half median at $3,600,500 and the second half at $3,925,000. Number of sales was pretty evenly split in each half.

Woodside

There were 63 sales, which reflected a decrease of 11% compared to 2022 and 52% lower compared to the all-time high set in 2021. Average prices set an all-time record high rising 14% to $6,791,300, exceeding $6 million for the first time. The median price, however, was down 18% to $4 million. There were 15 homes, or 24%, that sold over list price. Homes took longer to sell with a median days on market of 26, double the 13 days in the previous year.

Atherton

In 2023, the number of sales increased, one of very few cities in the area to experience this. There were 83 sales, which reflected an increase of 12% compared to 2022 yet still 20% lower compared to the all-time high set in 2021. Prices were also higher and were the second highest on record. The average price was up just 1% and the median price was up less than 1%. There were 11 homes, or 13%, that sold over list price. Homes took longer to sell with a median days on market of 45 compared to just 9 the year before.

Menlo Park

At just 272 sales, this is the lowest number on record dating back to 2000. It reflects a decrease of 10% compared to 2022 and 45% lower compared to the all-time high set in 2021. Prices, however, set all-time record high with the average rising to $3,563,362 and the median price up 5% for a record high of $3,300,000. There were 125 homes, or 46%, that sold over list price. Homes took longer to sell with a median days on market of 12 compared to just 9 the previous year.

Palo Alto

At just 321 sales, this is the lowest number on record dating back to 2000. It reflects a decrease of 10% compared to 2022 and 41% lower compared to 2021. Prices also declined with the average down 5% to $3,835,168 and the median price down 8% to $3,300,000. There were 163 homes, or 51%, that sold over list price. Homes took slightly longer to sell with a median days on market of 10 compared to 9 the previous year.

Los Altos and Los Altos Hills

At just 211 sales, this is the lowest number on record dating back to 2000. Sales also declined in Los Altos Hills to just 52, the lowest on record since 2008.Prices declined in Los Altos by less than 1% to an average of $4,381,379. In Los Altos Hills, the average remained over $6 million but was down just 2%. There were a total of 132 homes, or 50%, that sold over list price. Homes took slightly longer to sell in Los Altos Hills with a median days on market of 11 compared to 9 the previous year; in Los Altos the number remained unchanged for four years in a row at just 8 days.