Oakland real estate prices surge 23%
Real estate prices in Oakland have increased by 23 per cent within the past twelve months, but they are still below the peak recorded in 2007 prior to the start of economic recession.
According to data compiled by market tracker ZipRealty, property prices in Oakland jumped 23 per cent in the twelve month through May this year, prices in San Francisco and Alameda climbed 14 per cent and 11 per cent year-on-year.
Despite that increase in prices, Berkeley's median value slipped $12,000 during the period under review. Oakland continued to be the least expensive of the aforementioned four cities, with a median price of $478,000. Median price of property in San Francisco was still more than double than that of Oakland.
Don Cruz Datanagan, a district broker with ZipRealty, said Oakland would certainly offer good returns on investments in the long-term.
Commenting on the data, Datanagan said, "It's a scramble anywhere you go to buy real estate in Oakland and one of the biggest reasons is that the median home price is in the $400,000s. When you are an investor who is thinking long term, Oakland certainly has those opportunities."
The median price of property in the most expensive zip code (94611) in Oakland, which includes Shepherd Canyon, Merriewood, Piedmont Pines, and Grand Lake, was recorded at $795,000, down 2 per cent from the previous year. On the other hand, the median price of priciest zip code in San Francisco topped $3 million.
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