RECAP OF 2024
NUMBER OF SALES
In 2024, sales increased a significant 27% from the all-time low in 2023 yet were still the third lowest on records dating back to 2001. There were 266 single-family homes reported through the Multiple Listing Service. In addition to the single-family home sales, there were 60 condo/townhome sales – an 18% increase from 2023. If you would like further details on condo/townhome sales in 2024, which are not included in this report, I would be happy to provide them to you.
The number of new listings, at 310 was 20% greater than the all-time low in 2023 and remains the second lowest on records dating back to 2001. As a point of reference, prior to 2013 there were 450 to 600 new listings per year. This steady decline of new listings has been a factor in the steady increase in prices since then.
PRICES
Following a slight decline in 2023, prices soared to record highs in 2024. Staying above $4 million for the fourth year in a row, the average price reached $4,699,960. Prices escalated in the second half of the year with an average of more than $4.9 million in the third quarter and more than $4.8 million in the fourth quarter.
The median price followed suit reaching a new record of $4,397,500. It too was the strongest in the third and fourth quarters. This bodes well for going into 2025.
90 homes, or 34%, sold for $5 million or more; this compares to just 23% in 2023. The highest end of the market was strong with 15 sales for $7 million or more, compared to 8 sales in 2023. David Troyer was honored to represent the seller of the most expensive home this year, which sold for $9,600,000 in just 14 days.
There were 177 homes, or 67%, that sold for more than list price; this compares to 54% in 2023 and 60% in 2022. Another 23 homes, or 9%, sold for list price and only 66 homes sold for less than list price.
LENGTH OF TIME TO SELL
Homes sold very fast in 2024, as they have for the past 5 years with a median days on market of just 8. The greatest percentage, 40%, sold in 7 days or less while another 39% sold within 8 to 14 days. There were only 30 homes that were on the market for 30 days or more. before selling.
There was a direct correlation between days on market and price. For the 26 homes that required a price reduction, the average days on market was 52; all other homes had an average days on market of just 11. Setting the correct price based on local market knowledge and market conditions is essential to obtaining maximum value and a timely sale.
OUTLOOK
As shared in last year’s report, my optimism for the 2024 real estate market prevailed, even in the face of higher interest rates and the uncertainty of a presidential election year. With a record-breaking stock market and the continued strength of Silicon Valley, I remain equally positive for the 2025 outlook.
I expect the year ahead to be a more balanced market, offering opportunities for both buyers and sellers. Property values are projected to show continued growth, and the number of home sales is anticipated to increase at a moderate pace.
Mortgage rates are forecasted to stabilize between 6.2% and 6.5% by the end of the year. Should rates dip below 6%, buyer confidence could strengthen further, encouraging more activity. However, in Silicon Valley, interest rates often have less impact than in other areas of the country. Buyers here frequently leverage substantial resources – whether cash reserves, equity from previous sales, or stock options – minimizing reliance on traditional financing. This unique dynamic means local market trends are shaped more by inventory levels, competition, and property desirability than by interest rate fluctuations.
For buyers, acting quickly on desirable homes will continue to be important particularly in competitive neighborhoods. Sellers, while still positioned in a favorable market, will find that strategic pricing and thoughtful preparation will be essential to achieving success – areas where The Troyer Group excels.
As always, real estate is a deeply local business, with conditions varying significantly from one neighborhood to the next. By staying attuned to these local nuances and understanding the latest trends – guided by The Troyer Group, buyers and sellers can navigate the 2025 market with confidence. I remain optimistic on the long-term value of owning a home in Los Altos, which continues to be one of the best places to live in the Bay Area. If you would like more information on any of the information in this report, or if you would like to discuss your specific
real estate needs, please give me a call.
No one sells more homes in Los Altos than David Troyer. David represented buyers and sellers of 32 Los Altos homes in 2024 – more than any other agent. It’s results like this that place David as the #4 Medium Team in Northern California and #25 in the United States, per RealTrends, 2024.
PRICES
Following a slight decline in 2023, prices soared to record highs in 2024. Staying above $4 million for the fourth year in a row, the average price reached $4,699,960. Prices escalated in the second half of the year with an average of more than $4.9 million in the third quarter and more than $4.8 million in the fourth quarter.
The median price followed suit reaching a new record of $4,397,500. It too was the strongest in the third and fourth quarters. This bodes well for going into 2025.
