Various embodiments of semiconductor assemblies with multi-level substrates and associated methods of manufacturing are described below. In one embodiment, a substrate for carrying a semiconductor die includes a first routing level, a second routing level, and a conductive via between the first and second routing levels. The conductive via has a first end proximate the first routing level and a second end proximate the second routing level. The first routing level includes a terminal and a first trace between the terminal and the first end of the conductive via. The second routing level includes a second trace between the second end of the conductive via and a ball site. The terminal of the first routing level and the ball site of the second routing level are both accessible for electrical connections from the same side of the substrate.