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SF Is Tops for $1M Home Sales, but Oakland Is Rising Faster

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More homes have sold for $1 million or above in San Francisco this year than in any other city in the United States, according to real estate website Redfin's latest luxury housing report. San Francisco has had 782 sales break the seven-figure mark so far this year, a number that is 16 percent above the figure from the same time last year and more than double 2011's number. Although San Francisco came out on top, Oakland showed one of the biggest surges in seven-figure sales this year. There have been 104 $1 million or above sales in Oakland so far. That's nearly 68 percent more than last year and a staggering 352 percent more than 2011, when only 23 Oakland houses topped $1 million.

In San Francisco, million-dollar houses are practically the norm and are located all over the city. The average sale price of a seven-figure home is actually $1.846 million, and the city has had 21 sales of $5 million or more so far this year.

In Oakland, however, the expensive home sales are clustered in a set of neighborhoods, including Rockridge, Montclair, and Piedmont. With buyers struggling to afford other spots in the Bay Area, they are beginning to flock to Oakland, where the average price of a seven-figure home is a comparatively low $1.324 million, and where and buyers often receive more for their money than they do in San Francisco.

The very top end of Oakland's market still can't touch San Francisco's. Despite the presence of some super-luxury homes like the "Frank Lloyd Wright-style" spaceship in Oakland's Claremont Hills, which hit the market earlier this year asking $21 million, Oakland hasn't yet had any sales above $5 million in 2014.

· Sales of Million-Dollar-Plus Homes Growing, But Who's Buying is Shifting [Redfin]
· Sign of the Spillover: Luxury Homes Sales Surge 68% in Oakland [SF Business Times]
· 'Frank Lloyd Wright-Style] Spaceship Lands in Oakland for $21M [Curbed SF]