The 3rd Quarter Zillow Real Estate Market Report was released today. Nationwide, home values have increased 1.2% from 2nd Quarter, 2013 and 6.4% year over year. The national median home price is now at $163,000. In the San Francisco MSA (metropolitan statistical area), the median home price sits at $629,100 with 25% price appreciation from 3rd Quarter 2012. This is still about 11% from the peak of the market which occurred in January, 2006. Foreclosures continue to decline and only made up 6.4% of all sales. Average Rents in the Bay Area sit at $2,567 which is a year over year increase of 3.2%.
What does this mean for the East Bay??
I looked at a few of the major markets in the East Bay using Zillow's data and found:
- Oakland - Median Price of $422,800 and post a whopping 34.4% year over year increase in home value
- Berkeley - Median Price of $834,100 and a gain of 25.8% year over year increase in home value
- Hayward - Median Price of $379,500 with a gain of 36.1% year over year
- Fremont - Median Price of $692,800 with a gain of 31.4% year over year
- Pleasanton - Median Price of $858,000 with a gain of 25% year over year
- Livermore - Median Price of $554,400 with a gain of 29.3% year over year
- Richmond - Median Price of $221,000 with a gain of 28.2 year over year
Overall, a great showing from 3rd Quarter 2012 to 3rd Quarter 2013! You can read the full Zillow 3rd Quarter, 2013 Market Report here