2024 Home Values in Oakland: Trends and Tips

1 month ago 19

Thinking about how much your Oakland home is worth today? Whether you’re preparing to sell, trying to ditch PMI, or just interested in the latest home values in Oakland, knowing this information is essential for your decision-making.

In this article, we’ll look at current home price trends in Oakland, provide insights on how to get a precise home value estimate, and discuss simple ways to boost your home’s value. Plus, we’ll highlight essential tools to help you secure the best price for your Oakland home when the time comes to sell.

Already Own a Home? What's It Worth Now?

Home values have rapidly increased in recent years. How much is your current home worth now? Get a ballpark estimate from HomeLight’s free Home Value Estimator.

Editor’s note: This post is for educational purposes and is not intended to be construed as financial advice. HomeLight always encourages you to consult your own advisor.

Current home values in Oakland

Over the past four years, home values in Alameda County, where Oakland is located, have increased by 40.2%. In 2020, the median home price was $976,000. By June of this year, that number had climbed to $1,369,210, according to the California Association of Realtors.

Although inventory swelled 85.5% year-over-year in Alameda County in June 2024 — the largest annual increase statewide — median home prices continued to climb.

“The reason we’re seeing these increases in median prices is because we’re seeing more sales in higher-priced areas,” said Oscar Wei, senior economist for the California Association of Realtors, in an interview with The Mercury News.

“With interest rates decreasing from June to July, that might motivate more people to get back into the market, or offer higher prices,” Wei added.

The table below highlights the steady increase in home prices in Alameda County over the past five years:

Source: California Association of Realtors

The increase in home values in Oakland mirrors a nationwide trend. Data from the Case-Shiller National Home Price Index shows that U.S. home prices have risen by 47% since early 2020.

This rise has allowed homeowners to gain an impressive amount of home equity. As of early 2024, the ICE Mortgage Monitor report states that the average mortgage-holding homeowner has about $299,000 in equity. This equity can be used to purchase new properties, make home improvements, pay off debts, or save for the future.

In the following section, we’ll explain how to estimate your Oakland home’s value.

How to get a home value estimate

Want to know your home’s potential value? Several resources can help you determine a fair market price, whether you’re considering a sale or just planning ahead.

Use an online home value estimator

An online home value estimator is a quick way to get an estimate. These tools pull data from various sources, including county records, tax assessments, user inputs, and MLS listings. HomeLight’s estimator is unique because it asks seven essential questions about your home, resulting in a more precise estimate. In less than two minutes, you can get a preliminary value that serves as a good starting point for selling your home.

Request a comparative market analysis

For a more accurate valuation, you can request a comparative market analysis (CMA) from a local real estate agent. A CMA compares your property with similar homes recently sold in your area, considering factors such as bedrooms, bathrooms, square footage, age, and location, along with any recent improvements.

CMA reports often include detailed charts, graphs, and photos, providing a comprehensive picture of your home’s value. Many agents offer a CMA for free as part of their listing services, though some may charge a small fee.

HomeLight’s free agent-matching service can connect you with top-performing real estate agents in Oakland. In just two minutes, you’ll be paired with up to three of the area’s best agents. These agents don’t pay to be featured, so you get unbiased recommendations. According to HomeLight’s internal data, the top 5% of listing agents sell homes for up to 10% more than average agents, helping you maximize your sale price.

Get a pre-listing appraisal

In certain cases, a pre-listing appraisal might be necessary to get a more accurate home valuation. This is especially helpful if your home has unique features, is in a rural area with few comparable sales, or includes a lot of land. A professional appraisal gives you a precise value, ensuring your asking price reflects your property’s true worth.

A pre-listing appraisal usually costs between $450 to $550. Complex properties, such as custom-built luxury homes or horse farms, will cost much more. Note that even if you get a pre-listing appraisal, the buyer’s lender will still require their own appraisal to determine the loan amount they’re willing to provide.

How to increase the value of your Oakland home

If you’re looking to get top dollar for your Oakland home, strategic updates can help boost its selling potential.

