Menlo Park is an enticing place to buy, and West Menlo Park real estate is among the nation’s most desirable. Menlo Park is an attractive community with easy access to employment, education, and leisure activities in Silicon Valley.
Why Consider West Menlo Park Real Estate?
It is no surprise that many buyers are looking for West Menlo Park homes for sale. West Menlo Park is close to many amenities such as parks, shopping, restaurants, and schools. This is a family-friendly walkable neighborhood with a suburban feel. The housing market is predominantly comprised of single-family homes with low density. West Menlo homes may have 3-5 bedrooms and ample outdoor space.
What are the Average Home Values in West Menlo Park?
West Menlo Park is a very competitive market. The median home listing price is over $4 million compared to $2.7 million in the city overall, and houses do not stay on the market long (around 37 days). Many homes for sale in this area receive multiple bids. Despite the challenges of the past year, prices are trending upward making your home a good investment. Menlo Park and the surrounding area is expected to see continued economic growth.
A West Menlo Park real estate agent can help buyers navigate this potentially challenging market. Real estate agents can find the right listings to meet your preferences, arrange showings and help you craft a competitive offer.
What about mortgage rates?
Currently, mortgage rates are expected to rise. Recently Freddie Mac announced the US weekly average for 30-year fixed-rate mortgages was slightly above 3 percent from a low of 2.6 in 2020. Although this represents an upward trend, this is still a historically low rate. If you are in the market for real estate, it is important to note that the National Association of Realtors is projecting rates to rise over .5 percent over the next year.
Given the advantages of living in Menlo Park and supply relative to demand, this is considered a seller’s market. This means that there are more people looking for homes to buy than those wishing to sell. However, lending rates are still low and real estate in Menlo Park makes an excellent investment.
Get started by contacting us. Real estate agents in Menlo Park, CA, can help you decide if now is the time to buy.