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Welcome to The Rossetti Realty Market Update.
If you’re considering buying or selling residential real estate, it’s essential to understand the current market trends.
According to MLS Listings, the marketplace for Menlo Park residential properties here’s what happened in Year 2023 versus 2022:
The Number of SOLD listings decreased by 13% to 297 properties, with a top sale of $11,900,000 million at 1177 Johnson Street.
The Average Sales Price increased by 4% to $3,411,701 million, moving the Average Price Per Square Foot down to $1,456 per square foot.
As measured in months supply, the inventory of properties available for sale increased by 111% to 1.90 months’ worth of properties for sale.
The average 30-year fixed mortgage rate increased to 6.90%, according to Bank Rate.com.
If you’re considering buying or selling residential real estate, don’t hesitate to contact Gail.
