Oakland’s median home sale prices jumped 23 percent to $478,000 during May 2014 far exceeding San Francisco, Berkeley, and Alameda, according to Zip Realty. San Francisco grew 14 percent, Alameda increased 11 percent and Berkeley dropped 1 percent. Industry analysts pointed out that historically high prices in San Francisco have sent prospective buyers across the Bay to Oakland. It is also important to remember that San Francisco’s median price is right around $1 million which is still double that of Oakland.
Finally, Oakland’s current surge can also be contributed to the fact that for years it was far behind the other cities. It is now catching up.