The average home value in Berkeley is 1.7m – if it drops 15% then it’ll be 1.45m. I can tell you don’t live in the bay area. It’s not expensive compared to peninsula and south bay prices, where it’s at least 2.0m+. Nevertheless, as prices continue to drop, we’ll have more buyers jump back in, but for the time being, demand has fallen off a cliff and prices are following suit.
