Menlo Park Real Estate Market Update - June 2024

Menlo Park, home to several major tech companies and offering a blend of suburban tranquility and urban convenience, remains a highly desirable location. As of May 2024, Menlo Park's real estate market shows an active number of 37 listings for single-family homes and 12 active listings for townhouses and condos. Homes are selling quickly, with single-family homes averaging 22 days on the market and townhouses/condos averaging 25 days. This quick turnover highlights the strong demand for properties in this city, driven by its strategic location and attractive living conditions. The rapid pace of sales indicates a competitive market where buyers must act swiftly to secure their desired homes.

The months of inventory in Menlo Park is at 0.9 months for single-family homes and 1.3 months for townhouses and condos, underscoring a seller’s market with high demand and limited supply. These levels of inventory suggest a moderately competitive environment, offering buyers more options while still maintaining strong demand. The price per square foot in Menlo Park stands at $1,645 for single-family homes and $1,116 for townhouses and condos, reflecting the high property values typical of this area. The city’s proximity to major tech companies, excellent schools, and vibrant community life contribute to its robust real estate market, making it an attractive destination for both living and investment.

The median sale price in Menlo Park is $3,362,500 for single-family homes and $1,625,000 for townhouses and condos, showcasing the competitive nature of the market and ongoing demand for homes. These significant median prices reflect the affluent nature of the community and the desirability of Menlo Park as a residential destination. The continued demand from tech professionals and families, combined with the city’s amenities and strategic location, ensures that the real estate market remains strong. As we progress through 2024, these trends are expected to persist, solidifying Menlo Park’s reputation as a prime residential area in Silicon Valley. The strong economic fundamentals and high quality of life will likely continue to drive demand and sustain high property values across all types of residential real estate.