PDF - Stanford Circle - January 2026.pdf

Photo by David Lohr Bueso, used under the Creative Commons License

Stanford Circle Real Estate January 2026 Report

Reflecting the markets of Palo Alto, Los Altos, Los Altos Hills, Atherton, Woodside, Portola Valley and Menlo Park.

2025 was a year of substantial political and economic volatility, which negatively affected manyBay Area markets. But the Stanford Circle region – by farthe most affluent and expensive housing market in the region – remained one of the strongest in the country. Its median home values hit new highs, the number of homes sold rose 6%, $5 million+ sales increased 21%, and $10 million+ sales, 29%. Overbidding and speed-of-sale statistics were essentially unchanged from 2024.

Generally speaking, more expensive markets around the country, powered by rising demand from affluent buyers seeing substantial increases in household wealth from stock market gains, performed better than more affordable markets, which tended to be more impacted by concerns regarding inflation, affordability and employment. The Stanford Circle market epitomized this trend, being supercharged in recent years by the AI boom and the staggering amounts of new wealth it has generated.

As 2026 begins, interest rates are near multi-year lows and stock markets are at or close to all-time peaks. Early in the new year, it is common for buyers, re-energized to move forward with major life decisions, to jump back into the market faster than sellers list their homes for sale. This disparity of increasing demand versus a low supply of new listings usually runs through the spring, typically making these months the most heated of the year.

This report includes an image link to our comprehensive review of regional city and town home values and market dynamics.

Report created in good faith using data from sources deemed reliable but may contain errors and subject to revision. Last period figures are preliminary estimates based on data available early in the following month. All numbers approximate and may change with late-reported activity.

Mortgage Interest Rates in 2025 – 2026 YTD 30-YearConformingFixed-RateLoans,WeeklyAverageReadings* 7.0

Per Freddie Mac (FHLMC), on January 8, 2026, the weekly average, 30-year, conforming-loaninterest rate was 6.16%, very close to its 2-year low.

Percentage InterestRate

6.8

6.6

6.4

6.2 Jan. 2025

Rates vary widely according to the property, price, borrower and lender.

*Freddie Mac (FHLMC), 30-Year Fixed Rate Mortgage Weekly Average: https://www.freddiemac.com/pmms. Data from sources deemed reliable. Different sources of mortgage data sometimes vary in their determinations of daily and weekly rates. Data from sources deemed reliable but may contain errors. All numbers approximate.

Jan-26

Dec-25

Dec-25

Nov-25

Nov-25

Oct-25

Oct-25

Sep-25

Sep-25

Aug-25

Aug-25

Jul-25

Jul-25

Jul-25

Jun-25

Jun-25

May-25

May-25

Apr-25

Apr-25

Mar-25

Mar-25

Feb-25

Feb-25

Jan-25

Jan-25

Jan-25

6.0

Financial Markets, 2025 – 2026 YTD Percentage Increases in S&P 500 & Nasdaq since 1/2/25

10/29/25 ▼

25%

Nasdaq Index: % Change since 01/25 20%

S&P 500 Index: % Change since 01/25 15% 10%

Updatedthrough 1/7/26 5%

-10%

Tariff shock ► -15% -20%

Large changes in stock markets can dramatically affect household wealth, consumer confidence and housing markets, especially more affluent markets.

-25% Data per MarketWatch.com. Data from source deemed reliable but may contain errors and subject to revision. Financial market values change constantly and all numbers to be considered approximate. Financial markets can be prone to significant volatility even on a short-term basis.

01-Jan-26

01-Dec-25

01-Nov-25

01-Oct-25

01-Sep-25

01-Aug-25

01-Jul-25

01-Jun-25

01-May-25

01-Apr-25

01-Mar-25

01-Feb-25

-5%

01-Jan-25

0%

Economic Policy Uncertainty Index*

By Month since January 2000 April 2025

450

The Economic Policy Uncertainty Index reading in November 2025 ticked up slightly. It has plummeted since April’s tariff shock but remains elevated by long-term norms.

