Bakersfield, California, is a city located in the southern San Joaquin Valley. It is a bustling city with a population of over 380,000 people, making it the ninth-largest city in California. Bakersfield is known for its rich agricultural history, oil production, and vibrant arts scene. It is also a popular destination for homebuyers looking for affordable real estate in California. In this blog post, we will explore the Bakersfield CA real estate market and market trends.
Bakersfield Real Estate Market Overview
The Bakersfield real estate market is considered to be a seller’s market, with the median home price currently at $310,000, up 12.4% from the previous year. This rise in home prices can be attributed to the low inventory of homes for sale and the high demand from buyers. Bakersfield is a popular destination for homebuyers looking to escape the high cost of living in major cities like Los Angeles and San Francisco.
The Bakersfield real estate market is composed of both new construction and existing homes. According to Zillow, the average price per square foot for homes in Bakersfield is $178, which is lower than the average price per square foot in other California cities like Los Angeles ($700) and San Francisco ($1,119).
Bakersfield CA Real Estate and Market Trends
Low Inventory
One of the biggest trends in the Bakersfield real estate market is the low inventory of homes for sale. The low inventory is driving up home prices and causing bidding wars among buyers. According to Zillow, the number of homes for sale in Bakersfield has decreased by 41.3% compared to the previous year. The low inventory is making it difficult for buyers to find their dream home in their desired location.
New Construction
New construction is a growing trend in the Bakersfield real estate market. Developers are building new homes and communities to meet the high demand from buyers. The new construction homes offer modern amenities and energy-efficient features that attract buyers looking for a more sustainable lifestyle. New construction homes in Bakersfield range from affordable starter homes to luxury estates.
Affordability
Affordability is another trend in the Bakersfield real estate market. The city offers a more affordable cost of living compared to other California cities. The lower cost of living is attracting buyers looking for a more affordable place to live without sacrificing the California lifestyle. Bakersfield is also a popular destination for retirees looking to stretch their retirement savings further.
Rental Market
The rental market in Bakersfield is also experiencing high demand. The low inventory of homes for sale is pushing some buyers to rent until they find the right home. The high demand for rentals is driving up rental prices, making it a good time for landlords to invest in rental properties.
Neighborhoods in Bakersfield
Bakersfield is a large city with many neighborhoods to choose from. Each neighborhood offers a unique experience and lifestyle. Here are some of the most popular neighborhoods in Bakersfield.
Downtown Bakersfield
Downtown Bakersfield is the heart of the city. It is a vibrant neighborhood that offers a mix of historic and modern buildings. The neighborhood has many restaurants, cafes, and shops. Downtown Bakersfield is a popular destination for those looking for a lively urban lifestyle.
Laurelglen
Laurelglen is a suburban neighborhood located in the southwest of Bakersfield. The neighborhood is known for its large homes and spacious yards. The neighborhood is popular among families looking for a quiet suburban lifestyle.
Seven Oaks
Seven Oaks is an upscale neighborhood located in the southwest of Bakersfield. The neighborhood offers luxury homes and a golf course. Seven Oaks is a popular destination for those looking for a luxurious lifestyle.
Silver Creek
Silver Creek is a new master-planned community located in the northeast of Bakersfield. The neighborhood offers modern amenities and energy-efficient homes. The community is popular among buyers looking for a new construction home in a growing area.
Northwest Bakersfield
Northwest Bakersfield is a diverse neighborhood located in the northwest of the city. The neighborhood offers a mix of homes ranging from starter homes to luxury estates. Northwest Bakersfield is a popular destination for families looking for a diverse community with good schools.
Real Estate Investment in Bakersfield
Investing in real estate in Bakersfield can be a profitable venture. The low inventory of homes for sale and high demand for rentals make it a good time to invest in rental properties. Rental properties in Bakersfield offer a good return on investment, with rental prices increasing year over year.
The growing new construction market in Bakersfield also offers investment opportunities. Developers are building new homes and communities to meet the high demand from buyers. Investing in new construction homes can be a good investment as the homes offer modern amenities and energy-efficient features that attract buyers.
Conclusion
Bakersfield, California, is a growing city with a thriving real estate market. The low inventory of homes for sale and high demand from buyers make it a seller’s market. The city offers affordable real estate compared to other California cities, making it a popular destination for buyers looking for a more affordable cost of living. The growing new construction market and high demand for rentals offer investment opportunities for those looking to invest in real estate. With its vibrant arts scene, rich agricultural history, and growing economy, Bakersfield is a city that is attracting new residents and investors alike.
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