94720, Berkeley, CA

The Berkeley, CA 94720 zip code has a median home value of $1,039,000 and a median home equity of $269,000. The Berkeley area has seen strong growth in home values over the past few years, with prices increasing by an average of 7.2% annually from 2013 to 2017. This strong growth is likely due to the presence of prestigious universities such as UC Berkeley and Stanford University, as well as a high level of economic activity and population density.

Despite this strong growth in home values, there are still many opportunities for buyers in the 94720 zip code. In addition to having a median home value above the statewide average, the Berkeley area also has a low percentage of homes that are considered affordable for buyers who make less than 80% of the Area Median Income (AMI). Additionally, there is significant demand for housing in the 94720 zip code due to its proximity to major metropolitan areas such as San Francisco and Oakland. As a result, prices have been able to continue rising even as inventory levels have decreased over recent years.