A welcome sight for most residents as median Emeryville rents listings flattened in 2016 rising just over 1% (neighboring Berkeley saw a 3% increase while Oakland saw a 7.3% jump). Meanwhile home prices increased steadily at a 6.3% clip according to data provided by the Real Estate site Zillow.com.
Rental increases “softened” in 2016 from the median list increasing from $2,575 to $2,612 or about 1.4%. “The market has already gone up so much that it can’t sustain any more rent increases” noted ApartmentList.com data scientist Andrew Woo. Woo also noted the construction of thousands of units and a typical seasonal slowdown as other criteria.
Zillow’s current rent index in Emeryville versus our neighbors:
While Emeryville’s overall median rents are substantially lower than our neighbors, these numbers are more applicable when you only compare studios, 1-bedroom and 2-bedroom units (which of course constitute a vast majority of Emeryville’s housing stock). Emeryville eclipses Oakland in median 2-bedroom rents $3,073 to $2,779 respectively. This data does not distinguish if these units are apartments, town-homes or single-family units.
A few examples of what these asking rents include:
- Emery Bay: $2,500/mo. – 2 bed, 1.0 bath, 813 sq ft
- Bay Street Apartments: $2,609/mo. – 1 bed, 1.0 bath, 714 sq ft
- Parc on Powell: $2,876 – 1 Bed · 1 Bath · 676 Sq ft
The median home value in Emeryville rose from $459K to $494K or 6.1% over the past year. By comparison, the median price of a Berkeley home is $1.06M (up 5.3%) and a Oakland home is $681K (up 9%). The data does not provide the median square footage. Zillow projects Emeryville home price values to slow to an 1.8% gain in 2017.
Additional analysis and insight of the Bay Area market provided by Pacific Union:
- January Bay Area home sales were 3% lower year over year, while inventory declined by 2%
- Alameda and Contra Costa county home sales and inventory are both up with a 10% increase in supply and a 2% increase in sales
- The improvement in supply conditions in the East Bay suggests the potential for stronger February sales
Despite these figures, Zillow lists Emeryville’s Market Health as “Less Healthy” trending downward with a 4.3/10 score. 1.5 Emeryville homes are foreclosed upon per 10,000 which is greater than the SF Metro value of 0.5 and the national value of 0.9. Zillow’s Market Health Index is based on 10 metrics including the pace of sales compared to the past and other historic data. Zillow notes that foreclosures will be a factor impacting home values in the next several years in Emeryville. The Mark Company, which specializes in urban residential marketing and sales, denies that the housing bubble has already “burst” in their assessment.
View additional Emeryville Home Prices & Value data on Zillow.com.