Median Price For a Home in the East Bay Tops $1.2 Million
ALAMEDA (KPIX) -- Bay Area home prices continue to skyrocket, hitting record highs even in parts of the East Bay that have traditionally been more affordable for home buyers.
The median price in the East Bay for a single-family home recently reached $1,212,500, according to the Bay East Association of Realtors.
"$1.2 million, in a different part of the country, is a mansion," said Melissa Neveu of Alameda.
Neveu isn't looking for a mansion. But she and her husband are trying to upgrade to something bigger from their starter home they bought about 13 years ago.
"Our family grew in the last couple of years since we purchased our home. We have two little kids, and want to buy bigger land," said Neveu.
They want to stay in Alameda. But in some cases, their offers have come in a few hundred thousand dollars short of the winning bids.
"We've been looking, I'd probably say, a year, year and a half," said Neveu. "It's been tough. Very, very tough."
Sheila Cunha is the president of the Bay East Assocation of Realtors. Their data showed the median price of single-family homes in the East Bay continued to climb. She said In the last few months, low inventory pushed the prices higher around the region.
In Castro Valley for example, the median price of single-family homes went up 44 percent to $1,390,000 this February compared to last February.
In El Sobrante, the median price has gone up by 32 percent in the last year to $910,000, according to the Bay East Association of Realtors.
Even in East Contra Costa County where it's often more affordable, Antioch has gone up by 31 percent to $710,000, according to the Bay East Association of Realtors.
"Historically, the Spring time has always been the best time to sell a house. Because we're coming out of Covid as well, I think we will start seeing more inventory on the market," said Cunha.
With rising interest rates, experts believed buyers could see some relief.
"We will see some stabilizing a little bit, I don't think you're going to see home prices drop 20, 30 percent. I don't think that's in the future," said Cunha.