400

Tariff shock ► Pandemic hits

The Economic Uncertainty Index is constructed from data analysis of 1) an index of search results from 10 large newspapers for terms related to economic and policy uncertainty, 2) reports by the Congressional Budget Office, and 3) the Federal Reserve Bank of Philadelphia's Survey of Professional Forecasters.*

350

300

250 Dec. 2025

Dotcom crash & 9/11

200

150 Subprime crash & great recession

100

2025

2025

2024

2023

2022

2021

2020

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

*Source: 'Measuring Economic Policy Uncertainty' by Scott Baker, Nicholas Bloom and Steven J. Davis, 3component index, www.PolicyUncertainty.com, https://www.policyuncertainty.com/us_monthly.html.

Data from sources deemed reliable, but numbers to be considered approximate and subject to revision.

2019

Updated through December 2025

50

Annual Median House Sales Prices, 1998 – Present* 2025

The median house sales price in 2025 was up 3.8% from 2024 to hit a new all-time high.

The median house $/sq.ft. value (not illustrated here), at $1815/sq.ft., rose 3.7%.

$4,000,000 AI boom

2018

Median prices are generalities, most useful to discern broad market trends. They can be affected by other factors besides changes in fair market value. The region contains cities, towns and neighborhoods of widely varying values.

Pandemic boom

$3,000,000

$2,000,000

2008 Recovery, high-tech boom

$1,500,000

▲

Financial markets crash

* Sales reported to MLS in Palo Altos, Los Altos, Los Altos Hills, Atherton, Portola Valley, Woodside and Menlo Park, per NorCal MLS Alliance by early January 2026. Data from sources deemed reliable but may contain errors and is subject to revision. All numbers approximate. Late reported sales may alter final period reading.

$4,160,000

$1,000,000 $500,000

$4,320,000

Dotcom peak

$3,500,000

$2,500,000

1999 2000 $725,000 2001 $855,000 2002 $1,275,000 2003 $1,006,000 2004 $1,078,000 2005 $1,100,000 2006 $1,340,000 2007 $1,550,000 2008 $1,565,000 2009 $1,675,000 2010 $1,700,000 2011 $1,430,000 2012 $1,500,000 2013 $1,570,000 2014 $1,750,000 2015 $2,080,000 2016 $2,380,000 2017 $2,700,000 2018 $2,698,000 2019 $2,950,000 2020 $3,300,000 2021 $3,075,000 2022 $3,254,000 2023 $3,800,000 2024 $3,950,000 2025 $3,850,000

1998

Stanford Circle Cities: Median House Sales Price

$0

Stanford Circle: Year-over-Year Appreciation Rates since 1998 Y-o-Y Percentage Change in Annual Median HOUSE Sales Price* 2000

Annual appreciation rates often varied widely between submarkets within the county. How this chart applies to any particular property is unknown without a specific comparative market analysis.

Annual data may disguise significant changes in price appreciation trends within the calendar year.

41% 40%

Median sales prices in the region had a huge (outsized) reaction to the dotcom boom & crash. ◄▼

Pandemic boom

22% 19%

20% 16% 11%

2007/08

1%

Recovery & high-tech boom

Subprime bubble -16%

-20% -20%

*Pertaining to Palo Altos, Los Altos, Los Altos Hills, Atherton, Portola Valley, Woodside and Menlo Park. Sales reported to NorCal MLS Alliance by early January 2026: Year-over-year median house sales price appreciation rates. Percentages rounded. All numbers approximate, may contain errors and subject to revision.

-2.5% -7%

2025

2024

2023

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999 -10%

4%

0%

0%

Dotcom boom

4%

2022

1%

8% 6%

2019

6%

9%

Market crash 5% 5%

2018

7%

2017

8%

AI boom

12%

2016

10%

17% 14% 13%

2021

20%

2020

30%

Stanford Circle Home Values MedianHouseSalesPrices–12Months Sales* Median Sales Price

In very expensive markets with low sales volumes, median sales prices can sometimes fluctuate dramatically without great reference to changes in fair market value.

