The end of the 3rd quarter is a good time to take a look at how the real estate market compares to previous quarters. The low inventory of homes for sale remains a significant factor in the overall market in all our local areas. In terms of gauging market performance, we like to look at the median sales price as it tends to be a more accurate price indicator than the average, which can be inflated or deflated based on the sale of just one or two really high- or low-end properties. Check out the details below on each of the local markets.

We continue to stress to our clients that optimal pricing, meticulous presentation, and exceptional marketing still yield outstanding results. There are active buyers in all price ranges particularly with interest rates down and the stock market at record highs.

Real estate remains highly individualized and defies generalization within our communities. We would love to sit down with you and give you our entire marketing plan for selling your home. We would love to sit down with you and give you our entire marketing plan for selling your home or review our strategy for getting results in this market as a buyer. Let’s talk about your individual needs. 

Portola Valley

In Portola Valley, the 3rd quarter median price was $4,350,000, which exceeded the all-time median price high in 2022 when it was $4,200,000. The 3rd quarter price of $4,350,000 compared to $3,812,500 in the 2nd quarter and $3,900,000 in the 1st quarter. The median price year-to-date through the 3rd quarter, at $3,937,500, is up 4% compared to the same period last year. There are 26 homes available for purchase, with 2 of these being discreetly marketed and not publicly advertised.

Woodside

In Woodside, the 3rd quarter median price was $4,603,500 compared to $3,998,000 in the 2nd quarter and $4,850,000 in the 1st quarter. The median price year-to-date through the 3rd quarter, at $4,228,500, is down 5% compared to the same period last year. Inventory did increase in the third quarter though and there are now 36 homes available for purchase, with 3 of these being discreetly marketed and not publicly advertised.

Atherton

In Atherton (per the MLS and not including any off-market sales), the 3rd quarter median price was $6,100,000 compared to $9,587,500 in the 2nd quarter and $7,500,000 in the 1st quarter. The median price year-to-date through the 3rd quarter, at $7,900,000, is unchanged compared to the same period last year. There are just 21 homes available for sale, with 5 of these being discreetly marketed and not publicly advertised. 

Menlo Park

In Menlo Park, the 3rd quarter median price for single-family homes was $3,165,000 compared to $3,625,000 in the 2nd quarter and $2,700,000 in the 1st quarter. The median price year-to-date through the 3rd quarter, at $3,225,000, is down 2% compared to the same period last year. There are only 23 single-family homes available for purchase, with 4 of these being discreetly marketed and not publicly advertised. 

Palo Alto

In Palo Alto, the 3rd quarter median price for a single-family home was $3,700,000 compared to $3,650,000 in the 2nd quarter and $3,525,000 in the 1st quarter. The median price year-to-date through the 3rd quarter, at $3,625,000, is up 7% compared to the same period last year. Inventory did increase in the third quarter though and there are now 50 single-family homes available for purchase, with 6 of these being discreetly marketed and not publicly advertised. 

Los Altos

In Los Altos, the median price year-to-date through the 3rd quarter, at $4,350,000, is up 7% compared to the same period last year. There are 36 homes available for purchase in Los Altos, with 4 of these being discreetly marketed and not publicly advertised. 

Los Altos Hills

In Los Altos Hills, the median price year-to-date, at $6,050,000, is up 14% compared to the same period last year – and a record high. There are 33 homes for sale, with 4 that is being privately marketed.