Have you always dreamed of living across the bay from San Francisco? Berkley may be the right destination for you, or for some real estate investing. Housing trends in Berkley over 2017 showed an uptick in the cost of median-income homes. Oakland and Berkley have seen a rise in inventory for the market, making it perfect for new buyers and investors to scoop up some great deals.
Housing trends in Berkeley
Compared to other areas in the country, Berkeley homes are on the higher end of the price spectrum. Looking over housing reports for 2017, the average home price was $1.2 million. Houses in this price range continue to hold their value in 2018, and we see no signs of this trend slowing down. The higher-priced homes are starting to cool off more. Bay Area home prices have steadily increased since 2012. Decades of job creation allowed the Bay Area to continue growing at a rapid pace. While there isn’t much land left for development, there are always opportunities to buy and sell properties. Purchasing property to rent in Berkeley is a smart investment with the steady flow of students flocking to the area for schooling. Thanks to job creation from Google and Facebook the Bay Area continues to thrive for real estate buyers and sellers.
So what makes Berkeley the right place to move? Many of the residents here enjoy the beautiful views and ability to ride their bike just about anywhere. Berkeley is a health-conscious city and does encourage walking and biking for residents. However, the majority of people that work will commute via car while come can commute on the Bay Area Rapid Transit (BART). Normally July is the best time to look at how the housing trends have been going for Berkeley. Several people purchase homes in the spring, making summer a good time to see the overall inventory and climate of the housing market. Here are some other reasons why you need to consider Berkeley if you are planning to move, or you want to purchase some property you can turn into a cash cow:
- Health conscious – several biking paths and bike rental stations along with walking trails
- Excellent cuisine – Berkeley is home to restaurants for all demographics. College students can often be found at the fast-food chains while established residents often prefer fine dining.
- Knowledge – Berkeley is a college town at heart, so you can find bookstore after bookstore, making it a great city to live in if you love to read and you want to continue learning new things.
- Fun Shopping – Take a stroll down Telegraph Avenue and meet some local artists and vendors selling unique and one-of-a-kind items.
- Melting Pot – One of the things that really makes Berkeley stand out is how it has become a melting pot for individuals of all nationalities. It is common to sit and enjoy an outdoor café while you can hear 10 different languages being spoken.
Markets Surrounding Berkeley
If you are unable to find a property in Berkeley, there are several cities next to Berkeley you need to consider looking at:
- El Cerrito – The average home price is $833K
- Albany – The average home price is $980K
- San Leandro – The average home price is $609K
- Alameda – The average home price is $988K
If you would like to discuss purchasing rental property in East Bay, it is important to work with a realtor that understands your needs. Contact Keyrenter if you do need additional help managing your existing properties.