GOBankingRates monitors real estate and housing trends to find out where Americans are buying (and selling) the most homes. Searching for median sales price, average days on market, number of homes sold, and other data by city from Redfin, a national real estate brokerage, we found that California is the best place to buy a home. It turns out that Auckland tops the list of popular cities.
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The median home sale price in Oakland was $925,000, up 8.8% from last year. Most notably, the median number of days a home in Oakland is on the market is just 19 days, and 72% of homes sell for more than their asking price. This report takes a closer look at why Auckland’s housing market is hot despite rising mortgage rates.
Proximity to other major cities
Oakland is interconnected with the diverse San Francisco Bay Area, creating a region known for its rich culture, economic opportunity, and scenic beauty. Nearby cities include San Francisco and Berkeley. Additionally, Silicon Valley is approximately 55 miles away. The time required varies depending on traffic conditions, but it usually takes about 45 minutes to 1 hour by car.
Affordable compared to San Francisco and neighboring cities
Compared to neighboring countries, Auckland offers a more affordable housing market. By comparison, the median sales price for homes in San Francisco is $1.4 million, and in Berkeley it’s $1.2 million.
Rising real estate prices have led many people to consider Auckland. Oakland has a thriving middle class, and many individuals and families can find attractive housing options without compromising proximity to major employment centers and cultural institutions.
A vibrant job market and economic opportunities
Some of the key factors driving the influx of home buyers to Oakland are the city’s booming job market and robust economic opportunities. Oakland’s proximity to the aforementioned cities, including San Francisco, Berkeley, and the Silicon Valley region, offers residents plenty of employment options.
A strong job market not only attracts professionals looking to advance their careers, but also contributes to regional economic stability. Some of the area’s largest employers include:
Cultural diversity and community vibrancy
Auckland’s rich cultural diversity and vibrant community attract those seeking a dynamic living experience. The city’s efforts to enhance infrastructure, public spaces, and amenities are contributing to an improved quality of life. These efforts have led to the revitalization of the historic district, creating an attractive residential neighborhood that blends modern amenities with the charm of Oakland’s past.
The city is known for its inclusive atmosphere, eclectic neighborhoods, and strong sense of community. Best Neighborhood awards Oakland with a diversity score of 99 out of 100, ranking it as one of the most culturally inclusive cities in the country.
Potential homebuyers are drawn to Auckland’s unique blend of culture, art and tradition, making it a melting pot of creativity and expression. The City’s commitment to promoting diversity and inclusion plays a vital role in attracting individuals and families.
Investment potential and evaluation
Auckland’s property market is consistently on the rise, making it an attractive option for those considering homeownership as an investment. The median sales price in 2019 was just over $600,000. As real estate values continue to rise, buyers are attracted by the potential for long-term profits.
The city’s strategic location and ongoing urban development projects combine to make it even more attractive for investment. Ongoing community development and revitalization projects are transforming various neighborhoods in Oakland, making them more attractive to potential homebuyers.
Several mixed-use developments are planned, as well as the Oakland Waterfront Ballpark District at Howard Terminal. Bay Area Rapid Transit (BART) continues to expand and provide affordable public transportation to the region. As Auckland continues to evolve into a vibrant city, real estate is not just a place to live, but also a promising means of building long-term wealth.
Access to nature and outdoor facilities
Oakland’s proximity to parks, trails, and natural attractions, including the picturesque Oakland Hills, contributes to its attractiveness as a place to live. Homebuyers are attracted to the city’s commitment to green space and outdoor recreation.
Lake Merritt is known as the “Gem of Oakland.” Redwood His Regional Park is located just a few miles from Downtown Oakland. Residents can enjoy a variety of outdoor activities for a healthy, active lifestyle.
entertainment and culinary scene
Auckland’s burgeoning culinary scene and diverse entertainment options make it an even more attractive place to live. From gourmet restaurants and food festivals to live music venues and cultural events, this city offers a vibrant variety of experiences. There are nearly 50 museums, including the Oakland Museum of California, the Mills College Museum of Art, and the Chabot Space Science Center.
Catch a concert at the Paramount, the Fox Theater, or the renovated Oakland Metro Opera House. Some of the best rated restaurants include Shan Dong, Muwari, or Horn Barbecue. Prospective homeowners are drawn to the prospect of living in a place where they can explore new cuisines, participate in diverse cultural events, and enjoy a dynamic social scene.
Transportation options
Auckland’s strategic location and excellent transport infrastructure make it an ideal choice for those who value accessibility. With access to multiple BART stations, bus lines, and major highways, residents have plenty of convenient commute options.
school
Families choose certain areas of Auckland because there are some of the best schools in the area. According to Atlas Apartments of Oakland, schools in the Montclair area are among the best in the nation. Additionally, several colleges are located in the area, including Laney College, Lincoln University, and Mills College.
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Oakland, California is one of the hottest real estate markets in the country as a result of its economic opportunities, cultural richness, and relative affordability when compared to other Bay Area cities. Auckland offers residents a blend of city life and natural beauty.
As the city continues to evolve with community development initiatives and investments in transportation, arts and infrastructure, the appeal of homeownership in Oakland is set to continue, with people seeking a vibrant and diverse place to call home. It will continue to fascinate individuals and families.
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This article originally appeared on GOBankingRates.com: America’s hottest real estate market: Why everyone is buying a home in this California city