When you think of Oakland California, you may have mixed opinions of the area and the housing market there. Many don’t know that Oakland is the eight largest city in the entire state of California. That means this is a very large city and like many large cities there are good and not so good areas. Oakland is very diverse and equitable so between the various cultures in the area. This is a big draw for many seeking to buy a home in an area where they feel comfortable. There are many parks in Oakland and you will find many who are always exercising in the area and even bird watching. You’ll also find lots of secondary schools in Oakland and cultural centers. Many who live in Oakland currently believe that culture truly thrives in the area. The housing market is just as diverse as the city itself.
Most have noticed that with the end of the home buyers tax credit at the end of the first quarter that home purchases have decreased a bit. However because the median home price in Oakland is comparatively lower than in other areas of California, the market is still holding steady. In fact, while the median home price is almost $500k, it’s still less than it was a year ago. This is in line with the vast majority of the real estate market in the United States.
There are still a lot of foreclosures in Oakland and many of these distressed homes are not selling as fast as many realtors would like. Many of these homes are in areas of Oakland where new home construction was going on during the impending housing bubble. Like many others areas in the U.S. buyers at the time were purchasing more home than they could afford with adjustable rate mortgages. These mortgages were of course good for five years and then the payments ballooned and many of the home owners were not able to afford their homes.
In general however the housing market in Oakland is no better or worse for wear than the rest of the market. If you happen to have a decent credit score, you can get a really good deal in Oakland. If you want to buy on the high end however, the range of homes in Oakland is somewhat limited. For high end sellers this could indicate the shift to a sellers market for those high end sellers. For those who are of middle class income and need to purpose homes in that range, the market in Oakland offers a much more robust variety.