High-End Home and Apartment Prices on the Rise in Oakland
The cost of living in Oakland continues to rise along with the city's boom, with a recent report naming the city as one of the fastest-growing in high-priced home sales.
Oakland's average high-end sales price (the top 5% of sales) rose 8% from a year ago to $1.71M, according to Redfin. That compares with an average of $3.99M in San Francisco, which was up 3% from a year ago.
The lack of inventory in San Francisco is pushing sales into nearby markets. In Silicon Valley, Fremont's high-end sales were up 9% from a year ago, reports Curbed.
Another recent report named Oakland's rental market the nation's fourth most expensive (S.F. remains No. 1 with the average one-bedroom apartment costing $3,500 in November, even though its rental prices appear to be leveling out). The monthly price for a one-bedroom apartment in Oakland grew 19% in the past year to $2,190, according to Zumper. [Curbed]
