Is Bakersfield, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Last month, Bakersfield was a Seller's Market.
Key Takeaway
Bakersfield is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices
How much do homes in Bakersfield, CA cost?
Median Sold Price
$362,500
$222/sqft
Based on all homes sold in August 2023.
Difference Since Last Month
Key Takeaway
Homes in Bakersfield have sold for 9.4% less than they did a month ago.
Summary: The median home sold price in Bakersfield was $362,500 in August 2023, down 9.4% from last month, and the median price per square foot was $222.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $143K | N/A |
| 2 Bedrooms | $210K | $257.5K | +22.6% |
| 3 Bedrooms | $364.9K | $335K | -8.2% |
| 4 Bedrooms | $434.5K | $440K | +1.3% |
| 5+ Bedrooms | $1.0M | $545K | -49.7% |
Summary: Bakersfield housing prices by bedroom type for August 2023 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 22.6%, 3 bedroom homes decreased by 8.2%, 4 bedroom homes increased by 1.3%, and 5+ bedroom homes decreased by 49.7%.
Median Sold Price Compared To Nearby Cities
| Greenfield-Panama | $377.5K | $475K | +25.8% |
| Bakersfield | $400K | $362.5K | -9.4% |
Housing Supply
How many homes are available in Bakersfield, CA?
Number of Homes For Sale
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 216 | 373 | +72.7% |
Summary: The Bakersfield real estate market had 373 homes for sale in August 2023, a 72.7% increase compared to July 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 3 | +200.0% |
| 2 Bedrooms | 27 | 44 | +63.0% |
| 3 Bedrooms | 82 | 163 | +98.8% |
| 4 Bedrooms | 82 | 122 | +48.8% |
| 5+ Bedrooms | 24 | 41 | +70.8% |
Summary: The Bakersfield housing inventory by bedroom type for August 2023 compared to the previous month: The inventory of 1 bedroom homes increased by 200%, 2 bedroom homes increased by 63%, 3 bedroom homes increased by 98.8%, 4 bedroom homes increased by 48.8%, and 5+ bedroom homes increased by 70.8%.
Number of Homes Sold
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 51 | 54 | +5.9% |
Asking Price vs. Sold Price
19 Homes Were Sold
Under Asking
14 Homes Were Sold
At Asking
21 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Bakersfield, you could pay more than the asking price. 38.9% of homes here sold above asking price last month.
Summary: A total of 54 homes were sold or pending in Bakersfield in August 2023, up by 5.9% month-over-month. Of the 54 sold homes, 35% were sold under asking, 26% were sold at asking, and 39% were sold over asking.
Days on Market
How long does it take to sell a home in Bakersfield, CA?
Average Sale Time
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 28 Days | 29 Days | +3.0% |
Summary: Homes in Bakersfield had an average of 29 days on market in Aug 2023, up by 3% compared to last month.
Breakdown of Home Sale Times
40 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
7 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Bakersfield are selling fast, if you're buying plan to act quickly.
Summary: During August 2023, 54 homes were sold in Bakersfield; 74% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. 
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