Highest Sale Reported to MLS*

Atherton

$8,888,888

High Sale in Period: $45,500,000

Los Altos Hills

$5,487,500

High Sale in Period: $19,500,000

Los Altos

$4,858,000

High Sale in Period: $12,000,000

Portola Valley

$4,215,000

High Sale in Period: $56,000,000

12 months sales through mid-December 2025

Woodside

$3,850,000

High Sale in Period: $85,000,000

Median house price in the Bay Area is approx. $1,300,000.

Median sales price is that price where half the homes sold for more and half for less. It is a general statistic that typically disguises a very wide range of prices in the underlying sales.

Palo Alto

$3,840,000

High Sale in Period: $19,200,000

Menlo Park

$3,300,000

High Sale in Period: $10,500,000

This chart pertains to HOUSE sales only. The mediancondo salespriceintheregionwas $1,400,000 and for townhouses, $2,010,000.

*12 months sales reported to NorCal MLS Alliance by mid-December 2025. Data derived from sources deemed reliable but may contain errors and subject to revision. Not all sales are reported to MLS, and new sales are reported constantly. All numbers approximate. How these prices apply to any particular home is unknown without a specific comparative market

A map of a city Description automatically generated

Stanford Circle Residential Market

Palo Alto, Los Altos, Los Altos Hills, Menlo Park, Atherton, Woodside, Portola Valley

2025 Home Sales by Price Segment* 2%ofsales were for $15 million+ $10,000,000+

5% 4% $8,000,000 – $9,999,999

17% Under $2,000,000

11%

67% of sales under $2,000,000 were condos and townhouses.

$6,000,000 – $7,999,999

$4,000,000 - $5,999,999

28%

$2,000,000 - $3,999,999

35% Sales by Property Type* House 11.5% • 84% Condo 4.5% • Townhouse •

*2025 Sales reported to NorCal MLS Alliance by late December 2025. Not all sales are reported to MLS. Data sfrom sources deemed reliable but may contain errors and subject to revision. All numbers approximate and may change with late-reported sales. Percentages rounded and may not add up to 100%.

Stanford Circle Homes Market

Pertaining to Palo Alto, Los Altos, Los Altos Hills, Menlo Park, Atherton, Woodside, Portola Valley

Active & Coming-Soon Listings on 1 stof Month*

312 299 286 283

279

298 280 282 261

255

258

247

199202

300

2872 81 268

250

202

194

184

350

245 228

229

225

213

315 303 297 292 2762 80 272

3073 09 287

343 336 328 317 302

200

187 172

162

154 150 123

115

7/1/25 8/1/25 9/1/25 10/1/25 11/1/25 12/1/25 1/1/26

9/1/23

* Active/Coming-Soon listings posted to NorCal MLS Alliance. Data from sources deemed reliable but may contain errors and subject to revision. Not all listings are posted to MLS. All numbers approximate. The number of active listings constantly changes.

4/1/25

Updated January 1, 2026

7/1/24

11/1/23 12/1/23 1/1/24 6/1/24 5/1/24 2/1/24 3/1/24 4/1/24

10/1/23

2/1/23

3/1/23 4/1/23 5/1/23 6/1/23 7/1/23 8/1/23

1/1/23

6/1/22 7/1/22 12/1/22 11/1/22 8/1/22 5/1/22 9/1/22 10/1/22

4/1/22

3/1/22 2/1/22

The quantity of active listings on a given day is affected by 1) the number of new listings coming on market, 2) how quickly buyers put them into contract, 3) the sustained heat of the market over time, and 4) sellers pulling their homes off market without selling.

5/1/25 6/1/25

As is the normal seasonal trend, the number of listings for sale on January 1st fell to its annual low count. Inventory will start to rapidly increase.* 8/1/24 9/1/24 10/1/24 3/1/25 2/1/25 11/1/24 12/1/24 1/1/25

120

126

100

50

0

New Listings Coming on Market by Year

Pertaining to Palo Alto, Los Altos, Los Altos Hills, Menlo Park, Atherton, Woodside, Portola Valley

Stanford Circle Market Dynamics* 2,500

2391 2138

2,000

The number of new listings coming on market in 2025 rose about 5% from 2024.

