Want to move to a new house in Oakland? If you’re like most of us, you might not be buying in Grand Lake, Adams Point, Lakeshore, Crocker Highlands or Trestle Glen because houses in those neighborhoods are actually 136% more expensive then they were last year, with a median home sale price of $743k, according to new data released this week from ZipRealty.

If you think that means you might have to settle for Longfellow, Santa Fe, or another up and coming part of North Oakland–or for the Laurel or the Dimond, take a deep breath, because housing prices overall in Oakland have gone up 76% from last summer.

Houses in Oakland, according to Zip, are still only half or less of the median home sale price in San Francisco, but the median cost in Oakland has zoomed from $245k to $432k in just a year–a much bigger increase than in San Francisco.

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Also, according to Zip, available housing inventory in both Oakland and San Francisco is selling much more quickly in both places than  it was a year ago–the time on market is 32% less qin Oakland than last year and 21% less in SF. As of Aug. 15, 2013, median days on market were 13, compared to 19 the previous year, a 32% decline. In addition, Oakland inventory dipped 7% to 558 homes as of Aug. 15, 2013, as well.

About The Author

Susan Mernit is editor & publisher of Oakland Local (oaklandlocal.com) a news & community hub for Oakland, CA. A former VP at AOL & Netscape, & former! Yahoo Senior Director, Mernit was consulting program manager for The Knight News Challenge, 2008-09; was a 2012 Stanford Carlos McClatchy Fellow; and is a board adviser to The Center for Health Reporting at USC, Annenberg School of Journalism. She has consulted with many non-profit organizations on strategy, product development and social media/engagement, including Salon.com, TechSoup Global, Public Radio International and the Institute for Policy Studies/Economic Hardship Reporting Project, led by Barbara Ehrenreich.

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