A condo (not pictured) recently listed on Zillow is getting attention for its property description. (Getty Images)
(KRON) — Oakland is listed as one of the hottest real estate markets in the country, according to GoBankingRates.com.
The website compared the real estate market in each city, taking into account sales prices, days on market, number of homes sold, and more.
Oakland’s Rockridge neighborhood is a quiet suburban area with many attractions and luxury homes. But luxury homes seem to be the hardest sell for real estate agents. An article published on Sunday touts Oakland’s housing opportunities, stating that the median number of days a home stays on the market is just 19 days and that 72% of homes sell for more than asking price. There is.
David Stark of the Bay East Association of Realtors said the reason is location, location, location.
“It’s close to the employment centers of San Francisco, Silicon Valley and the South Bay,” Stark said. “Oakland Hills offers access to recreation and access to some of the greatest areas within Oakland, all at a much more affordable price point than other markets.”
Auckland is portrayed as a place to buy in this article. But East Bay real estate agents Anna Bellomo and Jessica Wagoner said the numbers caught them off guard.
“When we saw the article, we were surprised, but we analyzed the data ourselves and found that the article was supported,” Wagoner said.
They said luxury homes were particularly difficult to sell, with the total number of homes sold this year down by about half compared to last year.
But their biggest problem is the level of crime Oakland has dealt with in recent years. Business break-ins and shootings are not easy topics to talk about for buyers looking for their next home. But Stark said Oakland’s economic strength appears to outweigh concerns about high crime rates.
“It’s clear there are buyers who see great value and very attractive things about being based in Auckland,” Mr Stark said.
They are also currently difficult to sell, especially in fire areas, due to high insurance premiums.