This East Bay 'residential oasis' has home prices in the $200,000s
This South Bay city is home to the most expensive real estate in the country
A new analysis from SmartAsset finds the median home price in San Jose is more than $1.6 million, making it the most expensive real estate market nationwide.
RICHMOND, Calif. - In a region known for high home prices, where typical property values exceed $1 million, an East Bay community is bucking the trend with homes valued in the $200,000s, virtually unheard of in the Bay Area these days.
The historic Atchison Village neighborhood of Richmond has been identified as the Bay Area's most affordable neighborhood.
The typical home value in Atchison Village stood at $210,883 last month, according to the latest figures provided to KTVU by online real estate marketplace company Zillow.
It's a throwback to the mid-1990s, when typical home prices were that low in the Bay Area.
In fact, figures show in the region, Atchison Village is "the least expensive by a wide margin," according to Zillow Communications Manager Alex Lacter.
Big picture view:
By comparison, the typical home value in the city of Richmond is $617,036, figures from Zillow show.
When considering the wider San Francisco metro area, that value jumps to $1,152,144.
In the San Jose metro area, it's $1,631,344.
And the gap is exorbitant when home prices in Atchison Village are butted up against the most expensive neighborhood in the Bay Area: Saratoga's Fruitvale West community in Santa Clara County, where the typical home value stands at a whopping $5,557,412.
SEE ALSO: This Northern California city is the top U.S. destination among homebuyers looking to relocate
While Zillow's figures represent the estimated value of a typical home in the area, often when evaluating real estate costs, the median price is used—the middle price of all sold homes during a specific timeframe.
Dig deeper:
Atchison Village is located west of downtown Richmond and on the eastern end of the Richmond-San Rafael Bridge.
It was established in 1941, according to the National Park Service, and originally built for Kaiser shipyards' defense workers and their families during World War II.
File photo of Atchison Village in Richmond, Calif. from the Library of Congress. (National Park Service)
"The community was designed with a focus on durability and livability, featuring well-constructed homes and a layout that encouraged a strong sense of community among residents," the park service said.
It’s described as "a modest residential oasis," by the Atchison Village Mutual Homes Corporation, which identified the community as the city’s first public defense housing project.
Next most affordable in Oakland
Zillow figures show after Atchison Village, the next most affordable neighborhood in the Bay Area is Oakland’s Chinatown, where the typical home value stood at $373,838.
Oakland neighborhoods occupy the majority of spots for most affordable communities in the Bay Area.
Below $500K
Here’s a look at all the Bay Area neighborhoods, where the typical home value sits below $500K.
- Atchison Village - Richmond $210,883
- Chinatown - Oakland $373,838
- Coliseum - Oakland $436,180
- Fitchburg - Oakland $437,968
- Lockwood Tevis - Oakland $458,789
- Woodland - Oakland $458,906
- Seminary - Oakland $465,137
- Hilltop Village - Richmond $468,636
- Castlemont - Oakland $471,637
- Iron Triangle - Richmond $475,554
- Highland - Oakland $478,513
- Hegenberger - Oakland $478,651
- Tenderloin - San Francisco $479,657
- Webster - Oakland $480,776
- Melrose - Oakland $481,285
- Eastmont - Oakland $488,240
- Waverly - Oakland $493,232
- Arroyo Viejo - Oakland $495,450
- Santa Fe - Richmond $499,135
(Source: Zillow)