As interest rates continue to climb with no end in sight, Oakland is yet another area in Northern California where the housing market is cooling quickly.
Of the Bay Area cities, Oakland has seen the greatest price increase in real estate, resulting in cooling home sales. The median price was $850,000 in 2020 and $950,00 in 2021, and it is now over $1 million.
With numbers like these, potential new homeowners simply can’t afford to live here.