Home prices in Redwood City will rise upwards of 7 percent this year, according to a study conducted by an online real estate site.
Zillow.com expects home prices in 244 of the 245 zip codes in the Bay Area to rise in 2013. The only exception will be the 94515 zip code in Calistoga, according to a story in the San Francisco Chronicle.
The story suggests that the primary reason for the price increase is the tight inventory, a lack of homes for sale on the market.
But even with the increase, prices still lag behind peak prices of a few years ago.
Here is data for individual zip codes in the Redwood City area.
Zip Code Dec. 2012 median Dec. 2013 projection Increase % decrease from peak price 94063 $511,600 $575,124.70 12.4% -25.3 percent 94061 $789,300 $858,319.89 8.7% -6.2 percent 94062 $1,215,100 $1,315,183.24 8.2% -3.2 percent 94065 $860,200 $921,077.47 7.1% -6.2 percent
What do you think of this data? Tell us your thoughts in the comments below.
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