Oakland CA Real Estate - Oakland CA Homes For Sale | Zillow (2024)

FAQs

Are home prices dropping in Oakland? ›

Oakland Housing Market Trends

In June 2024, Oakland home prices were down 1.1% compared to last year, selling for a median price of $890K. On average, homes in Oakland sell after 23 days on the market compared to 15 days last year. There were 207 homes sold in June this year, down from 243 last year.

A confluence of factors such as historically low-interest rates, the high potential for cash flow from investments, and an increased rental demand due to inventory shortages have collectively positioned Oakland as a city ripe for investment.

Best Time to Sell Your House for a Higher Price

April, June, and July are the best months to sell your house in California. The median sale price of houses in June 2023, was $796,400, which is expected to grow more in 2024. However, cities like Arcadia and San Mateo follow an upward trend throughout the year.

Supply and demand problems hurt the entire country, and people flocked from other neighborhoods into Oakland. Therefore, local values increased by about 18.2 percent in one year. The biggest tailwind that raised the price of homes is how close Oakland is to popular neighborhoods like San Jose and San Francisco.

The analysis by financial technology company, SmartAsset, ranked cities by the largest percent drop of the typical home value between the time period of May 2023 and May 2022. At the top of the list was the East Bay city of Dublin, where home values plunged more than 15.37%, according to the study.

The state says Oakland is still facing an extreme housing shortage, to the tune of nearly 30,000 units. Yet, renters looking for apartments in the city now have far more options than they did a decade ago. They're not as willing—or able, in many cases—to pay top tier rents.

OAKLAND, Calif.

A recent analysis from ConsumerAffairs reveals that San Francisco residents need a minimum salary of $131,050, while San Jose residents must earn at least $124,292, and Fremont residents require $117,339. In Oakland, the minimum salary needed for comfortable living is $99,334.

A broad geographical distinction in Oakland neighborhoods is between "the hills" and "the flatlands" (or "flats"). The more affluent neighborhoods are located in the hills along the northeast side of the city, while neighborhoods are generally less prosperous the nearer they are located to San Francisco Bay.

The worst time to sell a house is typically during the winter months, particularly in December, January, and February. During this period, bad weather can deter potential buyers from attending open houses, and many people are preoccupied with holiday activities and planning.

What month do houses sell best? ›

Nationally, the best time to sell a house is March if you're trying to sell quickly, while the best time to maximize profit is July. Zillow recommends listing your home for sale in March, but no later than Labor Day, based on historical market trends.

Some regions have experienced ups and downs in the recent economic turmoil, but figures during 2024 indicate a general recovery around California and house prices are stabilizing or rising. Economic policies like changes in interest rates or housing development incentives influence market conditions.

Homes in Oakland, CA sold for 3.03% above asking price on average in June 2024. Oakland, CA is a buyer's market in June 2024, which means that the supply of homes is greater than the demand for homes.

Cost of Living Comparison Between Oakland, CA and Los Angeles, CA. Do you live in Oakland? Add data for Oakland, CA! You would need around 8,709.8$ in Los Angeles, CA to maintain the same standard of life that you can have with 11,000.0$ in Oakland, CA (assuming you rent in both cities).

Home Prices in Bay Area

Alameda County: The median price slightly decreased by 0.4% MTM to $1,369,210, yet it is up 4.9% YTY, indicating steady appreciation over the year. Contra Costa County experienced a more pronounced 4.2% decrease in median price MTM, now standing at $903,000, with a slight yearly decline of 2.9%.

Experts suggest there may be some moderation in price growth, but it is unlikely that we will see broad declines in the California real estate market. Compared with previous cycles, 2024 shows similar trends around tight inventory and high demand.

The median sale price of a home in San Francisco was $1.4M last month, up 1.2% since last year. The median sale price per square foot in San Francisco is ¤970, up 3.7% since last year.…

Northern California Home Prices

The average sale price was $1.217 million. ❱ Median list prices in the region fell 3.8% from the second quarter, with double-digit declines in Placer and Napa counties.