With expensive home prices and low supply in San Francisco and Silicon Valley, buyers are looking to the East Bay.
Bloomberg reports that Oakland is the hottest housing market in the region. Houses are selling fast (on the market for an average of 20 days), and home values are rising. In June, the median home price jumped 16 percent to $616,300, and the median rent rose 15 percent to $2,846, compared to one year ago.
Despite the city’s high crime rates, homes in Oakland is attracting residents due to its cultural scene, diverse population, urban environment, and affordability. The median home price in San Francisco, for instance, is more than $1 million.