Palo Alto real estate market overview
- Average Monthly Rent: $3,485
- Home Price/Value Percentage Change: -9.40%
- Median Home Value: $3,171,651
- Best Time To Sell a Home: November
- Affordability Index: Low
- Days To Sell a House: 37
- Job Market: Fair
- Public School Ranking: 40
Location and weather
Palo Alto is part of the San Francisco Metropolitan Bay Area and is considered the birthplace of Silicon Valley. Situated 35 miles south of San Francisco and 14 miles north of San Jose, Palo Alto is a part of the San Francisco Metropolitan Bay Area. Palo Alto is bordered by San Francisco Bay on the east to the Skyline Ridge of the coastal mountains on the west, with Menlo Park to the north and Mountain View to the south. With 36 parks and a third of its 26 miles open green space; the city is committed to providing places for its many outdoor recreation activities. Being close to Stanford University with its cultural and educational activities is a bonus to the community.
In Palo Alto the summers are long and mild, and the winters are cold and wet. The summer high temperatures are in the high 70's with low temperatures in the high 50's. The winter high temperatures are high 50's with low temperatures in the 40's.
Population, job market and cost of living
Palo Alto's population in 2023 is 69,823 with a growth rate of -0.82%.
The job growth has decreased by -7.07% over last year. Ten-year future predicted job growth is 40.52%. As a part of Silicon Valley the largest industries are Professional, Scientific & Technical, Educational and Manufacturing. The largest employers are HP, Tesla and Hewlett Packard Enterprise, VMware and Stanford Health Care.
The cost of living is high due to the Palo Alto real estate market and high cost of available housing. With such a desirable location on the San Francisco Bay, mild climate, many parks for outdoor recreation, quaint historic downtown area and high-tech jobs and good job growth, Palo Alto will continue to attract professional and tech workers to this scenic bay city.
Palo Alto real estate market details
- Midtown Palo Alto
- Old Palo Alto
- Crescent Park
- Green Acres
There has been a -9.4% decrease in median home value over the last year. As of 2023, the median home value is $3,171,651.
The best time to sell a home for the highest valued sale is during November. For the quickest sale, homeowners should sell in March.
The top ranked public schools are Herbert Hoover Elementary School, Henry M. Gunn High School, Palo Alto High School, Ellen Fletcher Middle School and Jane Lathrop Stanford Middle School. This information is based on data measuring academic performance and equity.