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Oakland real estate market overview
- Average Monthly Rent: $2,813
- Home Price/Value Percentage Change: -10.30%
- Median Home Value: $803,985
- Best Time To Sell a Home: April
- Affordability Index: Low
- Days To Sell a House: 41
- Job Market: Fair
- Public School Ranking: 40
Location and weather
Oakland is a beautiful coastal city with 19 miles of coastline. It's on the Pacific Coast, in the center, between Canada and Mexico. It is connected to the city of San Francisco by the San Francisco-Oakland Bay Bridge. The San Francisco bay gives residents beautiful views including the Golden Gate and Oakland bridges. Oakland has the only natural saltwater lake, Lake Merritt, within the city.
There is also more art in the city than any other city in the US. With many parks such as Tilden Regional Park, Jack London Square, and Lake Merritt, there are many opportunities to enjoy nature in such a beautiful place.
The weather in Oakland is one of the best features with summer lows in the low 60's and highs in the low 80's.
Population, job market and cost of living
The population in 2023 is 455,622, with an annual growth rate of 1.11%. Oakland has a very diverse population with over 125 dialects and languages spoken.
The job market has decreased by -9.01% over the last year. The 10-year predicted job growth is 35.34%. Oakland is the land of technology which is its largest industry. Health Care & Social Assistance and Educational Services are large employers as well. Kaiser Permanente, WOJRC, The Permanente Medical Group, Well Being Trust and Ice Cream are major employers in Oakland.
With Oakland being so close to San Francisco and such a desirable place to live and work, the cost of living is high. That high cost is primarily due to the Oakland real estate market where homes are expensive due to the demand for housing. With a diverse and vibrant city, outdoor recreation areas, good job growth and a welcoming temperate climate, Oakland will continue to see steady growth as more people seek the city out to live and work.
Oakland real estate market details
- Upper Rockridge
- Montclair
- Marina
- Fruitvale Station
- Claremont Elmwood
The average monthly rent in Oakland is $2,813 for an average apartment size of 780 sq. feet.
There has been a -10.3% decrease in median home value over the last year. As of 2023, the median home value is $803,985.
On average, homes in Oakland sell after 41 days on the market.
The best time to sell a home for the highest valued sale is during April. For the quickest sale, homeowners should sell in May.
The affordability index in Oakland is 176. This number indicates low affordability in this city.
The top ranked public schools are Wildwood Elementary School, Piedmont High School, Beach Elementary School, Piedmont Middle School and Havens Elementary School. This information is based on data measuring academic performance and equity.