Lisa M. Musich of Compass Palo Alto is doing a combo report this week featuring Tuesday June 2nd for Menlo Park and Atherton, and Friday June 5th for Palo Alto, and the contrast between the two sheets tells its own story about where this market sits as we move deeper into June.
Let’s start with the Menlo Park and Atherton tour sheet, because it deserves a moment of acknowledgment: it was shockingly thin. Three Menlo Park properties and one Atherton (which was on the market earlier this year, and looks like the deal feel through). That’s it. For a market that has historically been one of the most active broker tour circuits on the Peninsula, a four-property sheet is a signal worth paying attention to. Inventory is not building the way a traditional post-Memorial Day market would suggest. Sellers are either waiting, moving off-market, or watching the broader economic landscape before committing.
Whatever the reason, the result for buyers is the same: when something good comes to market in Menlo Park or Atherton real estate right now, it moves, and it moves fast. 2010 Oakley Ave proved that — eight days on market and already pending. That is the Menlo Park market in 2026 in one data point.
Palo Alto’s Friday sheet was a different conversation entirely. The $3.9M–$4.7M price point that has been conspicuously absent from recent tours finally showed up in force, and with it came some of the most interesting properties of the past several weeks. More on those below.
What Lisa is watching: The AI IPO pipeline is the macro story that will likely shape Atherton and Palo Alto luxury real estate for the next two to three years. OpenAI, Anthropic, SpaceX and a cluster of other companies valued in the hundreds of billions have yet to go public. When they do and that time is coming soon should the conventional wisdom hold the wealth unlocked will be significant.
My theory: the executives and founders will look to plant their flag in Atherton. Statement properties, large lots, the kind of compound living that signals arrival in Silicon Valley. The day-to-day employees, flush with liquidity but not at that level, are more likely to stay in the San Francisco market where they already live. What that means for Atherton real estate specifically is a buyer pool that could get meaningfully deeper at the very top end, in a market where top-end inventory is already scarce. I’m watching this carefully and will be reporting on it as it develops at lisamusich.com.
TUESDAY JUNE 2 — MENLO PARK & ATHERTON
Toured Properties
1445 Valparaiso Ave, Menlo Park — $5,295,000 | 4bd/2.5ba · 2,750 sqft · 11,900 sqft lot · Tom LeMieux, Compass
This house would make Lilly Pulitzer and Jack Rogers proud. The vibrant color palette and distinctly East Coast sensibility set it apart immediately from the more restrained aesthetic that dominates Central Menlo Park real estate. But this is not style over substance — the grounds are spectacular, the bay windows in the primary bedroom are a genuine win, and the kitchen’s wonderful dining nook is the kind of detail that makes a house feel like a home rather than a listing. The fact that it sits on a busier road barely registers as a consideration once you’re inside. For buyers seeking a distinctive, turnkey Menlo Park luxury home with serious curb appeal and character, this is one to move on.
350 August Cir, Menlo Park — $5,995,000 | 4bd/3ba · 3,050 sqft · 13,376 sqft lot ·
Judy Citron, Compass
Eight days on market and still available which in this environment invites the question of why. The location is excellent, the lot is generous, and the potential is real. But the spatial logic of the floor plan works against it. The central living area is enormous and has been staged as a dining room, which reads as out of place to most buyers, and when I mentioned it to another agent on tour, the response was immediate agreement. The front living room is large enough to absorb a combined living-dining configuration but sits at a distance from the kitchen that creates flow problems either way. Layer in the need for updating, the blonde wood kitchen cabinets are a distraction, and a backyard that is pool-heavy with significant cement, and you have a property that asks buyers to see past several things simultaneously. The bones and location justify the conversation; the presentation is making it harder than it needs to be.
2010 Oakley Ave, Menlo Park — $2,875,000 | 3bd/2ba · 1,510 sqft · 6,000 sqft lot ·
The Dreyfus Group, Golden Gate Sotheby’s
Already pending. Eight days on market. This is the Menlo Park real estate market delivering its clearest message of the week: well-maintained, thoughtfully updated properties do not wait. Buyers looking for similar inventory in the University Heights neighborhood should be working with an agent who is ahead of the market, not reacting to it – I am here for you!
