Oakland’s real estate market sizzling, home sales jump 76 percent

For years, we’ve been letting our readers know of all the ways that Oakland’s economy is much stronger than the San Francisco Chronicle and other non-East Bay media sources often say.

But saying Oakland’s economy is “strong and getting stronger” is actually an understatement.

Oakland, simply put, is undergoing a renaissance. Tech and solar energy businesses in Oakland are on the rise, and it’s been well-chronicled that the city has added dozens of new restaurants, cafes, taverns and retail shops.

But all that good news is just the tip of the iceberg. Oakland’s real estate scene could not be hotter and it’s one of the most thriving markets in the nation. Homes are selling faster than ever before, the East Bay Express reported last week. Also, the median home sales price in Oakland skyrocketed a whopping 76 percent over the last year.

The Express interviewed Lanny Baker, CEO of ZipRealty, who said prospective home buyers are starting to look outside of San Francisco and into the East Bay.” The rate of the home sales increase in Oakland surpasses the jumps in San Francisco and the Bay Area in general, Baker said. And he thinks Oakland’s current real estate heat is only the beginning.

“I do expect Oakland to continue to be strong,” he says. “We’re entering what feels to us and looks like to us a very sustainable recovery.”

It’s just one more sign that Oakland’s economic strength is mighty, very underrated and underreported.

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