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Photo: MLS Image 1 of / 10 Caption Close Image 2 of 10 The covered front porch The covered front porch Photo: MLS Image 3 of 10 The entry flows into the living and dining rooms. The entry flows into the living and dining rooms. Photo: MLS Image 4 of 10 The dining rooms sports original 1922 built-ins. The dining rooms sports original 1922 built-ins. Photo: MLS Image 5 of 10 Image 6 of 10 The kitchen is off the dining room and looks out onto the backyard. The kitchen is off the dining room and looks out onto the backyard. Photo: MLS Image 7 of 10 The larger of the two bungalow bedrooms. The larger of the two bungalow bedrooms. Photo: MLS Image 8 of 10 The smaller bedroom The smaller bedroom Photo: MLS Image 9 of 10 A blank slate of a backyard A blank slate of a backyard Photo: MLS Image 10 of 10 Oakland outpaces S.F. in price increases 1 / 10 Back to Gallery

Oakland real estate has appreciated faster than San Francisco’s market over the past 12 months, according to a new survey from ZipRealty. Oakland’s median home price jumped 23% between May 2013 and May 2014. San Francisco’s median home price was up only 14% during the same time period.

One reason for the East Bay city’s increase: the median home price in San Francisco is just over $1 million while Oakland’s is less than half that at $478K, making it look like a steal for those fleeing S.F.’s astronomical asking prices.

However, in Oakland’s most-expensive zip code (94611), which includes neighborhoods like Piedmont Pines, Grand Lake, Glen Highlands, Sheperd Canyon and Merriwood, the median home price was $795K as of May 31, which actually represents a 2% decline from the previous year. In San Francisco, the most-expensive zip code is 94123 (the Marina, Cow Hollow, Pacific Heights) where the median home price is $3.15 million—a shocking 109% increase during the same one-year period, according to ZipRealty.

The survey also looked at Alameda and Berkeley, finding that the latter posted an overall decrease of 1% in the last year, with a new median home price of 801K. Alameda, on the other hand, was up 11% to 666K. Just as in San Francisco, the higher end of the market saw a substantial increase in these cities as well. In Berkeley, 94705 (Claremont, the Claremont Hills, Elmwood and Panoramic Hill) posted an 85% increase with a median home price of $2 million. In Alameda, 94501 (the Gold Coast, South Shore, Fernside, Bronze Coast and East End) saw a 22% year-over-year increase to 725K.

Emily Landes is a writer and editor who is obsessed with all things real estate. She also has a DIY problem that she blogs about at pritical.com.