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Oakland Home Prices Spiked 76 Percent in One Year

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Map courtesy of ZipRealty
Dreaming of scoring a cheap home in Oakland? Think again. New data from ZipRealty shows that in the last year, the city of Oakland's median home sale price has skyrocketed: shooting up from $245k to $432k. While the actual dollar amount is still only half the median home sale price in San Francisco, this whopping 76% increase means that percentage-wise, home sales in Oakland are actually out-performing those in The City, which have increased a mere 20%, from $735k to $880k. The inventory in both Oakland and San Francisco is dropping at approximately the same rate: 7% in Oakland and 8% in SF. Homes are also selling much more quickly in both places: 32% more quickly in Oakland and 21% more quickly in SF.

ZipRealty reports that the most expensive zip code in Oakland is 94610, which includes the neighborhoods Grand Lake, Adams Point, Lakeshore, Crocker Highlands and Trestle Glen. Here the median home sale price is $743k, a 136% increase from August 2012.

Not surprisingly, 94123 and 94133 - comprised of the Marina, Cow Hollow, Pacific Heights, North Beach, and Telegraph Hill - are the most expensive zip codes in The City, with a median home sale price of $1.6M. This price is 68% and 82% (respectively) higher than the median measured last August.