For those who do not need a large amount of space, a Palo Alto condo can be a more affordable option than a house. Condos can help first-time homebuyers get into the market or allow empty-nesters the opportunity to downsize. Condos require less maintenance, which is great for those who would rather spend their time enjoying all the Palo Alto community and area has to offer in terms of restaurants, shopping, education, and outdoor activities.
How Affordable are Condos for sale in Palo Alto?
When comparing Palo Alto condos to houses for sale in Silicon Valley, consider these November 2021 statistics from the California Association of Realtors:
The sold price of single-family homes in the San Francisco/Bay Area has increased over 18% since last year and the median sold price is now around $1.3 million. In Santa Clara County, the median sold price is around $1.69 million, which is a 22.4% change.
In comparison, the median sold price for condos and townhomes in the San Francisco/Bay Area is around $840,000 and $925,000 in Santa Clara County. Increases in price year-to-year have been much more moderate at 10% for the county and 12% for the area overall.
The pandemic has primarily affected single-family home sales as knowledge workers were looking for more room to work, provide homeschooling, and engage in leisure activities at home. However, condos for sale in Palo Alto have a range of sizes and amenities. A Palo Alto real estate agent can help you identify properties that meet your needs whether you require a den, a guest bedroom, an on-site gym or an outdoor living space.
How to Move from a Condo to a House
With all this activity, this is also a great time for Palo Alto Condo owners who are considering looking at houses for sale in Silicon Valley. Currently, interest rates are at historic lows, but they are expected to rise soon. The large increases in house prices seen over the past 18 months are expected to become less dramatic. Although the condo market is more moderate than the housing market, there is still high demand. Talk to a realtor about whether now is the time to make the move to a larger space.