Local Real Estate Market* Update, Fourth Quarter 2022
Updated: Jan 2
557 homes were sold during the quarter ended December 31, 2022, down 41% from the 946 sold in the same period last year as inventory remained scarce. The median price fell 6% to $1,310,000, down from $1,400,000 in the same period last year as rising interest rates and economic contraction continued to impact the affordability and demand for housing. Properties sold in 24 days on average during the current quarter, slower than 19 days in the same quarter last year. At the date of this newsletter, there are 158 homes available for sale (4 weeks of inventory) compared to 84 homes at this time last year.
*detached homes over $450,000 in Albany, Berkeley, El Cerrito, Kensington, Piedmont and Oakland zip codes 94602, 94605, 94608, 94609, 94610, 94611, 94612, 94618, 94619. Based on information from the MLS as of January 1, 2023. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information