Also on Tour — Menlo Park & Atherton
450 Walsh Rd, Atherton — $15,995,000 | 6bd/2.5ba · 5,992 sqft · 44,755 sqft lot ·
Nathalie D.S.A., Christie’s Sereno
FRIDAY JUNE 5 — PALO ALTO
Toured Properties
680 Georgia Ave, Palo Alto — $4,488,000 | 5bd/3ba · 2,807 sqft · 9,085 sqft lot ·
Carol Li, Compass
This is the one. If I were a family shopping the Palo Alto real estate market in this price range today, I would pick this property over everything else on today’s sheet without hesitation. The light throughout is exceptional, the additions to the home are functional and sensibly executed, and the single-story layout on a 9,000 sqft lot in Barron Park delivers the indoor-outdoor flow that buyers consistently say they want. The bathrooms could use a color palette refresh at some point, and the kitchen staging with abundant seating made the space feel tighter than it likely is but these are refinements, not renovations. This one will go fast, and it should.
761 Encina Grande Dr, Palo Alto — $4,795,000 | 5bd/4ba · 2,945 sqft · 7,590 sqft lot ·
Rob Mibach, Intero Real Estate
A house with real soul and the feel of a family home that has been genuinely lived in, increasingly rare in new Palo Alto real estate inventory. There is work to be done, and the backyard currently has too much happening to let the property breathe properly on its lot. A more thoughtful edit of the outdoor space would significantly improve the indoor-outdoor flow and give the home room to exhale. Two families were on tour with their agents, which tells you the market agrees this one has appeal. The price feels slightly elevated for the current condition, but the Palo Alto market has a way of resolving those questions quickly. I expect this one to move.
991 Lincoln Ave, Palo Alto — $3,988,000 | 3bd/2ba · 1,599 sqft · 6,250 sqft lot ·
Theresa Couture, Coldwell Banker
A charming cottage with a story behind it. The current sellers purchased it as their retirement home, then watched their children settle in Southern California and decided to follow. Move-in ready and in a wonderful neighborhood. The entry configuration of the bedroom and bathroom immediately visible upon arrival is a layout quirk that some buyers will want to reconfigure, and the kitchen is updated but runs tight. The lot offers genuine expansion potential and the garage is underutilized in a way that invites imagination. For buyers seeking a Palo Alto starter home or downsize opportunity with strong bones and a tree-lined yard, this one checks the essential boxes.
1677 Mariposa Ave, Palo Alto — $3,600,000 | 2bd/1.5ba · 1,024 sqft · 13,092 sqft lot ·
Young Platinum Group, Golden Gate Sotheby’s
The most charmingly marketed teardown I have ever seen and I say that with genuine affection. The house is in decent shape: lovely archways, a somewhat recently redone bathroom, a kitchen that needs work but isn’t a disaster. Here’s the thing: you could absolutely expand this home without crushing its cottage soul. The backyard is spectacular. Two significant considerations for anyone thinking development: the property backs directly to the Caltrain tracks, and a large mature redwood sits close to the center of the backyard both of which will shape any build plan. For buyers considering Palo Alto real estate for land value, this is a serious conversation at $275/sqft of lot.
455 Margarita Ave, Palo Alto — $4,198,000 | 4bd/4ba · 2,478 sqft · 5,400 sqft lot ·
David Lillo, DPL Real Estate
This one is best suited for a very specific buyer and that buyer exists, but they’ll need to find it. The division of space is stark with no real flow connecting the rooms, but with two bedrooms downstairs and two upstairs, the configuration works remarkably well as a roommate or multi-generational living situation. The location near El Camino means it doesn’t settle deeply into a neighborhood feel. A functional property for the right use case, but buyers seeking a traditional family home flow should look elsewhere on today’s sheet.
3751 El Centro St, Palo Alto — $4,288,000 | 5bd/5.5ba · 3,635 sqft · 5,000 sqft lot ·
Wen Guo RE Group, KW Advisors
A new build with a layout that takes a while to reveal itself and not entirely in a good way. The main floor has genuine flow and I genuinely didn’t realize the remaining bedrooms were downstairs until I went looking. Three bedrooms on the basement level could be ideal for families with teenagers who want separation, but the light wells don’t deliver enough natural light and the lower level reads as dark against cement walls. At this price point in the Palo Alto new construction market, more functional layouts are available. The main floor is strong; the execution below it needed more thought.
150 Middlefield Rd, Palo Alto — $2,650,000 | 3bd/2ba · 1,638 sqft · 5,625 sqft lot ·
Julie Lau, Coldwell Banker
Arrived to find signage for 235 Middlefield but nothing visible at 150, and with traffic pressing from behind, kept moving. On the sheet for reference but not toured.
