Oakland, CA
Housing Market
Oakland's housing market is dynamic, with home prices and demand constantly shifting. Houzeo's housing market report monitors these fluctuations, providing real-time insights into Oakland's supply and demand trends. Our report equips you with the information you require to make well-informed decisions.
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Buy or SellOakland Housing Market Overview
Oakland’s real estate market is highly competitive, even as median home prices have decreased by 1.8% year-over-year to reach $749,000. Oakland, California houses tend to sell quickly, typically staying on the market for just 19 days before going under contract—down from 22 days last year. With 180 homes sold this month, a 1.1% increase from the previous year, the market is active, despite the slight cooling in prices.
The Oakland housing market offers a mix of single-family homes, condos, and historic properties, with options across budgets and lifestyles. Even with the decrease in prices, the city continues to see steady demand, driven by its proximity to San Francisco, diverse neighborhoods, and strong local job market. Known for its rich culture, excellent public transit, and vibrant arts scene, Oakland appeals to both local buyers and those looking to relocate to the Bay Area.
The Oakland housing market offers a mix of single-family homes, condos, and historic properties, with options across budgets and lifestyles. Even with the decrease in prices, the city continues to see steady demand, driven by its proximity to San Francisco, diverse neighborhoods, and strong local job market. Known for its rich culture, excellent public transit, and vibrant arts scene, Oakland appeals to both local buyers and those looking to relocate to the Bay Area.
Median Sale Price
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Oakland Housing Supply
Real estate in Oakland is expanding, with a significant 42.5% YoY spike in available properties. The number of homes for sale in Oakland has now reached 788 properties. This growth includes 417 new listings, which provide more options for prospective buyers. Currently, the housing supply stands at 4.6 months—more balanced than other parts of California’s real estate market .
However, Oakland's housing supply fluctuates based on seasonal trends and migration patterns. During the spring and summer months, listings typically increase, as both buyers and sellers aim to close before the peak season ends. Home prices here are higher than the national median, which indicates the city's desirability. As a buyer, you may face moderate competition across neighborhoods. While sellers are still able to ask for top dollar in popular areas, you can benefit from a variety of housing options as inventory grows.
However, Oakland's housing supply fluctuates based on seasonal trends and migration patterns. During the spring and summer months, listings typically increase, as both buyers and sellers aim to close before the peak season ends. Home prices here are higher than the national median, which indicates the city's desirability. As a buyer, you may face moderate competition across neighborhoods. While sellers are still able to ask for top dollar in popular areas, you can benefit from a variety of housing options as inventory grows.
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Oakland
Oakland Housing Demand
The city’s housing market continues to show strong competition. 60.6% of houses in Oakland are selling above their list price. This high percentage indicates that buyers are willing to bid over asking prices in order to secure a property. On the flip side, 19.1% of homes have sold below their asking price, a slight 0.6 percentage point decrease from last year. The sale-to-list price ratio in Oakland has reached 106.7%, a 0.5 percentage point YoY increase. These are clear signs that Oakland is currently a seller’s market.
As a home seller, a strong initial pricing strategy is key to maximizing your returns. The high sale-to-list price ratio means that the negotiating power lies in your hands. Consider offering concessions if you want to close the deal faster. You can also list your property on the California MLS to connect with a wide range of buyers. If you plan to buy a house in Oakland, properties with extended listing periods or previous price reductions can give you some leverage.
As a home seller, a strong initial pricing strategy is key to maximizing your returns. The high sale-to-list price ratio means that the negotiating power lies in your hands. Consider offering concessions if you want to close the deal faster. You can also list your property on the California MLS to connect with a wide range of buyers. If you plan to buy a house in Oakland, properties with extended listing periods or previous price reductions can give you some leverage.
Homes Sold Above List Price
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Strong
Buyer
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Balanced
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Strong
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Buyer’s Market
Seller’s Market
Balanced: Neither buyers nor sellers dominate the market. Supply meets demand, prices stay stable, and both parties negotiate on an equal footing.
Oakland Housing Market: When to Buy or Sell?
The Oakland real estate market shifts between buyer-friendly and seller-friendly conditions. It tends to be highly competitive, in line with the broader California housing market. When inventory rises and competition decreases, buyers can get better negotiation opportunities. On the other hand, when demand outpaces supply, sellers can benefit from higher prices and quicker sales.
If Oakland’s supply period exceeds the balanced conditions of the US real estate market (5 to 6 months), buyers will have more time to evaluate their options. Conversely, sellers will see more offers on their Oakland homes when the months of supply are around 2-3 months. Understanding these market dynamics can help you make a strategic decision, whether you're looking to buy or sell a house in Oakland.
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Frequently Asked Questions
How have Oakland house prices changed over the past year?
The median home price in Oakland has decreased slightly by 1.8% year-over-year, now sitting at $749,000. However, the city still experiences steady demand, with several neighborhoods seeing price appreciation. Use our free home value estimator to determine your home's fair market value and set your asking price accordingly.
What are the Oakland housing market predictions for 2025?
The Oakland, CA real estate market is expected to remain stable through 2025. While demand remains consistent due to the city's location and cultural scene, prices could experience some adjustments. Buyers and sellers should also keep an eye on interest rates, as these will impact affordability.
What’s the average home price in Oakland?
Home prices in Oakland, CA vary widely based on location and property type. It typically ranges from $450,000 for condos to $890,000 for single-family homes. If you want to buy a house in the city, you can find cheap Oakland homes for sale within your budget.
Is this a good time to buy a home in Oakland, CA?
It could be a good time to buy, especially if you focus on Oakland homes with price reductions or extended listing periods. While competition remains steady, you might be able to find good deals as the market stabilizes.
Where can I check Oakland housing market trends?
To track Oakland housing market trends, you can consult real estate platforms that provide data on home prices, sales activity, and market conditions. These insights into current trends and forecasts will help you understand the best time to invest.
When will the Oakland housing market crash?
The Oakland housing market is unlikely to experience a crash. While prices have seen some decline, Oakland's strong job market and housing demand for housing will likely keep the market stable. Experts predict modest growth through 2025.
How to buy a home in Oakland?
Buying a home in Oakland starts with securing mortgage pre-approval and setting a budget. From there, browse Oakland houses for sale, submit offers, and collaborate with a local real estate agent for negotiations. Be sure to conduct a detailed inspection before you make a purchase.
How can I list my home for sale in Oakland, CA?
You can list your Oakland home with a Flat Fee MLS California listing service. High-tech MLS listing sites like Houzeo automatically assign the right MLS paperwork based on your location. 🚀
What is the average mortgage rate for buyers in Oakland?
Mortgage rates in Oakland generally range from 6.8% to 7%, depending on your credit score and the type of loan. Rates fluctuate with market conditions, so it’s important to consult with lenders for the most current rates when applying.
What is the average cost of living in Oakland, CA?
Oakland’s cost of living is 95.5% higher than the national average, driven primarily by housing costs. Additionally, housing in Oakland is 142% more expensive than the US median, with single-family homes in desirable areas costing nearly $1M. Other expenses, such as food, healthcare, and transportation, are also higher than the national average.
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