|
Getting your Trinity Audio player ready...
|
Even as mortgage rates fluctuated between 6.5% and 7.5% for much of 2024 and inventory remained well-below average, Palo Alto saw home sales increase last year compared to 2023. In fact, 11 of the city’s 13 neighborhoods closed more deals in 2024 than during 2023.
Citywide, overall sales for single-family homes increased about 19%.
The city also saw more sales listings. The number of homes that went on the market increased in all but three neighborhoods, with one neighborhood seeing its inventory surge by a whopping 146%. Citywide, there were 485 new homes listed for sale, or about a 9.7% increase compared to 2023.
So which neighborhoods saw more activity? fewer sales? higher price tags?
Here’s a look at sales activity for single-family homes in each of Palo Alto’s 13 neighborhoods from January to December 2024 compared to January through December 2023 based on data from MLSListings.
(Editor’s note: Sales activity based on neighborhoods and boundaries as defined by MLSListings.)
Real estate activity at a glance:
• After experiencing a slight decrease of 1% in 2023, Palo Alto’s overall median sales price increased nearly 10% in 2024. The median home price in 2024 was $3.65 million compared to $3.32 million in 2023.
• Median sales prices rose in nine Palo Alto neighborhoods and declined in four.
• Crescent Park came in as the most expensive neighborhood in Palo Alto with a median sales price of $5.1 million, followed by Green Acres at $4.87 million.
• Downtown saw the sharpest decrease in its median sales price with a 30.6% year-over-year decline. The median price dropped from $3.17 million in 2023 to $2.2 million in 2024.
• All but two neighborhoods – Green Acres and Community – closed more deals in 2024 than the previous year.
• South Palo Alto saw the most activity with 111 sales, or about 30% of all home sales citywide.
• Green Acres saw the least activity with six sales.
• The total number of sales recorded in Palo Alto increased from 287 in 2023 to 376 in 2024.
• Community Center saw the sharpest decline in new homes coming on the market with a 50% drop year-over-year. New listings fell from 30 in 2023 to 15 in 2024.
• Professorville saw the biggest jump in new homes coming on the market with a 146.2% increase year-over-year. New listings rose from 13 in 2023 to 32 in 2024.
