May 2024 Real Estate Market Report Update for Premier Peninsula

Welcome to the May 2024 edition of the Premier Peninsula Real Estate Market Report, offering a comprehensive view of the latest trends and patterns in this vibrant real estate scene. This report specifically focuses on the areas of Atherton, Menlo Park, Palo Alto, Los Altos, Los Altos Hills, Woodside, and Portola Valley. Let's take a look at the numbers!

Property Types and Insights

The Premier Peninsula real estate market is a fascinating area with unique micro-markets, each offering distinct amenities and price points. This report aims to unravel the patterns and trends in this luxury real estate segment and provides a clear overview of market trends and detailed data for in-depth analysis.

Locally, we've seen some changes in inventory levels over the last twelve months. There were a total of 1,160 properties sold in Premier Peninsula. The average price to purchase a single family home in the Premier Peninsula area is currently $4,591,646.

Let’s break it down further by area to better understand how these numbers affect the local market!

Market Insights: Atherton

Known as the Maserati of the Premier Peninsula, Atherton boasts luxury properties and grand estates, typically priced from $4M to over $30M. Over the past twelve months, 87 properties sold here at a median price of $7,600,000, translating to $1,888 per square foot. My market report includes area-specific pages, where you'll be able to compare numbers for Atherton and other areas to the last five years. These numbers will be interesting to both buyers and sellers!

Real Estate Trends in Menlo Park

Popular for its family-friendly neighborhoods and excellent public schools, Menlo Park offers a range of homes and is known for its inviting, upscale ambiance. The median sold price for single-family homes stands at $3,100,000 with a price per square foot of $1,512, and a total of 299 properties sold within the last twelve months.

Palo Alto: A Closer Look

As one of the largest areas in this report, Palo Alto caters to a diverse range of lifestyles and is a hub for global talent due to its proximity to Silicon Valley. The median price for properties here was $3,400,000, with a total of 359 homes sold.

Insights into Los Altos

Originally an apricot orchard town, Los Altos features larger lot sizes and a variety of home styles. It's preferred by families for its top-rated public schools and proximity to Silicon Valley and Stanford. The median sold price in this area was $4,170,000 with a median price per square foot at $1,781, and a total of 231 properties sold over the last twelve months.

Property Trends in Los Altos Hills

Offering a blend of country-like landscape and luxury, Los Altos Hills is known for its scenic views and luxury properties on large lots. The median sold price for single-family homes is currently $5,375,000, with a median price per square foot of $1,520. 55 single family homes have been sold here over the last twelve months.

A Closer Look: Woodside

A heavily wooded town with a mix of luxury compounds and smaller homes ideal for outdoor enthusiasts, Woodside offers a blend of rural charm and luxury. The median sold price for single-family homes is currently $4,000,000, with a median price per square foot of $1,309 and a total of 70 homes sold within the last twelve months.

Portola Valley Market Insights

Neighboring Woodside, Portola Valley offers a rustic setting known for its natural beauty, outdoor adventures, and excellent public school system. 62 homes have been sold in Portola Valley over the last twelve months. The median price for properties here is $3,850,000, translating to a median price per square foot of $1,391.

What Does This Mean For You?

Whether you are a buyer or a seller, understanding these market dynamics is crucial for making informed decisions. The Premier Peninsula real estate market continues to be a dynamic and diverse area, offering a range of luxury homes to suit different lifestyles.

For personalized insights and assistance in navigating this dynamic market, feel free to reach out to me at (650) 862-6750 or via email at [email protected]. I value your feedback and welcome any questions or comments you may have. Please don't hesitate to reach out for assistance!

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