What happened in the first half of 2026 - Stanford Circle?

If I had to summarize the first half of 2026 in one sentence, it would be this: capital is becoming increasingly selective, concentrating on Silicon Valley's most irreplaceable real estate.

Three markets stand out in particular: Atherton, Woodside, and Old Palo Alto.

During the first half of the year, both Atherton and Woodside saw meaningful increases in median sale price and transaction volume.

Over the past year, the AI economy has continued to generate significant new wealth. As entrepreneurs, investors, and technology executives reassess their long-term portfolios, estate properties in Atherton and Woodside—with expansive land, exceptional privacy, and global prestige—have attracted renewed attention.

At this price point, all-cash transactions remain common, making mortgage rates far less influential than they are in the broader housing market. These buyers are not simply purchasing homes; they are investing in scarcity.

Perhaps even more remarkable is Old Palo Alto.

Its median sale price reached $9.2 million during the first half of 2026, up nearly 47% from $6.25 million during the same period last year. While median prices in luxury neighborhoods can be influenced by the mix of homes sold, the trend is unmistakable: exceptional properties in exceptional locations continue to command extraordinary demand.

One conclusion stands out.

Silicon Valley's most desirable real estate has never been defined by affordability. It has been defined by scarcity.

And in uncertain times, scarcity becomes even more valuable.