Oakland Home Prices Nearly Double Over Two Years

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Just two years ago, the median home price in Oakland was a mere $245k. Aftergrowing a stunning 76% between May 2012 and May 2013, Oakland’s median sales price shot up another 23% last year to reach its current $478,000. This means that, for the second year in a row, Oakland home prices have grown, percentage-wise, even more quickly than those in San Francisco, which experienced a 14% median home sales price rise between May 2013 and May 2014. Alameda grew at an 11% rate over the past year to reach a median sales price of $666,250, while Berkeley’s median actually fell by 1% to 801,000.

Oakland’s most expensive areas continued to be in the 94610 and 94611 zip codes, areas that include Piedmont Pines, Glen Highlands and Grand Lake. However, the zip codes where prices were growing most quickly were further west in zip codes like 94612, which includes the bustling area around the Fox Theater. Meanwhile in San Francisco, the most expensive zip code was 94123, which includes the Marina, Cow Hollow and Pacific Heights. It saw a staggering 109% median price increase over the past year.

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Source:  ZipRealty