(ALAMEDA COUNTY, Calif.) The pandemic has drastically shaken up the real estate market in most metropolitan areas around the country. Scores of workers left the office almost two years ago and took most of the rental real estate with them.
Experts were initially unsure if that financial change would swell or sink the residential home market. It appears to be the former.
Alameda County, like any large metropolitan municipality, has a wide array of homes for sale or rent. As workers left the office, businesses no longer needed to rent office space, but the individuals themselves no longer needed to pay a premium to rent space in a big city.
People who may not have looked to buy began exploring the housing market, rather than the rental market.
The average price for a single-family, re-sale home was up 13.5% and the median sales price for a single-family, re-sale home was up 11.6%. These statistics and others indicate that it is an extremely tough market for buyers, a swarm of people looked toward residential real estate as their expensive apartments in the city became more of a money pit than a fun youthful experience.
When you compare that, with the continually inflating home-sale price of houses throughout Alameda County, it seems to indicate that now may not be the best time to buy but it is a gold rush for those selling.
According to Briefly, of the more than 25 homes sold in the county over the past two weeks, the most expensive was a 1410 square-foot, three-bedroom, two-bathroom house on Harmon Street that sold for $2.3 million.