Current Real Estate Market in Bakersfield

It is no secret that the real estate market in the state of California, United States, is famous for its exorbitant prices. However, within its area lies the city of Bakersfield, a place known for being more friendly to those looking to invest or purchase in the state.

Currently, Bakersfield is known as a symbol of affordability in the state. According to analyzed data, the average selling price is 6% lower compared to the rest of the country. These figures may be very appealing to those who do not have sufficient resources for other areas of the state.

Although housing prices throughout California are constantly rising, prices in Bakersfield have only seen an increase of 3.7%. This trend is a positive factor for the city’s real estate market as it presents a perfect blend of affordability and sector growth.

Despite the price increase, many buyers are still looking for affordable housing. This usually does not pose a problem in the city because, today, buyers can find multiple options, whether in the large list of homes for sale on the market or in properties that are quickly auctioned off in foreclosure processes. Therefore, Bakersfield is consolidated in its real estate market due to its good supply and demand.

Obviously, property prices, as in all cities worldwide, vary depending on the location. Bakersfield, being a large city, naturally presents a variety of prices and trends in the real estate market.

Other causes that contribute to the positive changes in the market include oil production, manufacturing, agriculture, and employment, which, according to current data, are favoring the city’s economy, providing an excellent projection. Therefore, it is predicted that now is a good time to invest in one of the city’s properties, as this economic growth also contributes to higher commercial appreciation of homes.

And not only properties for sale are key to the real estate market boom, but the growing population signing rental contracts also helps to some extent. Due to the strong development of economic factors that support commercial stability and because Bakersfield is a great place to live and invest, many people are moving there, attracted by its quality of life and job opportunities.

Thanks to the good development of these factors, the solid economy, stable employment rate, and demand for affordable housing, the city is becoming a very lucrative market for thousands of investors from the state and the country a positive fact that is impacting Bakersfield’s economy.

In general, it could be said that Bakersfield’s real estate market appears to be in a healthy state with stable growth. It seems unlikely that the current market will experience a drastic downturn in the near future. However, should changes occur in the factors that make this market one of the most attractive in California, property prices could vary, making homes less affordable for its residents and investors.

Available Foreclosures

Bakersfield: 150 homes available.

By Elias DaSilva | September 24, 2024.