BAKERSFIELD, Calif. (KGET) — Bakersfield housing market is riding high these days compared to a year ago. A local analyst says market values have soared past levels not seen since before the economic crash of 2008.
Real estate appraiser Gary Crabtree released his latest report Monday morning for January 2021. The report showed Bakersfield’s median home price is higher than the peak reached in the housing bubble of 2006, seting an all-time monthly high of $303,000. Crabtree says that’s up 163% since the market low in April 2009.
The price is also up more than 20% compared to January 2020, when the median sale price hit $252,000.
One reason for the highs may be less supply. Homes on the market dropped by nearly 47% compared to January last year, from 722 to 385.