40404, Berea, KY

Berea, KY is located in the 40404 zip code. Home equity and home prices in this zip code have increased significantly over the past few years. In 2016, the median home value was $137,500. This year, the median home value has increased to $158,000. This increase in home values is due to several factors including an increase in demand for housing and an increase in the number of homes available for sale.

One reason that there has been an increase in demand for housing is that Berea has seen a growth in its population. The population of Berea has grown by 8% since 2010 which has led to an increase in demand for housing. Additionally, Berea is located near several major cities which have led to an increase in job opportunities and a rise in income levels. As a result of these factors, more people are able to afford homes than ever before.

Another reason that there has been an increase in home values is that there are more homes available for sale than ever before. Over the past few years, the number of homes available for sale has increased by 10%. This rise in availability means that buyers can find what they are looking for at a price they are comfortable with. Additionally, many homeowners have taken advantage of low interest rates and refinanced their mortgages which has helped them to raise their home values even further.

Overall, it appears that there are several factors contributing to the increasing prices of homes within the 40404 zip code of Berea: an increase in population and job opportunities; a rise in availability of homes; and low interest rates which have helped homeowners refinance their mortgages and raise their home values