BAKERSFIELD, Calif. (KGET) — It’s a seller’s market for real estate and June numbers show Bakersfield home prices continuing to grow in value.
A home’s value rose $7,000 on average compared to May as more people cash in on big offers, according to real estate analyst Gary Crabtree.
Crebtree’s report shows new listings rose nearly 43% since May. The median price for homes in Bakersfield is now $326,000, while California’s median price for a home is $819,000.
Crabtree attributes part of the continued increase in prices to the ongoing materials shortage faced by home builders, as well as to Bakersfield residents selling to buyers from out of town and leaving the area for cheaper locations, as many people become able to reliably work from home.
Many are from the coasts to the Central Valley in the name of affordability.