BAKERSFIELD, Calif. (KGET) — It’s a seller’s market for real estate and July numbers show Bakersfield home prices continuing to grow in value.
A home’s value rose $6,000 on average last month compared to June, according to real estate analyst Gary Crabtree.
Crabtree’s report shows new listings rose nearly 17% since June. The median price for homes in Bakersfield is now $331,000, while California’s median price for a home is $811,170. The city’s main draw remains affordability – with our median home price nearly 60% lower than the state’s.
Crabtree warns that the increasing cost of living and the high rate of unemployment in metro Bakersfield – 8.7% – will eventually drag these prices back down. He says he expects a “period of correction” at some point next year.