OAKLAND (KCBS)— A new report from ZipRealty finds Oakland homes appreciating at a faster rate than San Francisco in the last year. Home prices jumped 23 percent between May of last year to this, compared to 14 percent in San Francisco.
Justin Lee is a counselor at Oakland’s Fremont High School. He’s also a new homeowner.
“We got the news early this morning that we got the house. It feels amazing. I still have butterflies. I’m very nervous. I’ve never done this before. I’m actually terrified,” he said.
It was only the second home he and his wife bid on. His offer: more than $100,000 over asking, no contingency and less than 30 days escrow against five other bids. It’s what you have to do to get a house in a city where the median price is $478,000 compared to San Francisco’s $1 million.
Oakland zip codes that used to be luke warm are now red hot. Joanna Hirsch is Justin’s realtor at The Grubb Co. Realtors said properties near and on the way to Oakland International Airport are going for half a million.
She said it’s not the high-end homes that are driving the bonanza, but the mid-range real estate that puts you at around $600,000.
The ZipRealty report found high-end homes in Berkeley and Alameda trending upward as well with the median price at $2 million in Berkeley’s Elmwood and $725,000 in the 94501 zip code.