Curb appeal: Elevating your home’s curb appeal is a crucial first step. A recent National Association of Realtors survey revealed that 92% of realtors advise sellers to enhance their home’s exterior. Simple tasks like pressure washing the siding, maintaining the lawn, adding fresh mulch, painting the front door, and installing new lighting can create a welcoming first impression for potential buyers.

Strategic updates: Targeted home improvements can add a lot of value to your property. Focus on updating key spaces like the kitchen and bathrooms, repainting walls, and replacing flooring. The 2023 Cost vs. Value Report by Zonda indicates that projects like replacing dinged-up garage doors can yield a 103% return on investment.

Necessary fixes: It’s important to address essential repairs before putting your home on the market. Work with your agent to determine the most critical issues. Common fixes include roofing, plumbing, electrical systems, and HVAC units. Taking care of these can prevent potential problems during home inspections.

Decluttering and depersonalizing: Decluttering by removing personal items and excess furniture can transform a home into a neutral, inviting space. This can significantly boost a home’s appeal to potential buyers, with one HomeLight study showing that decluttering can increase sale prices by $8,000 or more.

Deep cleaning: A deep clean can substantially improve a home’s appeal to potential buyers, often resulting in a higher sale price. Another HomeLight survey found that this can add up to $3,700 to the sale price. Prioritize areas like carpets, grout, and windows, as well as often-neglected spots such as vents and baseboards.

Home staging: Proper home staging can highlight your home’s best features and help buyers imagine themselves living there. HomeLight reports that staged homes can sell for up to 13% more than unstaged ones, making it a valuable investment.

Unlock Your Equity and Buy Before You Sell

Through our Buy Before You Sell program, HomeLight can help you unlock a portion of your equity upfront to put toward your next home. You can then make a strong offer on your next home with no home sale contingency.

How to buy before you sell in Oakland

For those looking to move into a new Oakland home without the stress of selling their current one first, HomeLight’s Buy Before You Sell (BBYS) program offers a viable solution.

BBYS allows you to unlock a portion of your home’s equity to make a strong offer on a new property. You can buy your new home first and then focus on selling your old home at your convenience. This eliminates the pressure of timing the sale perfectly and the hassle of moving twice.

The program charges a flat fee of 2.4% of your current home’s final sale price. If your home doesn’t sell within 90 days of closing on your new home, HomeLight will purchase it and continue to sell it on your behalf. After covering any costs, the remaining proceeds will be returned to you.

Click on the video below to learn more about HomeLight’s innovative Buy Before You Sell program:

How to find a top agent in Oakland

Selecting a knowledgeable real estate agent can significantly impact your home’s sale price. With HomeLight’s agent matching service, you can quickly connect with the best agents in your neighborhood. This free service matches you with agents based on their experience, local knowledge, and success rate, ensuring you find a reliable partner for your home sale.

A high sale-to-list ratio is a useful way to gauge an agent’s success. This ratio shows how close the final sale price is to the original listing price, reflecting how accurately an agent can price a home and get the best market value. An agent with a high ratio is more likely to help you sell your property for the best price.

Interviewing at least three agents before signing a listing agreement is recommended. In addition to inquiring about an agent’s sales-to-list ratio, consider asking:

How long have you been in real estate?
How familiar are you with my neighborhood?
What types of properties do you specialize in?
What is your average number of days on market?
How much is your commission rate?
Can you outline your marketing strategy for my home?
May I contact some of your previous clients?

Using HomeLight’s agent match tool and some basic interviewing skills, you’ll be able to find a real estate pro who’s a local expert and can get you the best results for your home sale.

Get a free preliminary home estimate today

Knowing your home’s value can guide you in making smart financial decisions, whether you’re selling or refinancing. Use HomeLight’s free home value estimator to quickly find out what your home might be worth in today’s market.

HomeLight also offers services to connect you with top agents in Oakland who can sell your home for more or help you buy a new house before selling your current one. By keeping up with market trends and using these helpful tools, you can ensure you’re maximizing the value of your Oakland property.

Header Image Source: Source: (Wonderlane/ Unsplash)

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