EMERYVILLE, CA—A new report from locally based ZipRealty Inc. shows 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,” says 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.
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, Sheperd Canyon and Merriwood.
ZipRealty could not provide GlobeSt.com with anything further by deadline.