Bakersfield Home Prices Rise As Sales Drop
The Crabtree Report for April shows Bakersfield home listings have seen a huge jump, rising nearly 36 percent from March and 34 percent since last year.
Bakersfield real estate appraiser Gary Crabtree said the market is transitioning to “peak season.” Home prices are still rising, and Californians living in pricier urban areas are looking to move to Bakersfield due to its affordability.
Existing home sales are down by about 6 percent and nearly 20 percent lower since March 2021. New home sales dropped last month by almost 17 percent.
The median price of a home up for sale in the Bakersfield market jumped by about $20,000 in just one month, with the median price nearly 25 percent higher when compared to a year ago.
“It’s very difficult for a first time home buyer right now,” Crabtree tells KGET-TV.
“Only one in every three can afford to buy a median-priced home in Bakersfield right now. Compared to the rest of the state at 26 percent. We’re only four points higher. Eventually it’s going to have to correct,” Crabtree said.