Is Bakersfield a good place to buy a home?
Located just two hours North of Los Angeles on the Kern River and right next to the Sequoia National Forest lies the city of Bakersfield, California. This southern California city in Kern County is considered a good place to live due to its high quality of life, affordability, and available housing.
Bakersfield Housing Market Trends
In December 2022, Bakersfield home prices were up 3.6% compared to last year, selling for a median price of $378K. On average, homes in Bakersfield sell after 32 days on the market compared to 19 days last year. There were 307 homes sold in December this year, down from 477 last year.
Bakersfield has a relatively strong new construction market, which is great news for investors looking to capitalize on the growing trend of building rental properties. By the end of July 2022, the City of Bakersfield had issued 878 building permits – an increase of 164 permits YOY.
Homes in Bakersfield, CA sold for approximately the asking price on average in November 2022. Bakersfield, CA is a seller's market in November 2022, which means that there are more people looking to buy than there are homes available.
One of the best places to live in Bakersfield right now is in the area of Olde Stockdale. Considered by many as the most affluent neighborhood in the city, Olde Stockdale has the highest median household income compared to all other neighborhoods in Bakersfield.
In addition, to making the top cities to live list, Bakersfield is also ranked among the 100 top places to retire. As for the number one city to live in Austin, Texas came in at the top of the list once again.
CAR in its 2023 California Housing Market Forecast report, predicts a 7.2% drop existing single-family home sales in 2023. It will fall to reach 333,450 sold unit units, down from their projected sales volume of 359,220 units this year, which is predicted to be 19.2% less than the 444,520 homes sold in 2021.
Statewide, prices are also expected to fall over the next year. The California Association of Realtors estimated that the California median home price will fall 8.8% to $758,600 in 2023.
Capital Economics' central forecast is for house prices to fall by 12% by the end of 2023, but Andrew Wishart, senior economist at the consultancy, said in a worst-case scenario prices could plummet by up to 20%. “The initial drop in house prices has been sharper than in the financial crisis or the early 90s.
Bakersfield is one of the top destinations for people moving in California thanks to its low cost of living and, in particular, affordable Bakersfield home prices compared to the rest of the state. Bakersfield has been called the last frontier of affordable homes in California.
Is Bakersfield a good place to move to?
Bakersfield has miles of bike paths and lanes and more than 60 public parks, offering locals plenty of opportunities to enjoy the outdoors. Plus, residents are within driving distance of the Sierra Nevada Mountains and some of California's expansive national forests. See all the best places to live in California.
Most salaries in Bakersfield range between $40,355 (25th percentile) to $73,716 (75th percentile) annually. Of course, salaries will vary depending on your occupation, experience, and many other factors.
A meal in San Diego is 57% cheaper than in Bakersfield, CA.
Both are affordable California cities with a central location, but they have plenty of differences to consider. Bakersfield generally has a lower cost of living, a famous music scene, and great parks while Fresno has an active nightlife and great cultural destinations.