Berkeley is the latest Bay Area city to hit a record high for property prices. SFGate reports on new data by Red Oak Realty showing that the median home price for a single-family home in Berkeley was $1.050 million, breaking the million-dollar mark for the first time. Data sourced by the publication from the Multiple Listing Service show that eight of 17 neighborhoods in Berkeley, where at least 3 homes at been sold through the first half of 2015, had achieved a median sales price in excess of $1 million. What’s next for the city on the east shore of San Francisco Bay? SFGate real estate blogger Anna Marie Erwert has an idea.
Shall Berkeley become even even more expensive? It seems poised to do so with the generally low unemployment in the region, a plethora of well-paid, growing job markets, high demand for homes and low supply to meet it. And it’s still cheaper to live in Berkeley than in some other parts of the Bay: Buyers “pay 122% more for a home in Palo Alto ($2.345 million median), 35% more in San Francisco ($1.425 million) and 28% more in Mill Valley ($1.350 million).”