Also on Tour — Palo Alto
728 Seminole Way, Palo Alto — $2,788,000 | 4bd/2ba · 1,314 sqft · 6,000 sqft lot ·
Deleon Team, Deleon Realty
702 Ellsworth Pl, Palo Alto — $2,880,000 | 3bd/2.5ba · 1,906 sqft · 4,493 sqft lot ·
Judy Shen, Coldwell Banker
410 Sheridan Ave #226, Palo Alto — $970,000 | 1bd/1ba · 897 sqft ·
Sally Williams, Coldwell Banker · Condo ·
101 Alma St #907, Palo Alto — $2,280,000 | 2bd/2ba · 1,565 sqft ·
Jessie Li, Intero Real Estate · Condo
My takeaways:
Menlo Park
1445 Valparaiso Ave
This house would do Lily Pulitzer and Jack Rogers proud with it’s vibrant color palette and East coast feel. The house and grounds are spectacular. The bay windows in the primary bedroom and beautiful kitchen offering a wonderful dining nook are a win. While situated on a busier road, in this instance, that isn’t even a deterrent!
2010 Oakley Ave
It is already Pending. 8 days on market and proof again properties that are well maintained and updated move quickly!
350 August Circle
Another Judy Citron listing. On the market for 8 days and hasn’t sold. My thoughts on maybe why it hasn’t been snapped up. The space is divided in an odd way. There is a huge center living area that is staged as a dining room. My comment to another agent was this feels out of place, and they agreed. The deal is the front living room which is large enough to a shared dining room / living room feels distant from the kitchen so not the most ideal place either. This one also needs updating, the blond wood kitchen cabinets are a bit of a distraction, and the backyard is a pool with a lot of submit. Great location, but work to be done!
Palo Alto
150 Middlefield Rd
For those who following my commentary, you know I struggle with these properties on main roads. For this one, well, I saw a sign for 235 Middlefield Rd but nothing at the 150 Middlefield address and with a car sitting on my bumper I decided to keep it moving.
991 Lincoln
A cottage. Perfect for a young family or a downsize. The current seller’s purchase it as their retirement home, then their kids moved out of the area and they have no decided to follow them Southern California. I didn’t love entering the house and immediately seeing a bedroom and a bathroom, so maybe a bit of re-configuring if one so chooses. The kitchen is updated but tight. The lot would allow for some expansion and there is a garage that can be put to better use. All that said, it is move-in ready and in a wonderful neighborhood.
1677 Mariposa
This is the cutest marketed tear down I have ever seen. I get it.. A huge lot. But the house is in decent shape, lovely archways, a bathroom that has been somewhat recently re-done, the kitchen needs so work. All this to say, yes, you could expand the house without crushing its cottage soul. The backyard is spectacular. The 2 negatives: It backs right up to the train and for those looking to build there is a huge redwood that sits pretty close to the middle of the backyard.
455 Margarita
This one was rough. Actually it is a perfect roommate house. The division of space is quite harsh, there is no flow, but with 2 bedrooms downstairs and 2 upstairs, when I thought who is this house suited for… college students! While not on El Camino it is close enough where you don’t really feel like you are deep and settled into a neighborhood.
3751 El Centro
This one helluva a difficult layout. The main floor is great, has a flow to it, so much so I didn’t realize there was a basement level until I was like ‘wait, where are the other bedrooms?’ The downstairs has 3 bedrooms, so if you have teenagers, this could be perfect! Overall the light wells weren’t big enough so the basement feels quite dark and leaves you staring at cement walls. It is a new build but at this price range, I think there are more functional layouts to be found.
761 Encina Grande Drive
I love the Barron Park neighborhood! This house had such a great feel to it. Yes, work to be done, but had the soul of a family house and a backyard that if re-worked to not have so much stuff going on would let the house breath a bit more on the lot and give a better indoor / outdoor flow. 2 families were on tour to see this property with their agents, so I expect this one will move! The price feels a bit high, but we will see where the market takes it!
680 Georgia Ave
Perfect home, ready to go. I would pick this over 761 Encina Grande if I were a family shopping today! The property gets a ton of light, the additions to the house make sense and are functional. I’d probably look to update the bathrooms at some point, for the color palette mainly, the bathrooms do look relatively current and the kitchen feels a bit tight – but it was also staged with a lot of stools and chairs! This one will go fast.