Piedmont has long been thought of as one of the most desirable East Bay communities in which to live, and real estate prices certainly bear that out.
The trend over the last twelve months or so has been no different than it has for the last 60 years. The average Piedmont home sells for approximately twice as much as the average Berkeley home, and for about two-and-a-half times as much as the average Oakland home, even when adjusted for factors such as square footage and the condition of the home.
The demand for Piedmont homes is higher than that of its surrounding communities largely because of Piedmont’s excellent public school system, its small-town atmosphere, low crime rate and desirable views of the entire Bay Area.
This kind of “micro-market” is actually more common in real estate than you might think.
If you have similar examples from other parts of the country, I’d love to hear about them.