Oakland's real estate market is experiencing a price correction, with values down 76.1% from last year. The median home price has fallen to $58,000, a significant 76.1% decrease year-over-year. With 2.0 months of supply, Oakland's inventory levels remain relatively tight. Properties are selling within just 32 days on average, much faster than the historical norm of 1559 days. A significant 50.0% of listings experienced price reductions, indicating sellers may be adjusting to market realities. The majority of homes (100.0%) sold above asking price, a clear sign of competitive bidding. Affordability remains a significant challenge in the Oakland market with the affordability index at 179.3. Based on current market indicators, home prices in Oakland are projected to increase by approximately 9.7% over the next month.