Menlo Park Real Estate Market Trends Past 3 Years - Q2 2024

Menlo Park, known for its prestigious neighborhoods and proximity to major tech campuses, continues to be a highly desirable area for homebuyers. As of Q2 2024, Menlo Park’s real estate market shows a number of 92 sold single-family homes. Homes are selling quickly, with single-family homes averaging just 21 days on the market. This rapid turnover highlights the strong demand for properties in this city, driven by its strategic location and high quality of life. The quick pace of sales indicates a competitive market where buyers need to act swiftly to secure homes. Similarly, the condominium and townhouse segment in Menlo Park is performing robustly. As of Q2 2024, there are 21 sold units, with these properties averaging 19 days on the market. This rapid turnover for condos and townhouses indicates strong demand, particularly appealing to those seeking a more affordable entry into the market while enjoying the same desirable location and amenities.

The price per square foot in Menlo Park stands at $1,620 for single-family homes, reflecting stable and high property values. Over the past three years, the price per square foot has increased from $1,353 in Q1 2021 to $1,620 in Q2 2024, indicating a strong and consistent appreciation in property values. The city’s blend of suburban charm and urban amenities makes it an attractive location for homebuyers, contributing to the strong demand and competitive pricing. For condominiums and townhouses, the price per square foot has risen from $939 in Q1 2021 to $1,070 in Q2 2024, reflecting the increasing value of these properties. This trend shows that even more affordable housing options are appreciating significantly, making Menlo Park a solid investment for various types of buyers.

The median sale price in Menlo Park is $3,675,000 for single-family homes, showcasing the ongoing demand and competitive nature of the market. Historically, the median sale price has seen a significant rise from $2,612,500 in Q1 2021, reflecting a substantial increase over three years. These significant median prices reflect the desirability of Menlo Park as a residential destination, where the combination of economic opportunities, excellent schools, and a vibrant community life creates a strong market. The condominium and townhouse market also shows strong performance, with a median sale price of $1,650,000 in Q2 2024, up from $1,331,000 in Q1 2021. This increase highlights the growing demand and rising property values in this segment as well. As we move further into 2024, these trends are expected to continue, reinforcing Menlo Park’s position as a key residential area in the region. The continued influx of homebuyers, coupled with the city’s robust economic base, will likely sustain high property values and competitive sales across all types of residential real estate.