2185

Peak of pandemic boom

1913

2081 1831 1698

1,500

1,000

500

| Interest rate changes impact the market

0

2019

2020

2021

2022

2023

*Number of new listings posted to MLS by year. MLSreported data for houses, condos and townhouses, per Broker Metrics. Last year may change with late reported activity. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate. Not all listings are posted to MLS.

2024

2025

Home Sales Volume

Pertaining to Palo Alto, Los Altos, Los Altos Hills, Menlo Park, Atherton, Woodside, Portola Valley

StanfordCircleMarketDynamics & Seasonality Sales in one month mostly reflect accepted offers in the previous month. The number of home sales in December 2025 was essentially unchanged year over year.

January typically sees the lowest sales count of the year due to the holiday slowdown in December and early January.

June 2021

Fall 2021

April 2022

250 May 2024 June 2025 Oct. 2024

June 2023

200 Oct. 2025

January

50

Residential activity reported to MLSLISTINGS, per Broker Metrics or NorCal MLS Alliance. Last month’s data estimated based on available numbers but may change with late-reported activity. Data from sources deemed reliable but may contain errors and subject to revision. All numbers are approximate.

Nov-25

Sep-25

Jul-25

May-25

Mar-25

Jan-25

Nov-24

Sep-24

Jul-24

May-24

Mar-24

Jan-24

Nov-23

Sep-23

Jul-23

May-23

Mar-23

Jan-23

Updated through December 2025 Nov-22

Sep-22

Jul-22

May-22

Mar-22

Jan-22

Nov-21

Sep-21

Jul-21

May-21

Mar-21

Sales volume is affected by both demand and the supply of listings available to buy.

Jan-21

100

January

January

January

January

150

0

Reflecting the markets of Palo Alto, Los Altos, Los Altos Hills, Atherton, Woodside, Portola Valley, Menlo Park.

Stanford Circle: Annual Home Sales Volume Number of Home Sales by Year, since 2004*

Total Sales

2593

2,750

2025sales volume rose about 6% from 2024.

2,500

2354 2205

2,250

2055 1900

2,000

1865 1666 1360

1756

1763

1418

1655

1499 1503

1570 1398 1433

1513

1494

1435

Pandemic market

1244

Market crash & great recession

1580

AI boom

1,750 1,500 1,250 1,000 750

Sales volume is affected by both buyer demand and the number of listings available to purchase, which are deeply impacted by positive and negative economic conditions.

500

250 0

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 *House, condo, and townhouse sales reported to NorCal MLS Alliance. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate, with last year’s total estimated based on available data in early January and may change due to late-reported sales.

Stanford Circle: Annual Sales - $5,000,000+

Reflecting the markets of Palo Alto, Los Altos, Los Altos Hills, Atherton, Woodside, Portola Valley, Menlo Park.

Number of Luxury Home Sales by Year, since 2015* Sales: $5 Million+

Sales: $10 Million+

2025 sales of $5 million+ homes rose 21% from 2024. $10 million+ home sales rose 29%

498

500

452 410

Sales of higher-price homes are affected by buyer demand, the number of listings available to purchase, and appreciation trends – all of which are impacted by economic and demographic conditions. As appreciation occurs over time, homes that would have sold for under $5 million, then sell for over that price threshold (and vice versa if prices fall).

400 AI boom

330

294

300

229 207 161 134

132 68

21

200

Pandemic boom

169

30

24

31

27

44

56

59

62

80

100

0

2015

2016

2017

2018

2019

2020

2021

2022

2023

*All attached and detached residential home sales reported to NorCal MLS Alliance. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate, with last year’s total estimated based on available data in early January and may change due to late-reported sales. Not all luxury home sales are reported to MLS.

2024

2025

Stanford Circle – Speed of Sale AverageDaysonMarket,AnnualReadings by Year, since 2005* 91

90 Palo Alto, Los Altos, Los Altos Hills, Atherton, Woodside, Portola Valley and Menlo Park

68 60

70 60

This statistic is an indicator of the strength of buyer demand vs. the supply of homes for sale, measuring – for homes sold – the average time between a listing coming on market and offer acceptance.

