Bakersfield remains one of California’s most affordable cities, local real estate analyst says

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BAKERSFIELD, Calif. (KGET) — Despite seeing significant increases in home prices over the last year, real estate analyst Gary Crabtree says Bakersfield remains one of California’s most affordable cities.

“People are commuting or moving to Bakersfield because they can no longer afford housing in Southern California or Northern California,” Crabtree said.

Crabtree said the migration from the priciest parts of California to Bakersfield has caused a significant decrease in the number of available houses. There were only 427 listings, according to his October 2021 housing report. That is a 30% decrease from the same time last year.

The finding in Crabtree’s report that shocked him was the median cost of new construction, which increased over 30% from just a month before.

“Cost of lumber has gone up [and] there is a shortage of materials,” Crabtree said. “Many of them are in shipping containers off the coast waiting to be offloaded so it slowed construction down.”

Crabtree said October is typically the start of an off-peak season where prices drop. This year, however, he said the sales volume has been consistent with the rest of the year and prices appear to be stabilizing.

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