3-digit ZIP regional index
Home appreciation in ZIP codes 946xxOakland, CA area
FHFA HPI® data shows the regional home price index for ZIP codes beginning with 946 changed +2.6% over the year to Q2 2026, compared with +0.9% for California and +3.0% for the United States.
The region covers ZIP codes 94601–94621. Most of its 2010 population lived in Alameda County (100%). Communities in the region include Piedmont, Emeryville, Berkeley. This is a regional index, not a ZIP5, street, or individual-home estimate.
- 1-year change
- +2.6%
- 5-year change
- +1.4%
- Since Q1 1995
- +420%
- National rank (1 year)
- 608th
Year to Q2 2026
vs U.S. +41.3%
vs U.S. +292%
of 882 ZIP3 regions
ZIP3 946 vs California and the U.S.
FHFA HPI® all-transactions index, rebased so Q1 1995 = 100, through Q2 2026
- ZIP3 946: 519.8
- California: 488.5
- Oakland-Fremont-Berkeley, CA metro: 456.0
- United States: 391.6
Want a different starting year? Rebase this chart or compare with another ZIP3.
Appreciation by time window
| Window | ZIP3 946 | CA | U.S. | Gap vs CA | Gap vs U.S. |
|---|---|---|---|---|---|
| 1 year | +2.6% | +0.9% | +3.0% | +1.7 pts | −0.4 pts |
| 3 years | -1.9% | +7.7% | +12.9% | −9.6 pts | −14.8 pts |
| 5 years | +1.4% | +28.1% | +41.3% | −26.7 pts | −39.8 pts |
| 10 years | +40.6% | +76.2% | +93.3% | −35.6 pts | −52.8 pts |
| Since Q1 1995 | +420% | +388% | +292% | +31.3 pts | +128.2 pts |
If you bought in ZIP3 946 in…
Applying the regional index change from the same quarter of each year to Q2 2026 to an example $300,000 purchase price. Individual homes can differ widely from the regional average.
| Bought in | Index change | $300,000 then, at the regional rate |
|---|---|---|
| Q2 1995 | +414% | $1,542,437 |
| Q2 2000 | +232% | $995,690 |
| Q2 2005 | +65.4% | $496,087 |
| Q2 2010 | +117% | $650,338 |
| Q2 2015 | +58.3% | $474,845 |
| Q2 2020 | +12.5% | $337,544 |
| Q2 2021 | +1.5% | $304,357 |
| Q2 2023 | -1.9% | $294,165 |
| Q2 2025 | +2.6% | $307,745 |
How ZIP3 946 ranks
Over the past year ZIP3 946 ranks 608th of 882 3-digit ZIP regions nationally and 17th of 57 in California. Its one-year change is −0.4 pts versus the nation and +1.7 pts versus California. Rank 1 is the strongest appreciation.
| Window | National rank | Rank in California |
|---|---|---|
| 1 year | 608th of 882 | 17th of 57 |
| 3 years | 876th of 882 | 56th of 57 |
| 5 years | 882nd of 882 | 57th of 57 |
| 10 years | 867th of 882 | 51st of 57 |
| Since Q1 1995 | 65th of 879 | 27th of 57 |
Boom, bust, and recovery in ZIP3 946
ZIP3 946's index peaked in Q3 2006, fell 36.3% to its low in Q1 2012, and regained its peak in Q1 2016, about 9.5 years after the top. Today it sits +47.9% versus that 2000s peak. How every state and ZIP region fared
| Area | 2000s peak | Low point | Peak to low | Back to peak | Today vs peak |
|---|---|---|---|---|---|
| ZIP3 946 | Q3 2006 | Q1 2012 | -36.3% | Q1 2016 (9.5 yrs) | +47.9% |
| CA | Q3 2006 | Q1 2012 | -41.0% | Q2 2019 (12.8 yrs) | +50.9% |
| Metro | Q2 2006 | Q1 2012 | -39.7% | Q4 2016 (10.5 yrs) | +41.5% |
| U.S. | Q1 2007 | Q2 2012 | -19.0% | Q4 2016 (9.8 yrs) | +89.3% |
Appreciation after inflation
Adjusting for consumer price inflation, ZIP3 946's index has changed +135% in real terms since Q1 1995. Home prices vs inflation
| Window | Inflation (CPI-U) | ZIP3 946 after inflation | CA after inflation | Metro after inflation | U.S. after inflation |
|---|---|---|---|---|---|
| 1 year | +3.9% | -1.2% | -2.9% | -8.3% | -0.8% |
| 3 years | +9.8% | -10.7% | -1.9% | -11.5% | +2.8% |
| 5 years | +24.0% | -18.2% | +3.3% | -12.7% | +13.9% |
| 10 years | +39.1% | +1.1% | +26.7% | +4.7% | +39.0% |
| Since Q1 1995 | +121% | +135% | +121% | +106% | +76.8% |
Estimate appreciation for a home in ZIP3 946
Regional estimate
$421,692
- Estimated gain
- $121,692
- Index change
- +40.56%
- Start index
- 369.76
- End index
- 519.75
ZIP3 946 (Oakland, CA area), Q2 2016 to Q2 2026. Index type: Native 3-Digit ZIP index.
Nearby 3-digit ZIP regions
| 3-digit ZIP region | State | 1 year | 5 years | Since Q1 1995 |
|---|---|---|---|---|
| 947 · Berkeley, CA area | CA | +4.7% | +22.2% | +457% |
| 945 · Fremont, CA area | CA | +0.8% | +17.0% | +362% |
| 941 · San Francisco, CA area | CA | +0.9% | +13.3% | +418% |
| 948 · Richmond, CA area | CA | +1.6% | +11.3% | +394% |
| 944 · San Mateo, CA area | CA | +4.2% | +29.6% | +395% |
| 940 · Sunnyvale, CA area | CA | +0.6% | +20.8% | +392% |
Recent quarterly index values
| Period | Index |
|---|---|
| Q2 2026 | 519.75 |
| Q1 2026 | 516.73 |
| Q4 2025 | 508.43 |
| Q3 2025 | 499.06 |
| Q2 2025 | 506.67 |
| Q1 2025 | 505.32 |
| Q4 2024 | 507.75 |
| Q3 2024 | 518.12 |
| Q2 2024 | 513.04 |
| Q1 2024 | 515.48 |
| Q4 2023 | 507.50 |
| Q3 2023 | 524.65 |
Frequently asked questions
- How much have home prices risen in ZIP codes starting with 946?
- Based on FHFA HPI® data for 3-digit ZIP region 946, the regional index changed +2.6% over the year to Q2 2026, +1.4% over five years, +40.6% over ten years, and +420% since Q1 1995.
- Is ZIP3 946 appreciating faster than California and the U.S.?
- Over the past year the region's index +2.6% compares with +0.9% for California and +3.0% for the U.S., a gap of −0.4 pts versus the nation. Over five years the gap versus the nation is −39.8 pts.
- Which ZIP codes are in 3-digit ZIP region 946?
- All ZIP codes that begin with 946. Census 2010 ZIP Code Tabulation Areas in this region run from 94601 to 94621 (15 areas). FHFA publishes one index for the whole 3-digit region, not for each 5-digit ZIP code.
- Can I use this to value my home?
- No. The FHFA HPI® is a broad regional index of average price movement. It is not an appraisal, tax assessment, or automated valuation of any individual property. Use it as general context alongside local sales and a professional opinion.