While the median home sales price for the city of Oakland is far lower than many of its neighboring areas, it might not be that way for long: an analysis of MLS data suggests that Oakland residential real estate prices are increasing far more swiftly than those in San Francisco, Alameda, or Berkeley.
According to a study performed by ZipReality, a real estate listings search website, Oakland home sale prices have jumped 23% in the last year, from a median of $387,500 in May 2013 to a median of $478,000 in May, 2014.
San Francisco came in second with a 14% jump, from a median of $890,000 in 2013 to $1,015,000 this year.
Then there's Alameda (11% jump from $595,000 to the vaguely satanic $666,250) and poor old Berkeley, which actually had sales prices drop by 1%, from $812,000 to $801,000.
Oddly, however, Oakland's most expensive zip code actually dropped in price this year. The 10.6 square miles of 94611 has a median sale of $795,000, which is actually 2% less than last year.
Not so for Alameda's 94501, which at that city's pricest zip had a median sales price of $725,000, a 22% leap. Berkeley's 3.3 mile 94705 also got top marks with a median sales price of $2 million, an 85% leap.
But, as you might have guessed, it's San Francisco's 94123, a puny 1 square (or so) mile that covers the Marina, Pac Heights, and Cow Hollow that takes the cake. With a median home price of $3.15 million, the area's year over year increase was a whopping 109%.