The number of sales reported on the Multiple Listing Service increased in 2024, in all cities on the Peninsula even though many homeowners postponed selling because of the low interest rates they have and the uncertainty that the presidential election created. Our outlook for 2025 remains bullish on real estate. We expect a fairly level market reflective of pre-pandemic conditions and see a great deal of optimism in the market already this year. Buyers are acclimated to the interest rates and the stock market ended the year at record highs. 

If you are thinking about buying or selling in 2025, it would be our pleasure to represent you. If you have any questions about real estate, the surrounding Peninsula communities, please reach out by phone or email.

Portola Valley

In 2024, the number of sales increased 54% following a year with record-low sales. There were 77 sales, and the number of new listings was in line with the volume seen during the pandemic years. Although sales were up in 2024, the sales volume remained below the 90 to 100 sales recorded in 2020 and 2021.

Prices were strong, with the median price up 9% to $4,100,000 and the average price up 12% to $4,917,609, although not reaching the record high in 2022 when it exceeded $5 million for the first time. In the first half of the year, the average price was $4,095,038 and then it increased to $5,639,866 as a result of 5 sales for $10 million or more. The median price followed suit, which is favorable for going into 2025, with the first half median at $3,900,000 and the second half at $4,600,000. There were 36 sales in the first half and 41 sales in the second half. 

As always, Central Portola Valley had the greatest number of sales at 39, followed by Ladera with 13. Los Trancos recorded 10 sales, Santa Maria 7, Portola Valley Ranch 5, Palo Alto Hills 2, and Brookside/Willowbrook just 1. All areas had an increase in average price, except for a slight decline in Los Trancos and a 7% decline in Brookside/Willowbrook (which only had 1 sale). 

Demand for homes was evident, with 29 homes, or 38%, selling over list price – and by as much as 26%. Homes also sold quickly with 41 sales, or 53%, selling in less than 2 weeks on the market. The median days on market were only 12, and a hefty 52% decline from the previous year.

At the time of this report, there are only 11 homes currently for sale (and another 3 that are not being publicly marketed). There are 3 homes that are currently in contract. Our outlook for 2025 remains bullish on real estate in Portola Valley.

Woodside

There were 72 sales, which reflected an increase of 14% compared to 2023. The average price declined 25% to $5,079,304 (due to a $43M+ sale in 2023 that brought the average way up). The median price, however, was up 6% to $4,260,000. There were 23 homes, or 32%, that sold over list price. Homes sold much faster with median days on market of 19, a 27% decline compared to the previous year. 

At the time of this report, there are only 16 homes currently for sale (and another 9 that are not being publicly marketed). There are 3 homes that are currently in contract. 

Atherton

There were 86 sales, which reflected an increase of 4% compared to 2023. Average prices set an all-time record high rising to $9,943,945 reflecting a 4% increase. The median price, however, declined 2% to $7,650,000. There were 24 homes, or 8%, that sold over list price. Homes sold much faster with median days on market of 24, a 48% decline compared to the previous year.

At the time of this report, there are only 8 homes currently for sale (and another 6 that are not being publicly marketed). There is just 1 home currently in contract. 

Menlo Park

There were 289 sales, which reflected an increase of 6% compared to 2023. The average price reached a record high at $3,719,163, a 4% increase. The median price, however, declined 2% to $3,230,000. There were 165 homes, or 57%, that sold over list price. Homes sold faster with median days on market of 11, an 8% decline compared to the previous year.

At the time of this report, there are only 11 single-family homes currently for sale (and another 10 that are not being publicly marketed). There are 8 homes that are currently in contract.

Palo Alto

There were 385 sales, which reflected an increase of 20% compared to 2023. The average price reached a record high at $4,258,851, an 11% increase. The median price was also up 11% to $3,650,000. There were 253 homes, or 66%, that sold over list price. Homes sold faster with a median days on market of just 8, a 20% decline compared to the previous year.

At the time of this report, there are 27 single-family homes currently for sale (and another 8 that are not being publicly marketed). There are 5 homes that are currently in contract. 

Los Altos and Los Altos Hills

There were 269 sales, which reflected an increase of 27% in Los Altos. In Los Altos Hills, there were 77 sales, which was a 48% increase. The median price was a record high in Los Altos, rising 7% to $4,398,000. Los Altos Hills also reached a record high, increasing 7% to $5,620,000. In Los Altos, 178 homes, or 66% sold over list price; in Los Altos Hills, 31 homes, or 40%, sold over list price. Homes sold faster in Los Altos Hills with median days on market of just 8 but took longer in Los Altos Hills with median days on market of 15.

At the time of this report, there are only 9 homes currently for sale in Los Altos and 6 homes for sale in Los Altos Hills.