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City of San Leandro 2023-2031 Housing Element Update 2-30 2.16 Housing Costs Housing costs are indicative of housing accessibility for all economic segments of the community. Typically, if housing supply exceeds housing demand, housing costs will fall. If housing demand exceeds housing supply, housing costs will rise. 2.16.1 Median Home Sale Price The median home sale price of a single-family home in San Leandro as of June 2022 is $1,075,000. The median home sale price for all housing types is $1,00,000. The average median home sale price of a condominium is $602,500. Redfin.com lists San Leandro as a “hot market,” where the average homes sell for about 16 percent above list price and go pending in around nine days. The median home sale price (for all housing types) is comparatively lower than for Alameda County and the cities of Alameda and Union City. In June 2015, the median home sale price in San Leandro was $505,000 (in 2015 dollars, equal to $615,989 in 2022). As shown in Table 2.28, only the City of Hayward had a lower median home sale price than the other comparison jurisdictions near San Leandro. Redfin data shows that the median home sale price in San Leandro was $1,000,000 in 2022, an increase of 62 percent since 2015 (adjusted for inflation). This percent increase was more than the county as a whole, and the second- highest increase among surrounding cities. Table 2.28 Changes in Median Home Sale Prices and Values (2015-2022) Jurisdiction Median Home Sale Price 2015 (in 2022 dollars) Median Home Sale Price 2022 Change (2015-2021) San Leandro $615,989 $1,00,000 62% Oakland $690,396 $958,500 39% Hayward $597,693 $946,250 58% City of Alameda $922,154 $1,275,500 38% Union City $817,253 $1,365,000 67% Alameda County $823,352 $1,250,000 52% Source: Redfin.com 2022 Figure 2.9 provides a comparison of the median home sale price for San Leandro, nearby cities, and Alameda County.