57

60

50

Market crash & great recession

43

80

40

37

35

31

30 27

26

24

33

30

31

33

30

25

25

20

Pandemic market

Market recovery and high-tech boom

Subprime bubble

40

35

10

*Average cumulative days on market: All attached and detached residential home sales reported to NorCal MLS Alliance per Infosparks calculations. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate and may change due to late-reported sales. Not all sales are reported to MLS.

2025

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

0

Stanford Circle – Overbidding Asking Price PercentageofSalesOverListPrice,AnnualReadings,since 2005* 68% 69%

70%

65%

Palo Alto, Los Altos, Los Altos Hills, Atherton, Woodside, Portola Valley and Menlo Park

62%

64% AI boom

59% 58%

58% 55% Subprime bubble

44%

54%

52%

52%

48%

46%

60%

50%

44%

Market recovery and high-tech boom

40% 40%

35%

34%

Pandemic market

31%

30%

21% 20%

Generally speaking, the stronger the demand as compared to the supply of homes for sale, the more buyers compete to win the sale by overbidding asking price. The most expensive homes typically see much less overbidding than more affordable homes.

Market crash & great recession

10%

*Sales over final list price: All attached and detached residential home sales reported to NorCal MLS Alliance per Infosparks calculations. Based on large sample of sales. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate and may change due to late-reported sales. Not all sales are reported to MLS.

2025

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

0%

Stanford Circle: Overbidding & Underbidding SalesPricetoListPricePercentage,AnnualReadings,since 2005* 100% =anaverage salesprice atoriginal asking price; 105% = an average price 5% above 108% 108% asking; 97% = an average 3% below asking.

Pertaining to Palo Alto, Los Altos, Los Altos Hills, Menlo Park, Atherton, Woodside, Portola Valley

105%

105%

106% AI boom

104% 104%

103% 101% 100%

▲ Over asking price ▼ Under asking price 97%

97%

102% 102%

102%

102%

105%

100%

100%

100%

98%

Market recovery and high-tech boom

96%

Pandemic market 95%

94% Market crash & great recession

90%

*The ratio of sales price to the original list price: All attached and detached residential home sales reported to NorCal MLS Alliance per Infosparks calculations. Data from sources deemed reliable but may contain errors and subject to revision. Percentages rounded. All numbers approximate and may change due to late-reported sales. Not all sales are reported to MLS.

2025

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

85%

Bay Area Median House Values by County 2025 Sales By Bedroom/Bath Count* 4 Bedroom, 3 Bath Houses

Stanford Circle pertains to Palo Alto, Los Altos, Los Altos Hills, Atherton, Woodside, Portola Valley, and Menlo Park

5+ Bedroom, 4+ Bath Houses, 3000+ sq.ft.

County/Region

Median Sales Price

Median Square Footage

Median Dollar per Square Foot

Median Sales Price

Stanford Circle

$4,480,000

2461 sq.ft.

$1850/sq.ft.

$7,645,000

Alameda County

$1,626,500

2195 sq.ft.

$739/sq.ft.

$2,750,000

Contra Costa

$1,075,000

2338 sq.ft.

$478/sq.ft.

$2,650,000

Marin County

$1,905,000

2502 sq.ft.

$793/sq.ft.

$3,772,500

Monterey County

$1,092,500

2298 sq.ft.

$471/sq.ft.

$3,850,000

Napa County

$1,110,000

2307 sq.ft.

$511/sq.ft.

$4,000,000

San Francisco

$2,200,000

2276 sq.ft.

$974/sq.ft.

$5,500,000

San Mateo County

$2,622,500

2310 sq.ft.

$1103/sq.ft.

$6,050,000

Santa Clara County

$2,210,000

2204 sq.ft.

$1023/sq.ft.

$4,620,000

Santa Cruz County

$1,550,000

2182 sq.ft.

$677/sq.ft.

$2,275,000

Sonoma County

$920,000

2268 sq.ft.

$423/sq.ft.

$2,055,000

Median Sq.Ft./ Median LotSize 4561 sq.ft. .47 acre 3869 sq.ft. .25 acre 3983 sq.ft. .37 acre 4145 sq.ft. .45 acre 5001 sq.ft.

