August 2024 has brought some interesting shifts in the Oakland housing market!
Whether you’re a buyer, seller, or just keeping tabs on the local real estate scene, understanding these changes can give you the edge you need.
I want to start by breaking down the latest data, analyzing key trends, and sharing what this could mean for you. All the data is from the Bay East Association of REALTORS.
From average home prices to market demand, this monthly update covers everything you need to stay informed—whether you’re exploring neighborhoods for families in Oakland or just keeping tabs on the market.
So, let’s get started.
Oakland Housing Market in August 2024
Detached Market in Oakland, CA
The detached home market in Oakland saw some interesting changes. The number of listings sold remained steady, with just a slight increase from 179 to 180. The average days on the market increased from 28 days in 2023 to 33 days in 2024. This uptick might reflect buyers taking more time to make decisions or a broader market slowdown.
The average list price for detached homes in the Oakland housing market decreased from $965,396 in 2023 to $911,767 in 2024, while the average sold price also dropped from $1,071,667 to $1,001,861. The median prices followed a similar trend, suggesting a general cooling in the market, especially in the higher price brackets.
Notably, the highest sold price dropped from $3,525,000 in 2023 to $3,100,000 in 2024, which could indicate less activity in the luxury Oakland housing market. Meanwhile, the lowest sold price also saw a small decrease, reinforcing the overall trend of a softening market.
Townhouse Market in Oakland, CA
The townhouse Oakland housing market has seen the most dramatic changes. The total number of listings sold dropped by more than half, from 9 in August 2023 to just 4 in August 2024. The average days on the market surged from 18 to 56 days, indicating a significant slowdown in sales activity.
Prices also took a substantial hit. The average list price dropped from $1,124,555 to $686,749, and the average sold price fell from $1,141,000 to $687,000. The median prices followed this downward trend, reflecting a notable cooling in the townhouse segment of the market.
The high-end market saw the most significant declines, with the highest list price dropping from $1,895,000 in 2023 to $899,999 in 2024 and the highest sold price falling from $2,250,000 to $870,000. This steep drop suggests that demand for higher-priced townhouses has waned considerably over the past year.
Condo and Loft Market in Oakland, CA
Let’s take a look at how the townhouse, loft, and condo market in Oakland has changed from August 2023 to August 2024:
The Oakland condo and loft market has experienced a noticeable shift over the past year. The number of listings sold has slightly increased from 37 to 39, indicating a stable demand. However, the average days on the market have jumped from 36 to 52 days, suggesting that properties are taking longer to sell. This could point to a more cautious buyer market or an increase in inventory that gives buyers more options.
Price-wise, there’s been a decline across the board. The average list price dropped from $572,256 in 2023 to $514,802 in 2024, while the average sold price fell from $566,048 to $513,901. This decline in both list and sold prices could indicate a softening market, where sellers might need to be more flexible with pricing to attract buyers.
The high-end market also decreased, with the highest list price dropping from $955,000 in 2023 to $899,000 in 2024 and the highest sold price falling from $955,000 to $845,000. Meanwhile, the low-end prices also decreased, showing a broader market adjustment.
Conclusion
The Oakland housing market has undergone some notable changes between August 2023 and August 2024. While the overall market has cooled, with longer selling times and lower prices, the extent of these changes varies by property type.
Condos, lofts, and townhouses have all seen price drops and increased days on the market, indicating a more cautious buyer market. Detached homes, while still experiencing a slight decline, have remained relatively stable compared to the other property types.
This cooling market could present more opportunities for buyers to negotiate better deals, while sellers might need to adjust their strategies to ensure their properties are priced competitively. Understanding these trends is key to navigating Oakland’s current real estate landscape.
Whether you’re buying or selling, staying informed about these market trends is essential. If you have any questions or need personalized advice, feel free to reach out—I’m here to help you make the best decisions in Oakland’s dynamic real estate market.
