Current Real Estate Market Trends:
Average price per square foot for Oakland CA was $246, an increase of 41.4% compared to the same period last year. The median sales price for homes in Oakland CA for Feb 10 to Apr 10 was $225,000 based on 1,346 home sales. Compared to the same period one year ago, the median home sales price increased 36.4%, or $60,000, and the number of home sales decreased 12.1%.
The average listing price for homes for sale in Oakland CA was $539,854 for the week ending May 12, which represents an increase of 4.1%, or $21,036, compared to the prior week. Popular neighborhoods in Oakland include Upper Rockridge and Upper Dimond, with average listing prices of $1,500,765 and $453,281.
History of Oakland:
Located in the west-central part of California on the east side of San Francisco Bay. It is the seat of Alameda County.
Don Luis Peralta first settled the site of Oakland in 1820 when he established the Rancho San Antonio. The gold rush of 1849 attracted more people to the area, and the city’s population continued to grow after a ferry service to San Francisco was started in 1851. Oakland was incorporated as a town in 1852 and as a city in 1854. It was named after the numerous oak trees found in the area. Oakland became the western terminus of the Central Pacific Railroad in 1869 and the seat of Alameda County in 1873.
In the latter part of the 19th century and also in 1910, additional territory was annexed to Oakland and the city assumed its present size. In 1906, thousands of people fled to Oakland in the aftermath of the San Francisco earthquake and settled there permanently, furthering the city’s growth. Oakland’s economic development continued to rise with the opening of the San Francisco–Oakland Bay Bridge in 1936.
Oakland is a major center of culture and commerce. It is an important container shipping port and the terminus of three transcontinental railroads. Oakland’s industries include food processing, transportation, software, telecommunications, pharmaceuticals, and electrical and high technology manufacturing. The city is the headquarters of many national and international corporations.