Is Menlo Park, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Menlo Park has remained a Seller's Market.
Housing Prices in Menlo Park, CA
How much do homes in Menlo Park, CA cost?
Median Sold Price
$2,533,333
$1,415/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Menlo Park was $2,533,333 in May 2024, down 2.6% from last year, and the median price per square foot was $1,415.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $929K | $735K | -20.9% |
2 Bedrooms | $1.6M | $1.5M | -10.1% |
3 Bedrooms | $2.1M | $2.2M | +4.8% |
4 Bedrooms | $4.1M | $4.1M | -0.3% |
5+ Bedrooms | $5.7M | $5.3M | -5.9% |
Summary: Menlo Park housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 20.9%, 2 bedroom homes decreased by 10.1%, 3 bedroom homes increased by 4.8%, 4 bedroom homes decreased by 0.3%, and 5+ bedroom homes decreased by 5.9%.
Median Sold Price Compared To Nearby Cities
East Palo Alto | $947.8K | $995K | +5.0% |
Redwood City | $1.7M | $1.8M | +4.7% |
Atherton | $7.5M | $7.6M | 0.5% |
Menlo Park | $2.6M | $2.5M | -2.6% |
Palo Alto | $3.0M | $3.0M | -2.6% |
Housing Supply in Menlo Park, CA
How many homes are available in Menlo Park, CA?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
99 | 112 | +13.1% |
Summary: The Menlo Park real estate market had 112 homes for sale in May 2024, a 13.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 1 | -50.0% |
2 Bedrooms | 15 | 19 | +26.7% |
3 Bedrooms | 24 | 36 | +50.0% |
4 Bedrooms | 34 | 33 | -2.9% |
5+ Bedrooms | 24 | 23 | -4.2% |
Summary: The Menlo Park housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 26.7%, 3 bedroom homes increased by 50%, 4 bedroom homes decreased by 2.9%, and 5+ bedroom homes decreased by 4.2%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
28 | 46 | +64.3% |
Asking Price vs. Sold Price
16 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
27 Homes Were Sold
Over Asking
Summary: A total of 46 homes were sold or pending in Menlo Park in May 2024, up by 64.3% month-over-month. Of the 46 sold homes, 35% were sold under asking, 7% were sold at asking, and 59% were sold over asking.
Days on Market for Menlo Park, CA
How long does it take to sell a home in Menlo Park, CA?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
14 Days | 23 Days | +57.7% |
Summary: Homes in Menlo Park had an average of 23 days on market in May 2024, up by 57.7% compared to last year.
Breakdown of Home Sale Times
38 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During May 2024, 46 homes were sold in Menlo Park; 83% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.