90 homes, or 34%, sold for $5 million or more; this compares to just 23% in 2023. The highest end of the market was strong with 15 sales for $7 million or more, compared to 8 sales in 2023. David Troyer was honored to represent the seller of the most expensive home this year, which sold for $9,600,000 in just 14 days.
There were 177 homes, or 67%, that sold for more than list price; this compares to 54% in 2023 and 60% in 2022. Another 23 homes, or 9%, sold for list price and only 66 homes sold for less than list price.
LENGTH OF TIME TO SELL
Homes sold very fast in 2024, as they have for the past 5 years with a median days on market of just 8. The greatest percentage, 40%, sold in 7 days or less while another 39% sold within 8 to 14 days. There were only 30 homes that were on the market for 30 days or more. before selling.
There was a direct correlation between days on market and price. For the 26 homes that required a price reduction, the average days on market was 52; all other homes had an average days on market of just 11. Setting the correct price based on local market knowledge and market conditions is essential to obtaining maximum value and a timely sale.
OUTLOOK
As shared in last year’s report, my optimism for the 2024 real estate market prevailed, even in the face of higher interest rates and the uncertainty of a presidential election year. With a record-breaking stock market and the continued strength of Silicon Valley, I remain equally positive for the 2025 outlook.
I expect the year ahead to be a more balanced market, offering opportunities for both buyers and sellers. Property values are projected to show continued growth, and the number of home sales is anticipated to increase at a moderate pace.
Mortgage rates are forecasted to stabilize between 6.2% and 6.5% by the end of the year. Should rates dip below 6%, buyer confidence could strengthen further, encouraging more activity. However, in Silicon Valley, interest rates often have less impact than in other areas of the country. Buyers here frequently leverage substantial resources – whether cash reserves, equity from previous sales, or stock options – minimizing reliance on traditional financing. This unique dynamic means local market trends are shaped more by inventory levels, competition, and property desirability than by interest rate fluctuations.
For buyers, acting quickly on desirable homes will continue to be important particularly in competitive neighborhoods. Sellers, while still positioned in a favorable market, will find that strategic pricing and thoughtful preparation will be essential to achieving success – areas where The Troyer Group excels.
As always, real estate is a deeply local business, with conditions varying significantly from one neighborhood to the next. By staying attuned to these local nuances and understanding the latest trends – guided by The Troyer Group, buyers and sellers can navigate the 2025 market with confidence. I remain optimistic on the long-term value of owning a home in Los Altos, which continues to be one of the best places to live in the Bay Area. If you would like more information on any of the information in this report, or if you would like to discuss your specific
real estate needs, please give me a call.
No one sells more homes in Los Altos than David Troyer. David represented buyers and sellers of 32 Los Altos homes in 2024 – more than any other agent. It’s results like this that place David as the #4 Medium Team in Northern California and #25 in the United States, per RealTrends, 2024.
Rollover or click map to see more information for each area.
Rollover or click map to see more information for each area.
The average price represented a 6% increase from 2023 and a new record high. The median price increased by 7%, also reaching a record high.
There were 98 sales, of which 46% were in the first half and 54% were in the second half. There have only been 4 years since 2001 in which the number of sales was lower. 59 of the homes, or 60%, sold for more than list price.
This area had the highest-priced sale at $9,600,000; David Troyer was honored to represent the seller.
The average price was up less than 1% to $4,728,500 and the median price was down 2% to $4,201,500. There were only 16 sales, 3 more than the previous year. Only 4 prior years, dating back to 2001, have seen a lower number of sales.
Of the 16 sales, 10 of them sold for more than list price. 11 homes sold in just 8 days or less. These are all clear indications of strong demand for this area.
This once more affordable neighborhood reached record highs over $4 million, again. This is more than double what prices were just 9 years ago. Average and median prices each increased. 18 of the 30 sales, or 60%, were for more than list price and homes sold quickly with 63% selling in 12 days or less.
The number of sales was up 88% from the record-low in 2023 when there were just 16 sales.
The number of sales, at just 116, was up 8% from the record low number of sales in 2023 but still the third lowest on records dating back to 2001.
The average price was up 9% in 2024 to a new record high exceeding $4.5 million. The median price also reached a new high at more than $4.3 million. The price per square foot, also a record high, was almost the same as in North Los Altos.