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Menlo Park, CA

Menlo Park remains a seller's market in May 2024. The market conditions are favorable for sellers, with higher prices and faster sales.

Key Takeaway

Menlo Park continues to be a seller's market, leading to higher home prices and quicker sales compared to a year ago.

Housing Prices in Menlo Park, CA

How Much Do Homes in Menlo Park, CA Cost?

  • Median Sold Price: $2,533,333
  • Median Price per Square Foot: $1,415

The median home sold price in Menlo Park decreased by 2.6% from last year, with the median price per square foot at $1,415.

Year-Over-Year Change:

  • Median Sold Price: -$66,666 (-2.6%)

Housing Prices by Bedroom Count

  • 1 Bedroom: $735K (-20.9%)
  • 2 Bedrooms: $1.5M (-10.1%)
  • 3 Bedrooms: $2.2M (+4.8%)
  • 4 Bedrooms: $4.1M (-0.3%)
  • 5+ Bedrooms: $5.3M (-5.9%)

The most significant decreases were seen in one and two-bedroom homes, while three-bedroom homes saw a moderate increase.

Median Sold Price Compared to Nearby Cities

  • East Palo Alto: $995K (+5.0%)
  • Redwood City: $1.8M (+4.7%)
  • Atherton: $7.6M (+0.5%)
  • Menlo Park: $2.5M (-2.6%)
  • Palo Alto: $3.0M (-2.6%)

Menlo Park's prices have slightly decreased compared to nearby cities, but it still remains competitive.

Housing Supply in Menlo Park, CA

How Many Homes Are Available in Menlo Park, CA?

  • Homes for Sale: 112 (up 13.1% from April 2024)

The inventory of homes for sale in Menlo Park increased by 13.1% compared to the previous month.

Homes for Sale by Bedroom Count

  • 1 Bedroom: 1 (-50.0%)
  • 2 Bedrooms: 19 (+26.7%)
  • 3 Bedrooms: 36 (+50.0%)
  • 4 Bedrooms: 33 (-2.9%)
  • 5+ Bedrooms: 23 (-4.2%)

The inventory of three-bedroom homes saw the largest increase, while one-bedroom homes significantly decreased.

Number of Homes Sold

  • Homes Sold: 46 (up 64.3% from April 2024)

The number of homes sold in May 2024 saw a significant increase of 64.3% compared to April, reflecting strong buyer activity.

Asking Price vs. Sold Price

  • Under Asking: 16 homes
  • At Asking: 3 homes
  • Over Asking: 27 homes

Percentage Breakdown:

  • Sold Under Asking: 35%
  • Sold At Asking: 7%
  • Sold Over Asking: 59%

With 59% of homes selling over the asking price, buyers need to be prepared for competitive offers.

Days on Market for Menlo Park, CA

Average Sale Time

  • May 2023: 14 Days
  • May 2024: 23 Days (up 57.7%)

Homes in Menlo Park are taking longer to sell, with an average of 23 days on the market in May 2024.

Breakdown of Home Sale Times

  • Under 30 Days: 38 homes (83%)
  • 30 - 90 Days: 6 homes (13%)
  • Over 90 Days: 2 homes (4%)

The majority of homes in Menlo Park are still selling relatively quickly, with 83% sold within 30 days.

Conclusion

Menlo Park's real estate market in May 2024 remains favorable for sellers, with strong demand and competitive pricing. Buyers should be ready for swift action and competitive offers to secure properties.

If you have any questions about the Menlo Park market or need guidance on buying or selling a home, please feel free to reach out.

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Margaret
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