Oakland, Calif., Home Price Growth Exceeds San Francisco, Berkeley and Alameda

ZipRealty released a new report today showing that Oakland median home price growth has surpassed San Francisco, Berkeley and Alameda. ZipRealty analyzed the latest MLS data on home sales as of May 31, 2014 to create the four-city study. Zip codes in which five or more real estate sales closed in 2014 were included in the analysis.

Oakland’s median home sales price jumped 23% to $478,000 in May 2014. “As Oakland continues to experience something of a Renaissance, home prices keep accelerating across the city,” said Don Cruz Datanagan, District Broker for the East Bay office of Zip Realty. “Astronomically high San Francisco prices have sent residents flocking across the bay in search of lower home prices in Oakland over the past two years. In turn, we have seen this place upward pressure on pricing.”

San Francisco’s median home sales price rose 14% year-over-year as of May 2014 to just over $1 million, while Alameda’s median home sales price increased 11% during the same time period to $666,250. Meanwhile, Berkeley was the only city of the four metros studied by ZipRealty to post a decline in price of 1% year-over-year to $801,000 as of May 2014.

BAY AREA CITY

MEDIAN HOME SALES PRICE

 

MAY 2013

MAY 2014

% CHANGE

OAKLAND, CA

$387,500

$478,000

23%

SAN FRANCISCO

$890,000

$1,015,000

14%

ALAMEDA, CA

$595,000

$666,250

11%

BERKELEY, CA

$812,000

$801,000

(1%)

 

The most expensive zip code in Oakland is 94611, where the median home price was $795,000 as of May 31, 2014, a (2%) decline from the previous year.

  • Neighborhoods in 94611 include Piedmont Pines, Grand Lake, Glen Highlands, Shepherd Canyon and Merriwood.

The most expensive zip code in San Francisco is 94123, with a median home price of $3.15 million. The year-over-year increase in 94123 was 109% as of May 31, 2014.

·         Neighborhoods in 94123 include the Marina, Cow Hollow and Pacific Heights.

The most expensive zip code in Alameda is 94501, with a median home price of $725,000, a 22% year-over-year increase as of May 31, 2014.

  • Neighborhoods in 94501 include the Gold Coast, South Shore, Fernside, Bronze Coast and East End.

The most expensive zip code in Berkeley is 94705, with a median home price of $2 million as of May 31, 2014, an 85% year-over-year increase.

  • Neighborhoods in 94705 include Claremont, the Claremont Hills, Elmwood and Panoramic Hill.

For more information on the study, contact Stacey Corso at scorso@ziprealty.com.