After an unusual peak year in 2021—where all top-10 properties fetched over $23M each, with four sales over $30M—Palo Alto has reverted to its long-run trend. In 2024, average sales prices are at $11.3M, up a modest 15% since we started tracking in 2017. Palo Alto is unusual as a luxury market, exhibiting fast sales cycles of just 75 days on average in 2024.
Average sales prices at $11.3M in 2024, up 8% compared to the previous year
Properties sell unusually fast: 75 Days On Market (DOM) on average, the lowest of all 56 markets in 2024
9 of 10 top properties in 2024 were sold in under 180 days
Palo Alto properties can sell quickly The trends observed in Palo Alto significantly run against the usual patterns seen across US luxury markets. On average, properties sell in just 76 days from initial listing to date of sale—the lowest of all 56 markets—and 9 of the 10 top properties in 2024 were sold in under 180 days. This is very unusual. Neighboring San Francisco sees an average DOM of 268 days with sellers accepting larger discounts on their initial listing prices.
In Palo Alto properties move quickly, and generally fetch 95% of the initial listing price, the third highest of all 56 markets. This is because the market has a large volume of potential buyers available. This means Palo Alto behaves more like a regular real estate market for generally wealthy buyers.
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