1.6 acres 4456 sq.ft. .54 acre 4270 sq.ft. .07 acre 4545 sq.ft. .51 acre 3991 sq.ft. .31 acre 4122 sq.ft.

1.13 acres 3964 sq.ft. .79 acre

*Sales reported to NorCal MLS Alliance in 2025 through mid-December 2025. Counties and regions contain submarkets of widely varying values. “Fixer-uppers” excluded. Median values fluctuate for reasons besides changes in fair market value. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate, and data constantly changes as new sales occur. Not all sales are reported to MLS.

Median Dollar per Square Foot $1709/sq.ft. $694/sq.ft. $642/sq.ft. $939/sq.ft. $719/sq.ft. $941/sq.ft. $1232/sq.ft. $1375/sq.ft. $1158/sq.ft. $616/sq.ft. $513/sq.ft.

Bay Area Median House Values by County 2025 Sales By Bedroom/Bath Count* 2 Bedroom, 1-2 Bath Houses

Median value is that value at which half the sales occurred for more and half for less. It is a very general statistic.

3 Bedroom, 2 Bath Houses

County/Region

Median Sales Price

Median Square Footage

MedianDollar per Square Foot

Median Sales Price

Median Square Footage

Median Dollar per Square Foot

Stanford Circle

$2,400,000

1097 sq.ft.

$2046/sq.ft.

$3,300,000

1612 sq.ft.

$2032/sq.ft.

$785,000

1067 sq.ft.

$735/sq.ft.

$1,125,000

1428 sq.ft.

$784/sq.ft.

$575,000

1019 sq.ft.

$561/sq.ft.

$725,000

1444 sq.ft.

$528/sq.ft.

$1,225,000

1226 sq.ft.

$976/sq.ft.

$1,370,000

1600 sq.ft.

$859/sq.ft.

$780,000

1016 sq.ft.

$763/sq.ft.

$825,000

1467 sq.ft.

$573/sq.ft.

$787,000

1060 sq.ft.

$775/sq.ft.

$820,000

1447 sq.ft.

$597/sq.ft.

$1,318,000

1188 sq.ft.

$1083/sq.ft.

$1,587,000

1575 sq.ft.

$1005/sq.ft.

$1,380,000

1080 sq.ft.

$1292/sq.ft.

$1,700,000

1510 sq.ft.

$1153/sq.ft.

$1,250,000

1058 sq.ft.

$1197/sq.ft.

$1,725,000

1383 sq.ft.

$1249/sq.ft.

$855,000

1039 sq.ft.

$792/sq.ft.

$1,255,000

1600 sq.ft.

$758/sq.ft.

$695,000

1203 sq.ft.

$577/sq.ft.

$799,000

1518 sq.ft.

$532/sq.ft.

Alameda County Contra Costa Marin County Monterey County Napa County San Francisco San Mateo County Santa Clara County Santa Cruz County Sonoma County

*Sales reported to NorCal MLS Alliance in 2025 through mid-December 2025. Counties and regions contain submarkets of widely varying values. “Fixer-uppers” excluded. Median values fluctuate for reasons besides changes in fair market value. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate, and data constantly changes as new sales occur. Not all sales are reported to MLS.

Bay Area Median Condo & Townhouse Values 2025 Sales By Property Type & Bedroom/Bath Count* 2 Bedroom, 2 Bath Condos

How these values apply to any particular home is unknown without a specific comparative market analysis.

3 Bedroom, 2-3 Bath Townhouses

County/Region

Median Sales Price

Median Square Footage

Median Dollar per Square Foot

Median Sales Price

Median Square Footage

MedianDollar per Square Foot

Stanford Circle

$1,360,000

1247 sq.ft.

$1058/sq.ft.

$2,109,000

1583 sq.ft.

$1232/sq.ft.

Alameda County

$600,000

1078 sq.ft.

$558/sq.ft.

$887,000

1519 sq.ft.

$608/sq.ft.

Contra Costa

$549,500

1134 sq.ft.

$497/sq.ft.

$789,000

1555 sq.ft.

$524/sq.ft.

