Atherton is named for Faxon Dean Atherton, a wealthy trader from Chile, who purchased 640 acres and established the first large estate in the area. The completion of the railroad in 1863 attracted other prosperous citizens of San Francisco, hoping to escape the summer fog. The Town was incorporated in 1923, and adopted stringent zoning regulations.

Atherton Highlights:

As a result, Atherton retains the pastoral atmosphere enjoyed by those nineteenth century residents, with majority of properties in this exclusive zip code exceeding an acre. No sidewalks, an abundance of heritage oaks, and a ban on commerce, plus equal access to San Francisco and San Jose have made Atherton one of the most expensive addresses in the country. Atherton has been consistently ranked by a national magazine as one of the top five most affluent cities in the country.

Median prices had an even more dramatic change by quarter, as seen in the graph. The highest median price was in the second quarter at $9,587,500 followed by the first quarter, which was $7,500,000. Prices then dropped in the third quarter to a median of $6,100,000, and then back up to $7,211,125. Year-over-year, the median price was down 7.5% compared to 2023.

The highest end of the market was strong with 31 homes sold for $10 million or more on the MLS; this compares to 31 in 2023, 29 in 2022, 35 in 2021, and 23 in 2020. The highest priced sale on the MLS was $31,800,000. The second quarter had 15 sales in this category. This was followed by the fourth quarter with 7 sales, the first quarter with 5 sales, and the third quarter with 3 sales for $10 million or more.

The number of homes sold over list price increased significantly. There were 24 homes, or 28%, that sold over list price compared to 13% in 2023 and 41% in 2022. There were also 9 homes that sold at list price and 53 homes, or 62%, that sold for less than list price.

In 2024, the total number of closed escrows in Atherton (per the Multiple Listing Service) totaled 86, up 4% from the 83 sales in 2023. There were 11 homes sold in the first quarter, 34 in the second quarter, 15 in the third quarter, and 26 in the fourth quarter.

The average days on market, at 55, was less than it was in 2023 when it was 63. In 2022, the average days on market was just 27, which was a record low. Pricing was still key to how long a home was on the market. This direct correlation is seen with homes that sold for list price or more, which were on the market an average of 29 days; homes that sold for less than list price were on the market for an average of 71 days.