Palo Alto Home Prices & Values

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ZILLOW HOME VALUE INDEX

$2,136,000

  • 15.4% 1-year change
  • 5.7% 1-year forecast

Oct 2013Nov 2014Nov 2015

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Buyers’ Market
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The median home value in Palo Alto is $2,136,000. Palo Alto home values have gone up 15.4% over the past year and Zillow predicts they will rise 5.7% within the next year. The median list price per square foot in Palo Alto is $1,158, which is higher than the San Jose Metroaverage of $442. The median price of homes currently listed in Palo Alto is $2,050,000 while the median price of homes that sold is $2,059,500. The median rent price in Palo Alto is $3,295, which is higher than the San Jose Metro median of $2,720.

Foreclosures will be a factor impacting home values in the next several years. In Palo Alto 0.7 homes are foreclosed (per 10,000). This is lower than the San Jose Metro value of 0.9 and also lower than the national value of 4.2

Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Palo Alto is 6.2%, which is lower than the national value of 6.4%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Palo Alto homeowners underwater on their mortgage is 3.3%, which is lower than San Jose Metro at 4.5%.