Marin County

$705,000

1118 sq.ft.

$661/sq.ft.

$891,000

1598 sq.ft.

$561/sq.ft.

Monterey County

$840,000

1229 sq.ft.

$642/sq.ft.

$1,010,000

1733 sq.ft.

$580/sq.ft.

Napa County

$967,500

1052 sq.ft.

$929/sq.ft.

Too few sales

San Francisco

$1,258,000

1191 sq.ft.

$1051/sq.ft.

Too few sales

San Mateo County

$865,500

1185 sq.ft.

$742/sq.ft.

$1,485,000

1625 sq.ft.

$887/sq.ft.

Santa Clara County

$780,000

1140 sq.ft.

$694/sq.ft.

$1,334,000

1571 sq.ft.

$841/sq.ft.

Santa Cruz County

$772,500

1141 sq.ft.

$652/sq.ft.

$976,000

1531 sq.ft.

$635/sq.ft.

Sonoma County

$417,000

1065 sq.ft.

$398/sq.ft.

$535,000

1324 sq.ft.

$386/sq.ft.

*Sales reported to NorCal MLS Alliance in 2025 through mid-December 2025. Counties and regions contain submarkets of widely varying values. “Fixer-uppers” excluded. Median values fluctuate for reasons besides changes in fair market value. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate, and data constantly changes as new sales occur. Not all sales are reported to MLS.

A satellite image of a bay AI-generated content may be incorrect.

Statistics are generalities, essentially summaries of widely disparate data generated by dozens, hundreds or thousands of unique, individual sales occurring within different time periods. They are best seen not as precise measurements, but as broad, comparative indicators, with reasonable margins of error. Anomalous fluctuations in statistics are not uncommon, especially in smaller, expensive market segments. Last period data should be considered estimates that may change with late-reported data.

Different analytics programs sometimes define statistics – such as “active listings,” “days on market,” and “months supply of inventory” – differently: what is most meaningful are not specific calculations but the trends they illustrate. Most listing and sales data derives from the local or regional multi-listing service (MLS) of the area specified in the analysis, but not all listings or sales are reported to MLS and these won’t be reflected in the data. “Homes” signifies real-property, single-household housing units: houses, condos, co-ops, townhouses, duets and TICs (but not mobile homes), as applicable to each market. City/town names refer specifically to the named cities and towns, unless otherwise delineated. Multi-county metro areas will be specified as such. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers to be considered approximate.

Many aspects of value cannot be adequately reflected in median and average statistics: curb appeal, age, condition, amenities, views, lot size, quality of outdoor space, “bonus” rooms, additional parking, quality of location within the neighborhood, and so on. How any of these statistics apply to any particular home is unknown without a specific comparative market analysis.

Median Sales Price is that price at which half the properties sold for more and half for less. It may be affected by seasonality, “unusual” events, or changes in inventory and buying trends, as well as by changes in fair market value. The median sales price for an area will often conceal an enormous variety of sales prices in the underlying individual sales.

Dollar per Square Foot is based upon the home’s interior living space and does not include garages, unfinished attics and basements, rooms built without permit, patios, decks or yards (though all those can add value to a home). These figures are usually derived from appraisals or tax records, but are sometimes unreliable (especially for older homes) or unreported altogether. The calculation can only be made on those home sales that reported square footage.

Photo use under the Creative Commons License: https://creativecommons.org/licenses/by-sa/2.0/ Compass is a real estate broker licensed by the State of California, DRE 01527235. Equal Housing Opportunity. This report has been prepared solely for information purposes. The information herein is based on or derived from information generally available to the public and/or from sources believed to be reliable. No representation or warranty can be given with respect to the accuracy or completeness of the information. Compass disclaims any and all liability relating to this report, including without limitation any express or implied representations or warranties for statements contained in, and omissions from, the report. Nothing contained herein is intended to be or should be read as any regulatory, legal, tax, accounting or other advice and Compass does not provide such advice. All opinions are subject to change without notice. Compass makes no representation regarding the accuracy of any statements regarding any references to the laws, statutes or regulations of any state are those of the author(s). Past performance is no guarantee of future results.