North Palo Alto prices jump 60% in two years
Our real estate market continues to respond to our strong tech economy and the extraordinary individuals it brings from all over the world. Prices in Palo Alto’s upper end neighborhoods finished the third quarter 60 percent higher than the same quarter median price two years ago. The adjacent towns of Menlo Park and Atherton also continue to show strong upward price movement across all price points. Inventory continues to be extremely low and multiple offers are common in price-points under $4 million. Strong demand for land has been a theme of our market as buyers purchase older inventory to tear down and build new. Land sale prices of $300–$450 per square foot have occurred in the better locations and we feel a building boom is about to begin.